SSR Mining (SSRM) Q4 2025 Earnings Call Transcript

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DATE

Feb. 17, 2026 at 5 p.m. ET

CALL PARTICIPANTS

• President and CEO — Rodney Antal
• Executive Vice President, Operations — Bill MacNevin
• Executive Vice President and CFO — Michael Sparks
• Vice President, Technical Services — Alex Hunchak

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TAKEAWAYS

• Free Cash Flow -- $100,000,000 generated in Q4 and $252,000,000 for the year; excluding working capital, full-year free cash flow was over $400,000,000.
• Liquidity -- $535,000,000 in cash and more than $1,000,000,000 in total liquidity as of year end.
• Share Buyback -- Board approved a share repurchase program of up to $300,000,000, reestablishing share buybacks as a capital allocation tool.
• Production (2025 Full Year) -- 447,000 gold equivalent ounces, exceeding the midpoint of annual guidance.
• Mineral Reserves -- 11,000,000 gold equivalent ounces at year end, representing a near 40% increase, primarily from incorporating Cripple Creek & Victor and Hod Maden.
• Fourth Quarter Gold Production -- 120,000 ounces at an all-in sustaining cost (AISC) of $2,150 per ounce; Marigold delivered 43,000 ounces at $2,089 per ounce, and CC&V delivered 39,000 ounces at $1,596 per ounce.
• Fourth Quarter Adjusted Net Income -- $190,000,000, or $0.88 per diluted share; GAAP net income was $181,000,000, or $0.84 per diluted share.
• 2026 Production Guidance -- Group production anticipated between 450,000 and 535,000 gold equivalent ounces; Puna silver production guidance is 6.25%-7,000,000 ounces with AISC of $20–$22 per ounce.
• 2026 AISC Guidance -- Consolidated AISC expected at $2,360–$2,440 per ounce; excluding Çöpler, $2,180–$2,260 per ounce.
• 2026 Growth CapEx -- Total projected at $150,000,000, mainly for leach pad expansions at Marigold and CC&V, and ongoing portfolio-wide exploration.
• Hod Maden TRS Highlights -- $1,700,000,000 NPV and 39% IRR at consensus metal prices; average annual free cash flow projected at $328,000,000, with SSR Mining's remaining investment expected to total $470,000,000.
• Cripple Creek & Victor TRS -- Published plan outlines a twelve-year life of mine, $824,000,000 NPV, nearly 7,000,000 ounces of resources in addition to reserves, and significant mine-life extension optionality.
• Marigold 2026 Guidance -- 170,000–200,000 ounces gold at AISC of $2,320–$2,390 per ounce, with production weighted 55%-60% to the second half; sustaining capital spend of $108,000,000 primarily for fleet and plant improvements.
• CC&V 2026 Guidance -- 125,000–150,000 ounces gold at AISC of $1,780–$1,850 per ounce; production weighted 50%-55% to the second half.
• Seabee 2026 Guidance -- Targeting 60,000–70,000 ounces at AISC of $2,700–$2,400 per ounce, with ~60% of production in the second half.
• Puna 2025 Performance -- Produced 2,100,000 ounces of silver in Q4 at AISC of $18.39 per ounce; reported full-year mine site free cash flow above $250,000,000.
• Hod Maden Development Status -- Construction decision pending partner review; up to $15,000,000 per month in pre-construction CapEx committed while awaiting final approval.
• Çöpler Status -- Remains on care and maintenance, incurring $20,000,000–$25,000,000 of quarterly costs while awaiting storage facility approvals and ongoing government discussions.
• Share Repurchase Track Record -- Between 2021 and 2024, 20,000,000 shares repurchased at a $15.76 average price; convertible notes issued in 2019 with a $17.61 conversion price.

SUMMARY

SSR Mining (NASDAQ:SSRM) reported record annual free cash flow and robust liquidity, positioning the company for strategic reinvestment and renewed capital returns via a newly authorized $300,000,000 share buyback. Technical report summaries for Hod Maden and Cripple Creek & Victor demonstrate long-duration, high-value assets with significant mine life optionality and multi-year free cash flow potential. Guidance for 2026 reflects discipline in cost control, targeted portfolio growth capital, and ongoing operational optimization, with resource expansion supported by recent reserve additions at conservative price assumptions.

• The company is prioritizing brownfield growth, including advanced studies on Marigold's Buffalo Valley and New Millennium projects with an updated technical report anticipated within eighteen months.
• Continuous mine planning adjustments based on ore blending and heap leach performance emphasize a proactive risk management approach in critical assets such as Marigold.
• Puna's mine life extension potential is increasing, driven by drill programs at Chinchillas, Molina, and Cortaderas, with future technical disclosures possible as studies progress.
• Permitting and pad expansion remain gating items for extending Cripple Creek & Victor's production profile and full conversion of resource ounces into the mine plan.
• Care and maintenance expenditures at Çöpler remain a drag on consolidated cost performance pending regulatory approvals, with no operational restart yet signaled by management.

