SSR Mining Announces Positive Exploration Results at Seabee

Santoy Highlights Include True Width Intercepts of 29 g/t Au over 2.1 Meters, 31 g/t Au Over 1.9 Meters

Porky Main and Porky West Drilling Returns Broad Intercepts of Near Surface Mineralization, Potential for Future Open Pit Development

SSR Mining Inc. (NASDAQ/TSX: SSRM, ASX: SSR) (“SSR Mining” or the “Company”) is pleased to announce results from 377 diamond drill holes completed at the Seabee property in Saskatchewan, Canada, for the September, 2021 to November, 2022 exploration period (the “Exploration Period”). These results build upon, and are subsequent to, the Seabee 2021 Technical Report Summary (the “2021 Seabee TRS”), which highlighted a six-year Mineral Reserve life averaging approximately 96,000 ounces of annual gold production. The life of mine plan in the 2021 TRS was based on 580,000 ounces of Proven and Probable Mineral Reserves calculated using a cut-off grade of 2.5 g/t Au and a 1.8 meter minimum mining width.

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Figure 1: Plan map of the Seabee property, highlighting existing infrastructure and exploration targets. (Graphic: Business Wire)

Activity during the Exploration Period included both near-mine resource development drilling adjacent to current underground infrastructure at the Santoy Mine Complex (“Santoy”), as well as more regional activity across the Seabee property (Figure 1). Notably, the regional exploration activity included drilling at the Porky Main and Porky West targets, with results to-date returning broad intercepts of near-surface mineralization potentially amenable to open pit mining in the future. Additional regional exploration included the initial delineation of the Shane target, which remains open along strike and is located adjacent to the Santoy Road that connects the mine to the Seabee processing facility.

A total of 279 resource development drill holes were completed at Santoy during the Exploration Period. Santoy is the source of the current production feed for the Seabee processing plant and contributes the entirety of the existing Seabee Mineral Reserves. Exploration activity at Santoy aims to extend existing mineralization, upgrade Mineral Resources to Mineral Reserves, and provide greater confidence in currently defined Mineral Reserves for future mine planning purposes. Drilling focused on areas immediately adjacent to current mine development, with the positive results indicating possible continuity of the mineralization currently being mined and demonstrating potential for Mineral Reserve growth and mine life extensions.

Step-out drilling highlights from Santoy include (see Figure 2) (see Table 1) (all intercepts true width):

• SUG-22-605: 28.9 g/t Au over 2.1 meters from 217 meters
• SUG-21-043: 8.3 g/t Au over 8.9 meters from 212 meters
  • Including: 31.3 g/t Au over 1.9 meters from 212 meters

Drilling highlights from currently defined Mineral Resource blocks not included in the 2021 Seabee TRS life of mine plan include (all intercepts true width):

• SUG-22-945: 17.7 g/t Au over 3.7 meters from 175 meters
• SUG-22-923: 18.9 g/t Au over 1.9 meters from 155 meters
• SUG-21-402: 6.1 g/t Au over 5.8 meters from 50 meters
  • Including: 18.6 g/t Au over 2.0 meters from 55 meters

Rod Antal, President and CEO of SSR Mining, said, “Building on Seabee’s long history of successfully replacing depletion, drilling activity continues to focus on defining and converting additional Mineral Reserves at Santoy, supporting the potential for mine life extensions at Seabee. At the same time, exploration has progressed at more regional targets as we endeavor to define a longer-term production pathway for the asset. These results from the Shane, Porky Main, and Porky West targets illustrate the significant brownfield growth potential for Seabee and could potentially represent future production opportunities for the mine. While still an early-stage opportunity, the broad, near surface intercepts suggest the potential for open pit mining at the Porky targets in the future. Given the number of prospective targets at Seabee, we currently expect to expand our exploration program at the mine again in 2023 as we look for ways to aggressively advance these opportunities towards potential development.”

The Porky Main and Porky West targets are located approximately four kilometers north-northwest of the Seabee processing facility. SSR Mining completed nearly 10,800 meters of drilling (53 diamond drill holes) at the Porky targets in 2022. Porky Main and Porky West 2022 drilling highlights include (see Figure 3 and Figure 4) (see Table 2) (all intercepts core length):

• PKY-22-028: 1.9 g/t Au over 31.3 meters from 51 meters
• PKY-22-007: 1.3 g/t Au over 23.7 meters from 6 meters
• PKY-22-005: 5.5 g/t Au over 9.3 meters from 83 meters
• GAS-22-165: 12.8 g/t Au over 11.1 meters from 214 meters

The Shane target represents the intersection of a number of historical zones of gold mineralization at various stages of exploration maturity. SSR Mining completed over 19,600 meters (45 diamond drill holes) of drilling at Shane targeting five structures including the S1, S2, S3, S4 and the Shane Hangingwall (“Shane HW”) structures. This recent drilling, combined with past operator exploration, has resulted in approximately 30,000 meters of drilling across almost 100 diamond drill holes at the target. Shane drilling highlights include (see Figure 5) (see Table 3) (all intercepts true width):

• SHA-21-046: 54.3 g/t Au over 4.6 meters from 175 meters
  • Including: 172.0 g/t over 1.0 meter from 175 meters
• SHA-22-057: 12.3 g/t Au over 2.1 meters from 111 meters
• SHA-21-053: 11.9 g/t Au over 2.3 meters from 383 meters

Table 1: Significant gold intercepts from recent drilling at Santoy.

