SSR Mining Announces Results of the Hod Maden Technical Report Summary With $1.66B NPV5% and 39% IRR

Executive Summary

• SSR Mining released the 2025 Hod Maden Technical Report Summary, projecting an after‑tax NPV₅% of $1.66 billion and a 39% IRR at consensus metal prices.
• Total remaining development capital is estimated at $910 million (including $75 m sustaining capex and $14 m reclamation), with SSR’s expected additional investment of ~$469 million to reach its 40% ownership stake.
• The project is forecast to generate average annual after‑tax operating cash flow of $343 million and free cash flow of $328 million (SSR attributable $131 million) at consensus prices, rising to $511 m/$496 m respectively at spot metal prices.

Key Details

• Project Economics (Consensus Prices)
• After‑tax NPV₅%: $1.66 billion
• IRR: 39%
• Average annual operating cash flow: $343 million

• Average annual free cash flow: $328 million (SSR attributable $131 million)

• Project Economics (Spot Prices)

• After‑tax NPV₅%: $2.91 billion
• IRR: 58%

• Avg. operating cash flow: $511 million
  Avg. free cash flow: $496 million**

• Life‑of‑Mine Production (2025‑2038)

• Gold: 1,609 koz (avg. 159 koz/yr)
• Copper: 209 Mlb (avg. 21 Mlb/yr)

• Gold equivalent: 1,909 koz

• Cost Structure (per payable ounce of gold)

• Cost of sales: $1,120
• Cash costs: $535

• All‑In Sustaining Costs (AISC): $590

• Capital Requirements

• Total development capital (remaining): $910 million
  • Underground mine development: $77 m (8%)
  • Process facility: $84 m (9%)
  • Site & regional infrastructure: $304 m (33%)
  • EPCM, site support & other: $189 m (21%)
  • Contingency: $106 m (12%)
  • Inflation escalation allowance: $150 m (16%)
• Sustaining capital (annual): $75 million

• Reclamation provision: $14 million

• SSR Mining’s Expected Additional Investment

• Total additional spend to reach 40% ownership: ≈ $469 million

  • $364 m for attributable development capex (40% of $910 m)
  • $105 m in earn‑in and milestone payments

• Operating Metrics

• Mining rate: ~2,200 t/d (800 k t/yr)
• Average ore grades: 7.6 g/t Au, 1.3% Cu
• Gold recovery: 87%, Copper recovery: 97%

• Process plant design capacity: 800 k t/yr, single copper‑gold concentrate (22% Cu, 113 g/t Au)

• Reserves & Resources (as of 31 Aug 2025)

• Proven + Probable reserves: 7,714 kt containing 1,896 koz Au and 223 Mlb Cu
• Measured + Indicated resources: 1,722 kt (658 koz Au, 65 Mlb Cu)

• Inferred resources: 2,574 kt (281 koz Au, 26 Mlb Cu)

• Key Project Milestones & Outlook

• Detailed engineering ~85% complete; major contracts tendered or awarded.
• Permit milestones: paste‑fill permit expected 2027; all private land expropriation completed.

• Decision point anticipated in 2026 pending JV partner approvals.

• Sensitivity Analyses (NPV₅% & IRR)

• Gold price –30% → NPV $852 m, IRR 24.3%; +30% → NPV $2,427 m, IRR 51.6%.

• Development capex ±5‑30% shows NPV ranging $1.447‑$1.692 billion; IRR 29.1‑41.2%.

• Forward‑Looking Statements – The release contains extensive forward‑looking information regarding production, costs, capital needs, permitting and market assumptions.

Notable Quotes

“This is a major milestone for our Company and clearly reaffirms Hod Maden’s position amongst the most compelling undeveloped copper‑gold projects globally.” – Rod Antal, Executive Chairman, SSR Mining.

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