INDUSTRY GLOSSARY

• TRS (Technical Report Summary): A regulatory-compliant technical report disclosing detailed resource, reserve, and economic information for a mineral property.
• AISC (All-in Sustaining Cost): A standardized metric reflecting the total cost per ounce of production, including operating costs, sustaining capital, and corporate overhead allocated to site operations.
• Care and Maintenance: A mining industry status in which operations are temporarily halted, but facilities are maintained for possible future restart, incurring ongoing fixed costs.

Full Conference Call Transcript

Great. Thank you, Alex, and good afternoon to you all. We closed 2025 on a high note, delivering full year production above the midpoint of our guidance range and generated more than $100,000,000 in free cash flow in the fourth quarter. As a result, we finished the year with $535,000,000 in cash and more than $1,000,000,000 in liquidity. Based on the operating guidance provided with today's financial results, we expect this material free cash flow generation to continue in 2026. Accordingly, and coupled with our view that our share price does not reflect the full value of our portfolio, we are pleased to announce that our board has approved a share buyback of up to $300,000,000.

If you remember, share buybacks have been a key component of our capital allocation framework in the past, and we are pleased to reestablish a program again. Before moving on to the next slide, I want to take a moment to highlight a number of key catalysts and milestones that we delivered since our third quarter results and also speak to some of the opportunities ahead. First, I want to note particularly strong fourth quarter results from our critical Cripple Creek and Victor Mine and Puna operations, which saw both assets exceed their full year guidance ranges and deliver exceptional free cash flow.

At Puna in particular, the mine beat its production guidance for a third consecutive year and set records for tonnes processed in both the fourth quarter and over the full year, which was a terrific result. Second, we delivered two technical report summaries, both demonstrating long-term free cash flow generative assets that will bolster our portfolio. The Cripple Creek & Victor TRS released in November highlighted an initial twelve-year life of mine plan with an $824,000,000 NPV at consensus metal prices, with nearly 7,000,000 ounces of resource in addition to the reserves; there is significant optionality here for meaningful mine life extension into the future.

Operator: In January,

Alex Hunchak: we released a TRS for the Hod Maden development project, which highlighted a $1,700,000,000 NPV and a 39% internal rate of return at consensus metal prices. I will talk more on this in a moment. And thirdly, we continue to advance compelling brownfield growth projects across the portfolio, which I am also going to speak to in a moment. As you can see, 2025 was a very successful year and we are well positioned to continue building on this momentum in 2026. Let's move on to Slide four. We have a number of highly prospective growth targets across the business. These prospects represent potentially low-cost, high-return growth opportunities that can deliver significant value to our shareholders.

In 2026, we have committed a substantial amount of capital investment across the business and a large portion of that CapEx will be allocated to advancing these growth opportunities through the development pipeline. We look forward to sharing additional details on the projects, including both Marigold and Puna over the coming year. Now let's turn to Slide five to focus on Hod Maden. In January, we published a technical report summary for the Hod Maden development project. The TRS clearly reaffirmed Hod Maden as one of the better undeveloped copper-gold projects in the sector, and we are thrilled to have a development asset of this quality in our portfolio.

As a reminder, Hod Maden is an underground copper-gold project in the northeastern part of Türkiye. The mine will be accessed through a single surface portal and ore will be extracted through a combination of longhole stoping and cut-and-fill mining methods. The process plant is designed with a nameplate capacity of approximately 2,200 tonnes per day with life-of-mine average head grade of 7.6 grams of gold and 1.3% copper. The plant will produce a single high-quality concentrate with life-of-mine gold and copper recoveries averaging 87% and 97%, respectively. Move on to the next slide for a few of the TRS highlights.

Operator: Hod Maden is a unique project with significant scale, best-in-class grades, and first quartile all-in

Alex Hunchak: sustaining costs that position the asset to deliver compelling free cash flow in the future. On a 100% basis, production is expected to average 240,000 gold equivalent ounces over the first three years and 220,000 gold equivalent ounces over the first five years. At consensus metal prices, Hod Maden is expected to generate average annual free cash flow of $328,000,000 while at $4,900 gold price, that free cash flow would jump to approximately $500,000,000 annually. Hod Maden's execution has been meaningfully derisked as a result of the significant engineering and the work completed since our initial investment in the project, as well as the benefit of early site works that are taking place.

