SSR signs MOU to sell Copler stake for $1.5B (U.S.)

Executive Summary

• SSR Mining Inc. has entered into a binding memorandum of understanding to sell its 80% ownership stake in the Copler mine and related properties in Turkey to Cengiz Holding AS for $1.5 billion in cash.
• The transaction is expected to close in the third quarter of 2026, subject to regulatory approval from the Turkish General Directorate of Mining and Petroleum Affairs and other customary conditions.
• Proceeds will be used for reinvestment, capital returns, and accretive growth initiatives, marking a strategic repositioning of SSR Mining’s portfolio toward the Americas.

Key Details

• Transaction Value: $1.5 billion in cash, payable entirely at closing.
• Asset Sold: 80% ownership stake in the Copler mine and related properties in Turkey (including mining licences, assets, rights, liabilities, and interests for Copler, Cakmaktepe, Bayramdere, Mavialtin, and Tuncplnar).
• Exclusions: The transaction excludes SSR Mining's interest in the Hod Maden development project.
• Buyer: Cengiz Holding AS, a major Turkish industrial company with interests in mining, construction, energy, and chemicals.
• Deposit: Cengiz Holding must pay a $100 million deposit, creditable against the purchase price at closing or refundable in limited circumstances.
• Break Fees: A $50 million reciprocal break fee applies; either party may terminate the agreement upon notice, subject to a $50 million termination fee.
• Conditions Precedent: Closing is subject to regulatory approval from the Turkish General Directorate of Mining and Petroleum Affairs and other required consents.
• Due Diligence: Cengiz Holding’s obligation is subject to limited due diligence on mineral reserves and resources, but not operational permits or financing contingencies.
• Expected Closing: Third quarter of 2026.
• Advisers: Allen Overy Shearman Sterling LLP (legal adviser); CIBC World Markets Inc. (fairness opinion).

Notable Quotes

• "We believe the transaction will deliver significant net asset value and cash flow accretion relative to consensus estimates for Copler, which we expect will deliver immediate value to shareholders." — Rod Antal, Executive Chairman
• "The cash proceeds received through the transaction are expected to be used for continued reinvestment in the business, capital returns and accretive growth initiatives." — Rod Antal, Executive Chairman
• "With last year's acquisition of the Cripple Creek and Victor mine and today's agreement for the sale of Copler, we have strategically repositioned the portfolio to the Americas." — Rod Antal, Executive Chairman