Notes: All Santoy drilling intercepts reflect true width intersections. Santoy results are cut to 75 g/t Au. For complete drillhole results from Santoy during the Exploration Period, see Appendix Table 4 and Table 7. Santoy Hangingwall denoted as “SHW”, Hangingwall denoted as “HW”.

Overview of the Porky Main and Porky West Targets

The Porky Main and Porky West targets are located approximately four kilometers north-northwest of the Seabee processing facility. Mineralization occurs along a 12 kilometer long openly folded unconformity, separating arenaceous sedimentary rocks of the Rae Lake synform to the north from mafic volcanic rocks of the Seabee mine area to the south. Both Porky Main and Porky West are characterized by the same calc-silicate alteration package, however, the unconformity and arenites host most of the auriferous quartz veins at the Porky West deposit.

Porky Main and Porky West were discovered in 2002. A Mineral Resource is currently defined at Porky West and contributed 52,000 tonnes of Measured and Indicated Mineral Resources at 5.0 g/t Au and 516,000 tonnes of Inferred Mineral Resource at 4.4 g/t Au in the 2021 Seabee TRS. However, previous exploration activity at both Porky Main and Porky West envisaged satellite underground operations. As described above, more recent interpretation suggests the potential for open pit mining at the targets in the future, which will be evaluated through additional drilling, as well as geotechnical and metallurgical analysis going forward.

Table 2: Significant gold intercepts from recent drilling at the Porky Main and Porky West targets.

Notes: All Porky Main and Porky West drilling intercepts reflect core length intersections. Porky Main and Porky West results are uncut, reported at a 0.3 g/t Au cut-off and include a maximum of three meters internal dilution. For complete drillhole results for the Porky Main and Porky West targets during the Exploration Period, see Appendix Table 5 and Table 8.

Overview of the Shane Target

The Shane target is located adjacent to the Santoy Road, which connects the Santoy Mine Complex to the Seabee processing facility and is paralleled by the main powerline feeding Santoy. Drilling in the vicinity of the currently defined Shane target was first completed in 2002 and 47 diamond drill holes have been completed by past operators totaling over 10,000 meters, which identified a number of gold bearing zones at various stages of exploration maturity. During the Exploration Period, SSR Mining drilled 45 diamond drill holes at the Shane target totaling over 19,600 meters.

The focus of SSR Mining’s drilling at Shane has been to advance exploration at Shane’s S1, S2, S3 and S4 targets as a proof of concept for exploring the property more broadly. The S1-S3 targets are located along the hangingwall, footwall and within the steeply south dipping Pine Lake Conglomerate (“PLC”); a kilometer scale, east striking unit preserved in a sinistral shear zone, known as the Pine Lake Shear Zone (“PLSZ”). The plunge of S1 mineralization continues over approximately 500 meters. The S4 target is hosted within a mafic volcanic unit 50 meters north of the PLSZ.  All four targets are planar and roughly sub-parallel to the contact of the PLC.

During the exploration of these zones a new target was discovered in a southeast striking, more moderately dipping splay of the PLSZ named the Shane HW. The Shane HW structure returned the highest grade and broadest mineralized intervals of the program highlighting the importance of structures oriented oblique to the PLSZ for future exploration. Economic grades and widths were encountered on all five structures tested with the most continuous mineralization encountered on the S1 structure. Step out holes have traced the host lithology to a depth of approximately 700 meters. While still early stage, the Shane target represents a target for follow up exploration and resource development drilling going forward.

Table 3: Significant gold intercepts from recent drilling at the Shane target.

Notes: All Shane drilling intercepts reflect true width intersections. Shane results are uncut. For complete drillholes results for the Shane target during the Exploration Period, see Appendix Table 6 and Table 9.

Seabee Property Overview

SSR Mining’s Seabee property is 100% owned and includes the Fisher claims, of which the acquisition of 100% ownership was completed in 2022. Near mine activity during the Exploration Period focused on Mineral Resource conversion at the 8A, 9A, and Santoy Hanging Wall (“SHW”) zones. During the Exploration Period, a total of 377 diamond drill holes were completed across the Seabee property, including 253 holes drilled from underground drives at Santoy totaling over 45,200 meters. Following the completion of a new underground drill chamber in the third quarter of 2022, the Company initiated drilling of the high grade zone mined in the first quarter of 2022. Results from these activities are expected in the coming months and will be used to guide mine planning, including the evaluation of additional mining in this high grade zone, during 2023.

The 2021 Seabee TRS highlighted a six-year Mineral Reserve life averaging approximately 96,000 ounces of annual gold production. The life of mine plan was based on 580,000 ounces of Proven and Probable Mineral Reserves calculated using a cut-off grade of 2.5 g/t Au and a 1.8 meter minimum mining width. Exploration continues to focus on extending the Mineral Reserve life of the Santoy Mine Complex while simultaneously conducting more regional activity to evaluate the longer-term development potential of the multitude of exploration targets across the broader Seabee property.