Inclusive of earn-in and milestone payments, SSR Mining Inc.'s remaining investment is expected to total $470,000,000 which we expect to fund from our liquidity position and free cash flow outlook. We anticipate a 2.5 to 3-year construction period once the project decision is made. We are very excited about Hod Maden and look forward to providing further updates in due course. Turn over to Slide seven, and I will hand the call over to Michael. Thank you, Rod, and good afternoon, everyone. In 2026, we expect to produce between 450,000 and 535,000 gold equivalent ounces from our Marigold, CC&V, Seabee, and Puna operations. All-in sustaining costs are expected to range between $2,360 and $2,440 per ounce,

Michael Sparks: or $2,180 to $2,260 per ounce excluding the impact of care and maintenance costs at Çöpler. While Çöpler is not in operation, we continue to guide to cash care and maintenance costs of $20,000,000 to $25,000,000 incurred per quarter. Total growth spend is expected to total $150,000,000 in 2026 driven mainly by capital investments in leach pad expansions at both Marigold and CC&V, as well as continued exploration and resource development spend globally. Capital expenditures at Hod Maden are expected to total up to $15,000,000 per month as engineering, access road development, and site establishment activities continue ahead of a formal construction decision.

Upon a positive construction decision by the joint venture, we will provide an update to our growth CapEx outlook at the project. Now let's move to our Q4 results starting on Slide eight. In the fourth quarter, we produced 120,000 gold ounces at AISC of $2,150 per ounce, or $2,002 per ounce excluding costs incurred at Çöpler in the quarter. Fourth quarter sales were 117,000 gold equivalent ounces, at an average realized gold price of $4,142 per ounce. Net income attributable to SSR Mining Inc. shareholders in Q4 was $181,000,000 or $0.84 per diluted share while adjusted net income was $190,000,000 or $0.88 per diluted share.

For the full year, production of 447,000 gold equivalent ounces exceeded the midpoint of our full year guidance. As discussed with our third quarter results, higher-than-forecasted royalty costs tied to higher gold prices and share-based compensation brought our full year AISC to the top end of our consolidated guidance range. Full year AISC excluding costs incurred at Çöpler was $1,923 per ounce, comfortably within our guidance. Now let's move to Slide nine. As highlighted in the table in this slide, free cash flow totaled $100,000,000 in the quarter, and $252,000,000 for the full year. Excluding the impact of changes in working capital, full year free cash flow was more than $400,000,000 in 2025.

These are excellent results considering our investment in growth projects across the portfolio. We ended the quarter in a strong financial position with $535,000,000 in cash, and total liquidity of over $1,000,000,000. This cash and liquidity position combined with our free cash flow outlook in 2026 supports our continued investment in growth initiatives across the portfolio, while also giving us the confidence to initiate a share buyback of up to $300,000,000. Share buybacks have historically been a key component of our capital allocation and shareholder return approach. Between 2021 and 2024, we repurchased 20,000,000 shares at an average price of $15.76 per share.

With convertible notes issued in 2019 with a conversion price of $17.61, these share buybacks provided significant value to our shareholders. Our historical share buybacks combined with today's announcement of a new share buyback program reiterate our commitment to ensuring our shareholders realize growth on the key per-share metrics going forward. Now over to Bill for an update on the Q4 results and 2026 guidance for the operations starting on Slide 10. Thanks, Michael. I will first start with EHSS. 2025 was a successful year of strengthening our programs and application in all areas of EHSS. ERAs advanced. We are in critical controls and risk management for safety.

Bill MacNevin: The integration of closure work into life-of-mine plans to bring forward the work as well as to reduce costs and the upgrading of our community engagement and development application. As I will outline today, we are currently working on growing our business through both greenfield projects and brownfield growth opportunities at all the operations. Safe production and quality implementation of EHSS standards is our focus ahead to enable the increase in activity to successfully advance all of these opportunities. Now on to Slide 11. For our year-end, we closed 2025 with 11,000,000 ounces of gold equivalent mineral reserves, a testament to the scale and longevity of our diversified operating platform.

Reserves were up nearly 40% year over year, driven largely by the incorporation of CC&V and Hod Maden into our consolidated totals, as well as other minor impacts from drilling additions and model changes. Mineral reserve price assumptions in 2025 remain very conservative at $1,700 per ounce gold and $20.50 per ounce silver. We hold another nearly 15,000,000 measured, indicated, and inferred gold equivalent ounces that could support mineral reserve growth across our portfolio in the future. More impressively, we have consistently delivered on our track record of replacing mine depletion.

Since 2020, as shown on the right side of this slide, we have more than replaced depletion before incorporating any of the benefit of our accretive M&A transactions over the period. Inclusive of M&A, our mineral reserves are up approximately 46% since 2020. An impressive outcome that ensures our portfolio is poised to benefit from constructive gold and silver markets for years to come. Now on to Slide 12 for discussion on Marigold. In the fourth quarter, Marigold produced 43,000 ounces of gold and all-in sustaining cost of $2,089 per ounce. As expected, this was Marigold's strongest period of production in 2025.

Technical work around ore body knowledge and processing planning at Marigold has now matured to where this is being integrated into the planning process. As a result of previously highlighted ore blending requirements, and to ensure pad recovery performance, the Marigold mining schedule has been updated to account for the blending of durable and nondurable ore. In addition, increased gold prices have resulted in pit expansions and the relocation of a planned waste dump to avoid sterilizing ounces. While this work has changed the production schedule, the total ounces produced at Marigold for the five-year period is materially the same as reflected in the 2024 TRS.

In 2026, Marigold is expected to produce between 170,000 to 200,000 ounces of gold and an all-in sustaining of $2,320 to $2,390 per ounce. Production is expected to be 55% to 60% weighted to the second half of the year. AISC will be highest in the first half due to both production profile and sustaining capital, which is expected to be 70% weighted to the first half. Sustaining capital in 2026 is expected to total $108,000,000, as we make significant investment in fleet and component replacements, and process plant improvements. These investments will help to ensure Marigold is well positioned for both additional near-term haulage requirements and to enable development of potentially significant mine life extension opportunities ahead.

Trenton Canyon, Buffalo Valley, and New Millennium projects continue to advance and SSR Mining Inc. anticipates integrating both deposits into an updated Marigold TRS over the next eighteen months. Now onto Slide 13 for an update on CC&V. CC&V had another excellent quarter producing 39,000 ounces of gold and all-in sustaining cost of $1,596 per ounce. Quarterly production benefited from better-than-expected gold recoveries and drove full year SSR Mining Inc. attributable production of 125,000 ounces, well exceeding the 110,000 ounce top-end guidance. It is also important to highlight that CC&V generated more than $200,000,000 in mine site free cash flow, to our count in 2025.

An exceptional outcome when compared to the $100,000,000 upfront transaction outlay we paid to acquire the mine last year. In November, we released the technical report summary to CC&V showcasing an initial twelve-year life of mine with an NPV of $824,000,000 at consensus metal prices. The mine plan was based on 2,800,000 ounces of reserves and CC&V has an additional nearly 7,000,000 ounces of measured, indicated, and inferred resources to support potential mine life extensions over the long term. Combined with our long-term production platform at Marigold, this TRS reiterated our position as the third-largest gold mine producer in the United States.

SSR Mining Inc. now holds more than 6,000,000 ounces of mineral reserves in the U.S. along with an additional 7,000,000 ounces of M&I resources and 2,000,000 ounces of inferred resources, all calculated at conservative metal price assumptions well below the current spot market. In 2026, we expect CC&V production and costs will be well aligned with the figures outlined in the TRS. Full year production of 125,000 to 150,000 ounces and AISC between $1,780 and $1,850 per ounce should position the asset well for another year of strong free cash flow. Production will be 50% to 55% weighted to the second half of the year, with costs trending above full year guidance in the first half.

Now over to Slide 14 to discuss Seabee. As highlighted in our Q3 results, Seabee's fourth quarter reflected a continued focus on underground development in the second half and saw increased ore contributions from the lower grade Gap Hanging Wall. Accordingly, the production totaled approximately 9,000 ounces at an AISC of $3,433 per ounce in the fourth quarter. In 2026, underground development will remain the focus as we look to improve stope availability going forward. Full year production of 60,000 to 70,000 ounces gold is expected, to be approximately 60% weighted to the second half with the strongest results in the fourth quarter.

AISC guidance of $2,700 to $2,400 per ounce will be highest in the first half reflecting the aforementioned production profile and the typical cadence of spend given the winter road season to start the year. Work at Porky continues to advance and we were able to declare a maiden 200,000 ounce mineral reserve at Porky with the year-end update. We are also excited about some of the recent drilling results at Santoy, and we will continue advancing both near-term drilling and development at Santoy targeting higher grades. Regional exploration is also expected to continue across the property in 2026. Now on to Puna to Slide 15. Puna delivered another excellent year, exceeding its production guidance for the third consecutive year.

Record tonnes in both the fourth quarter and over the full year were a major factor in Puna's strong results, with Q4 production of 2,100,000 ounces of silver and AISC of $18.39 per ounce. Full year AISC of $14.24 per ounce was slightly better than the guidance and drove mine site free cash flow of more than $250,000,000 in 2025. Puna has been an exceptional contributor to our portfolio and we see potential to extend operations at Puna well beyond 2028 through growth opportunities both at Chinchillas and Cortaderas going forward. In 2026, we expect Puna will produce 6.25 to 7,000,000 ounces of silver and all-in sustaining costs of $20 to $22 per ounce.

As noted, we are pursuing opportunities for additional pit laybacks at Chinchillas as well as further evaluation of the Molina target to the northeast of the current Chinchillas pit. Drilling has also been very successful at Cortaderas, an underground brownfield deposit on the Pirquitas property, and we are advancing engineering work to delineate its potential contribution to Puna's longer-term profile. Now I will turn back to Rod for closing remarks.