Technical Procedural Information Sampling and Analytical Procedures

All drill samples in respect of the Seabee underground drilling program and some samples from the surface program were assayed by our onsite non-accredited assay laboratory, which is not independent from SSR Mining. Surface drilling samples not analyzed by our onsite assay laboratory were analyzed at SRC Geoanalytical Laboratories Inc. (“SRC”) in Saskatoon, Saskatchewan, which also serves as the QAQC laboratory for our onsite lab. Duplicate check assays were conducted at site as well as at SRC, which is independent from SSR Mining. Mean results of the spot checks were consistent with those reported. Sampling interval was established by minimum or maximum sampling lengths and geological and/or structural criteria.

Seabee’s site lab typically prepares two hundred-gram samples that were pulverized until greater than 80 percent passed through a 150-mesh screen. Thirty-gram pulp samples were then analyzed for gold by fire assay with gravimetric finish (0.01 g/t gold detection limit). SRC prepares a minus-150 mesh pulp (95% passing) weighing 250 grams from a minus 10 mesh coarse crush reject. Fire assay with Atomic Absorption finish was completed on a 30-gram aliquot to produce gold analytical results with a 0.005 g/t gold detection limit. Fire assay with gravimetric finish was prepared on those samples with greater than 3 g/t gold.

External review of data and processes relating to Seabee exploration data has been completed by independent consultant Carl Edmunds in November 2022. There were no adverse material results detected and the QA/QC indicates the information collected is acceptable, and the database can be used for further studies.

Qualified Persons

The scientific and technical data contained in this news release relating to exploration activity at the Seabee property has been reviewed and approved by Anders Carlson, P.Geo., Senior Manager, Exploration, and a qualified person for purposes of Subpart 1300 of Regulation S-K and National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Scientific and technical data in this news release relating to resource development activity at the Seabee property has been reviewed and approved by Jeffrey Kulas, P.Geo., Manager, Resource Development, and a qualified person for purposes of Subpart 1300 of Regulation S-K and National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

You are encouraged to also review the 2021 Seabee TRS, which is available on SSR Mining’s Current Report on Form 8-K filed with the Securities and Exchange Commission’s EDGAR system (sec.gov) on September 29, 2022. You are encouraged to also review the 2021 Seabee TRS, which is available on SSR Mining’s Current Report on Form 8-K filed with the Securities and Exchange Commission’s EDGAR system (sec.gov) on September 29, 2022.

About SSR Mining

SSR Mining Inc. is a leading, free cash flow focused gold company with four producing assets located in the USA, Türkiye, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets. In 2021, the four operating assets produced approximately 794,000 gold-equivalent ounces. SSR Mining is listed under the ticker symbol SSRM on the NASDAQ and the TSX, and SSR on the ASX.

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Cautionary Note Regarding Forward-Looking Information

Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and, in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts.

Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include, but are not limited to: local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; developments with respect to the COVID-19 pandemic, including the duration, severity and scope of the pandemic and potential impacts on mining operations; and other risk factors detailed from time to time in our reports filed with the Securities and Exchange Commission on EDGAR and the Canadian securities regulatory authorities on SEDAR.

Forward-looking information and statements in this news release include any statements concerning, among other things: preliminary cost reporting in this document; production, grade, operating, cost, and capital expenditure guidance; our operational and development targets and catalysts and the impact of any suspension on operations; forecasts and outlook, including related to production guidance; timing and expectations regarding the impact of any interruptions caused on our operations; the results of any gold reconciliations; the ability to discover additional gold ore; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; Mineral Resources, Mineral Reserves, conversion of Mineral Resources, realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; and any 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. True width intervals are calculated using the current geometric interpretation of mineralized structures. Continued exploration activity could result in updates to those interpretations that impacts the calculation of true widths.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of our filings on EDGAR and SEDAR, and include: the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to our mines or facilities; lack of legal challenges with respect to our properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

The above list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in our filings on our website at www.ssrmining.com, on SEDAR at www.sedar.com, on EDGAR at www.sec.gov and on the ASX at www.asx.com.au and other unforeseen events or circumstances. Other than as required by law, we do not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Qualified Persons

The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under S-K 1300. For details on the “qualified persons” approving such information, a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources for SSR Mining Inc.’s material properties included in this news release, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.

Table 4: All drill holes completed at Santoy during the Exploration Period.

Notes: All Santoy drilling intercepts reflect true width intersections. Santoy results are cut to 75 g/t Au.

NSI – No Significant Intercepts

Table 5: All drill holes completed at Porky Main and Porky West during the Exploration Period.

Notes: All Porky Main and Porky West drilling intercepts reflect core length intersections. Porky Main and Porky West results are uncut, reported at a 0.3 g/t Au cut-off and include a maximum of three meters internal dilution.

NSI – No Significant Intercepts

Table 6: All drill holes completed at the Shane target during the Exploration Period.