Alex Hunchak: Great. Thanks, everyone.

Bill MacNevin: Delivered

Alex Hunchak: solid operating results that are well aligned with expectations and now we enter 2026 in a strong financial position with a number of key catalysts on the horizon. We are well positioned to deliver year-on-year production growth and strong free cash flow and are also well advanced on a number of growth initiatives across the portfolio that we look forward to sharing over the next twelve to eighteen months. With that, I am going to turn the call over to the Operator for questions. Thank you.

Operator: Thank you, Mr. Antal. We will now open for questions. If you are using a speakerphone, please pick up your handset before pressing any keys. Our first question comes from George Beatty with UBS. Please go ahead.

Bill MacNevin: Yes. Good evening, gents. Thanks for your time and nice Q4. And can I start with Marigold, please? Just looking at the 21,000,000 to 23,000,000 tonnes

George Beatty: stacked at 0.4 gram a tonne and the 0.35 in Q4. My math, that gets me to the top end of guidance, so maybe just a little bit more color here. Is there a bit of conservatism baked into the guidance range of 170,000 to 200,000?

Alex Hunchak: I am going to have to hand that one over to Bill.

Bill MacNevin: As we talked, we have been doing a lot of work particularly on the technical front, and we baked that now into updated mine schedule. And that considers how we actually have to complete our blending. So that blending and updated plan for the is actually well outlined in the plan forward. So we believe that guidance is a good indication of what we will deliver this year.

George Beatty: Okay. Different stacking plan a different stack

Bill MacNevin: plan comes with that.

George Beatty: Okay. But looking at the tech report, like, I know it is old now, but the next two years, it had 0.3 gram a ton. But given commentary before, like, should we expect next year's grade incrementally higher versus this year? And then 2027 to 2028, just clarifying, like, should we be looking at a stacking grade of high 0.4s to low 0.5s potentially given the commentary before about keeping the sort of medium-term outlook unchanged?

Bill MacNevin: So as always, as noted, right, across the five years, we are basically in line. In terms of, but what is happening is with these metal prices, which is very exciting, we have got growth in pit sizes. We have got additional haulage, so there is a complete reschedule of the mine. So we are still delivering the same gold across the period and particularly life of mine as well. But the timing of it will be different. And that is why there is reference there. We have also got Buffalo Valley coming in. We have also got further up the reference to completing an updated TRS report comes in there as well.

So there is a lot of work going on in terms of those changes ahead.

George Beatty: Okay. But that reference five years what is that exactly? Sorry. Like, if I look at the tech report average five years, from today, it is 235,000 ounces per annum. Like, what is that reference five years you are speaking to?

Alex Hunchak: Yeah. I think I think what he is saying

Bill MacNevin: let me answer it, Bill.

Alex Hunchak: George, it is Rod. Yep. Thanks for the question. Look. I think what Bill is outlining is with all the work that we have completed, I mean, there has been the blending requirements that we have got for ore nondurable ore. We have actually been doing work over the last two years doing upgrades to some of the ore body knowledge. So it was not something that we just did in one quarter. It was actually a conclusion of a lot of work over a period.

So that has been now built in, and that is what Bill was sort of talking about with the blending requirements in the short term and near term, as well as some of these other opportunities where we have identified some shifts in the mine plan because it would have sterilized some other opportunities in the future. So we are actually wrapping all work up. And then if you add in Buffalo Valley and New Millennium, I think what it needs is a new tech report.

And then within that new tech report, we are going to outline the new profile not only in the five years, but obviously over the life of mine as well, with some of those growth opportunities. So if you just be a little bit patient with us, we will set it out all at once for you here over the next twelve months.

George Beatty: Yep. Okay. No. That is clear. Thanks. Thanks, Rod and Bill. And maybe just one more if I can. Puna, like, what silver prices do you sort of need at a minimum to go beyond 2028? Like, is it $17 an ounce or higher? Could we be talking well into the 2030s potentially, or is it a bit too early and dependent still on Cortaderas' success?

Bill MacNevin: We are excited about what we have in front of us. Cortaderas is a, be it an underground opportunity. There is a lot of work there to do, but it is very positive. But moving back to Chinchillas itself, we do see opportunity for it to go a lot longer, with work going on both in the Chinchillas pit for potentially additional step-backs, as well as the Molina pit, which is right within that area, being added on as well. So let us just say that work is underway at the moment, and these silver prices more than support that. So we are doing that work as we speak now and we see it extending into the future. Yeah.

I will just

Alex Hunchak: pull what Bill said.

George Beatty: George. Look, the opportunity set at Puna has really come through a lot of hard work by the guys over a, you know, sort of extended period here. And if you sort of wanted to prioritize it, it is sort of Chinchillas, Molina, Cortaderas. And then that is how we sort of see it sequencing out. Silver price obviously is very helpful in that regard as we look forward and look at those opportunities. But all in all, I think the future is pretty bright for Puna. We just have to finish some of the work, particularly around Molina and Cortaderas.

George Beatty: Yep. No. Sounds good. Alright. Thanks, gents.

Bill MacNevin: Right. Thanks, George.

Operator: The next question comes from Cosmos Chiu with CIBC. Please go ahead.

Bill MacNevin: Hi, thanks Rod and team. Great to see the new TRS at Hod Maden and Hod Maden. Maybe, Rod, can I ask is there any kind of

Cosmos Chiu: timeline that we can expect in terms of SSR Mining Inc.

Bill MacNevin: you know, coming to a construction decision?

Cosmos Chiu: And if you cannot give us a timeline, could you maybe talk about the different factors that you will consider before making such a decision?

Alex Hunchak: Look. It is a great tech report. It outlines a terrific project for all the joint venture partners that are involved. So what is going on at site right now, the work on the ground still continues. So it is not like we have got pens down, and we are waiting for approvals. The efforts on the ground for the early earthworks, some of the creek diversions, the civil works, the road access tunnels, and others is underway and ongoing. So that work has not stopped. Post the publication of the tech report, we are now just going through the review processes with our partners. And once that is complete, we will have a project decision.

So I am not going to set out a timeline on behalf of everyone, but clearly, we are maintaining some progress on the ground there as well. So do not think of it as like a pens down, then we will pick them back up. We are maintaining some of that momentum.

Bill MacNevin: Understood. Maybe going to Puna a little bit here. I noticed that

Cosmos Chiu: the guidance today is 6.25 to 7,000,000 ounces, slightly lower than the seven to 8,000,000 ounces that you highlighted

Don DeMarco: back in the August 2025 study for 2026.

Michael Sparks: Could you maybe talk a little bit about that?

Alex Hunchak: Yeah. I will pass that one on to Bill.

Bill MacNevin: Just the permanent timeline for the work that we are completing, was it

Don DeMarco: for the in

Michael Sparks: yeah. For the 02/05 versus late.

Michael Sparks: that we had talked about.

Bill MacNevin: Yeah. So the 6.25 to 7 is what we are talking is our guidance range. You wanted an update against that? Sorry. Because I missed August 2025 your Q3 2025

Don DeMarco: update, you had said 2026 silver production at Puna will be between seven and eight million ounces.

Bill MacNevin: Yeah. It is alright. Yeah. No. I see. Alright.

Don DeMarco: Yeah. Caught it. Yeah. So, obviously,

Bill MacNevin: with the work we are doing at the moment and we are continuing to do, there is more phasing work happening with mining happening at Chinchillas. The timing of the ounces has changed. In saying that, we have, we are looking at a further depth of the production levels staying at a higher level for longer. In other words, we saw it dropping off quicker, weeks it has come down as you know. But we are looking at it maintaining a higher level for longer. We will look forward to updating that as we complete some of this work going forward in future. So it has stepped down for the year ahead, but it is going to continue for longer.

That would be the best way of terming it.

Don DeMarco: Okay. So it is a timing thing. We should take those ounces then?

Bill MacNevin: Yes.

Don DeMarco: Not produced in 2026, put it into 2027, 2028.

Bill MacNevin: Yeah. We will be going yeah. It will be better.

Don DeMarco: Perfect. And at Marigold sorry. Going back to Marigold here. Could you maybe explain to me durable versus nondurable ore in blending? I am not fully appreciating the, you know, sort of the technical aspects behind it. Yeah. So to put it into a simple manner, depending on fines content.

Bill MacNevin: Okay. And how and then the height of a heap, it creates compression on the material. So the effectiveness of the solution transfer can be impacted. So if we go back in time for those that have a long history with Marigold,

Cosmos Chiu: we have had we were challenged in late 2022, early 2023 where we had a where we ended up with

George Beatty: the heap became bound up.

Bill MacNevin: So in other words, a lot of good work has happened to understand that ore body better, and so with that, we now have

Michael Sparks: implemented

Bill MacNevin: different blend requirements of what can be mixed with what. And then that changes the schedule of how we bring different parts of the ore body together to ensure optimum blending and optimum recovery from the heaps. Does that answer in simple terms?

Don DeMarco: Yep.

Bill MacNevin: Yeah. I think I got it now. When you mentioned fines, I think I remember that now. So yeah. Great. And maybe one last question. I see that you are still using fairly conservative numbers for your MRMR estimate, $1,700 an ounce for reserves at Marigold. So I guess my question is, I do not know how much you can answer, Rod, but what would a higher gold price assumption do to what you can do at the ore body? It sounds like you are considering it because you are talking about not sterilizing some of the certain parts of the ore body. So, you know, you are leaving the optionality open.

And to the point that you can share with us, what does a higher gold price assumption mean? And, could that be incorporated into this new sort of technical report that could come out in twelve to eighteen months' time? And, you know, you talk about Buffalo Valley and also New Millennium. Could those be part of that new study coming out as well? Yeah. That is right, Cos. Look.

I think across the portfolio, we took a view for this year at least that given the profile that we already presented ourselves and some of these other growth opportunities that we have, we will park any decisions on increasing the gold price cutoff, lowering the cutoff grades, etcetera, and maintain the margin. So we really did not see anything necessary to do that work. We do have a lot of growth studies exclusive of gold price that are in

Alex Hunchak: front of us that we are looking at, and that is really the key focus at the moment, to complete that technical work so, ultimately, we can start to include those into the technical reports for the future. And then, obviously, we can come back to the gold price question about looking at how sensitive some of the operations are for gold price increases as well. So that really was the year. We have got so much other work going on. We just wanted to complete that and then come back to it later on.

Don DeMarco: And that would coincide with your timeline, say, at Marigold? Because as you say, you are going to come out with a new technical study at Marigold in twelve to eighteen months. Could this sort of reevaluation of the gold price coincide with that timeline as well?

Bill MacNevin: Correct. Yeah. Good. And

Alex Hunchak: particularly around New Millennium and some of those other targets as well.

Operator: Great.

Don DeMarco: Thanks, Rod and Bill and everyone else. Those are all the questions I have. Thank you.

Alex Hunchak: Good morning, guys. Thank you.

Operator: The next question comes from Ovais Habib with Scotiabank. Please go ahead.

Bill MacNevin: Hi, Rod and SSR team. Congrats on a good quarter, especially at Puna and Seabee. A couple of questions from me and just again, going back to Marigold and following up on the previous caller's questions. Defined at Marigold looks like blending is working. And, I mean, is this issue now behind us? Or are we still expecting to see this issue linger into Q1? No. In terms of the look forward, I will

Rodney Antal: do this one, Bill. In terms of the look forward, the surveys, it is pretty simple. We are going to have areas where we will encounter fines in the future. It is throughout the ore body. And as Bill said, since 2022, we did a lot of work drilling, etcetera, to understand at a greater level of detail some of those pockets where the fines existed. And so that is all been incorporated into the future mine plans to allow for that blending of what we are calling durable and nondurable. You will hear us say that as well in the future.

So it informs the scheduling to ensure that we have the appropriate blend so we get the right outcomes on the heap leach pads in the future. So it is not a one-off. It is going to be a future feature for Marigold and all of the work we have been doing is really just in preparation to handle that, which has been terrific work, actually. And as I said to, I think George was asking about, we will have a new tech report which will outline all of those requirements in the future as well as some of these other growth opportunities.

Bill MacNevin: Got it. Thanks for the color on that, Rod. And just again, you know, I think there is a follow-up question on Puna as well. I mean, drilling has been pretty successful at Cortaderas. I do not believe this deposit has been included in Puna's mine life extension.

Lawson Winder: Rod, are you looking to release any sort of a new mine plan for Puna in the near term including Cortaderas and as well as Chinchillas?

Rodney Antal: Look, I think what we will probably see at Puna, my base, and do not hold me to it, because it depends on the work. But I think we will see some additions to the mine life just through some of the extensions that we are going to go into and encounter at Chinchillas and potentially in Molina. As the drilling programs there and also up at Cortaderas continue and some of the technical work behind those. That dual program concludes, then we may consider doing a new tech report into the future. But I think at the moment, the guys have done a terrifically good job at already establishing a longer life at Puna.

We see the potential for more of that. And then, hopefully, in the near term for the longer-dated future, some of these other larger opportunities playing a feature into Puna well into the future. So it is pretty exciting where we have come from. If you think back, it was not that long ago that folks were thinking about Puna as a depleting asset that was coming towards the end of its life, and I think what we are finding there through the efforts is quite contrary to it.

Lawson Winder: Excellent. Thanks, Rod, for that. And then just moving on to CC&V, which has been a real success for SSR Mining Inc. You know, currently, the project holds around, what, 4,800,000 ounces in M&I. Now you already have a twelve-year mine life at CC&V, but what is the plan there to accelerate these ounces into the mine plan and improve the production profile of CC&V? Is this just the permits? Is it more infrastructure that needs to be allocated? Any sort of color there?

Rodney Antal: It is pretty linear from what we can tell at the moment. My bias, the mine extension is obviously predicated on the success of the Amendment 14 approval. That Amendment 14 approval allows us to continue with the pad expansions that is already well sequenced out over sort of the next five to ten years. So that is really the first sort of stage of growth, if you like, on the current reserves as you point out. Is there opportunities to optimize and do things?

I mean, that is our job is to try to do that, but I would not, similar to Marigold, Cripple Creek has durable, nondurable ore as well, and it is really important to stay in sequence with that asset base not to put a risk to future. So we will try. But look, I think it is fairly well set out. And then beyond it, obviously, we will look at the conversion of the seven-odd million ounces of resources that we also have available, which would require then another expansion permit for that regard as well. So look, I think the asset itself has done remarkably well since we acquired it.

We are very proud of the efforts that have gone on down there, and proud of the team, and they are now part of SSR Mining Inc. And they deserve a standing ovation because I think it has been a terrific integration into the portfolio. Now, our job is to optimize and to extend that asset well into the future and really demonstrate its strength in the portfolio. So we are pretty excited to have it.

Lawson Winder: Thanks for that. And then just my last question then on Çöpler. Rod, any sort of progress there that we can kind of put our finger on or any sort of updates that you are looking to provide in the near-term future on Çöpler? Any sort of discussions ongoing that you can talk about?

Rodney Antal: Yeah. Look, I think that is right, Ovais. The discussions are ongoing. So in terms of activities, there really was nothing to note since the last quarter. I mean, the activities at site, as Michael sort of mentioned in his financial discussions, had sort of wound down in terms of material movements and site rehabilitation, while we are waiting for the final approvals for the storage facility and pad closure. The guys are obviously still very busy in that in regards of care and maintenance of the activities around the plant, in particular to maintain integrity for a start-up, but that has really been the sort of key focus on the ground at site.

And then, obviously, as you know, we continue to progress various discussion with different parts of the government and government authorities. So it is just ongoing at this stage.

Lawson Winder: Okay. Thanks for that, Rod, and that is it for my questions. Thank you very much.

Rodney Antal: Right. Thanks.

Operator: The next question comes from Don DeMarco with National Bank. Please go ahead.

Bill MacNevin: Hi. Thank you, Operator. And

Lawson Winder: hi, Rod and team. Congratulations on the quarter.

Rodney Antal: A lot of my questions have already been answered, but Rod, I will start off with this.

Bill MacNevin: For and just continue on, we are looking forward to this formal construction decision.

Don DeMarco: And I see that in the interim, you are looking at maybe spend on the order of about $15,000,000 per month. Should we pencil that into our model

Bill MacNevin: like, beginning as of January 1 type thing?

Don DeMarco: Or should we wait till a construction decision? In other words, are you kind of getting ahead of yourselves a little bit here

Bill MacNevin: with some of that spending before the formal decision is made?

Rodney Antal: No. Look, a lot of that spending was already committed, Don. On the early site works that I mentioned before, the tunneling is ongoing. We actually just had John shared, actually, before this meeting, the first blast of the tunnel, which is terrific, for that site access tunnel. A lot of the civil works around that creek diversion, etcetera, are all ongoing. So that was work already in progress, that is what I was sort of saying before. I think while we are waiting for the decision, we are still very busy at site. The team is very busy at site in getting the site prepared.

And then, obviously, once a construction decision gets going, we are well prepared to execute contracts and get moving on the bigger build as well. So I think that is fair to use that number. And then, obviously, we will update the guidance once we tally up what the actual cash out the door will be for the capital for construction during 2026.

Lawson Winder: Okay.

Don DeMarco: Okay. That is helpful. And just my final question then.

Bill MacNevin: Shifting to Marigold. So I see that there has been

Don DeMarco: sizable increase in sustaining CapEx in 2026. And of course, the print details that there is some fleet replacements. Of course, there is the plant upgrades. So

Bill MacNevin: is this sort of spend to be one time in 2026? Or

William MacNevin: or should we also be modeling maybe a little bit higher CapEx going forward in the next 2027, 2028 years?

Rodney Antal: Yeah. Look, I will answer, and then Bill can Bill, you can jump in if you like as well. I think we do what we always do when we look at our fleets and mine plans in the long term, exercises around total cost of ownership. Fleets obviously have a useful life and particularly parts and maintenance and major component rebuilds. We completed that work for Marigold last year, and what it determined was in some cases that it was wise for us from a value perspective to do that work in 2026. So that is really what you are seeing there. It is normal course.

In some cases, some of them might have been accelerated by a year or two. And some of that fleet replacement might have changed as well, but it is really just an exercise in value for the fleet of understanding the optimized approach to those replacements. But nothing out of the ordinary.

Alex Hunchak: Bill, you got anything else to add?

Lawson Winder: Okay. Good. No, that is correct, Rod.

Bill MacNevin: And a lot of work looking at what the optimum timing is value. So some things are a little bit earlier than they originally planned, but that is because it gives a very positive financial return to the business. That is why we are doing it.

Michael Sparks: Okay, gentlemen. Well, thanks

William MacNevin: that is all for me. And thanks again for taking my question. Good luck with quarter over the

Rodney Antal: No, thanks. Appreciate it.

Alex Hunchak: Thank you.

Operator: This concludes the question and answer session and today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

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