Exhibit 99.1

 

ANNUAL INFORMATION FORM

FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2020

SSR MINING INC.

March 30, 2021

 

SSR Mining Inc. (Australian Registered Body Number 641 497 903) is a company incorporated in British Columbia.

SSR MINING INC.

ANNUAL INFORMATION FORM

FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2020

TABLE OF CONTENTS

 

		Page
INTRODUCTORY NOTES			1
Date of Information			1
Cautionary Notice Regarding Forward-Looking Statements			1
Currency and Exchange Rate Information			3
Scientific and Technical Information			3
Cautionary Notice Regarding Mineral Reserves and Mineral Resources Estimates			4
Notice Regarding Non-GAAP Measures			5
CORPORATE STRUCTURE			5
Name, Address and Incorporation			5
Intercorporate Relationships			6
GENERAL DEVELOPMENT OF THE BUSINESS			6
2018 Developments			7
2019 Developments			7
2020 Developments			8
Recent Developments			10
DESCRIPTION OF THE BUSINESS			10
General			10
Principal Products			12
Specialized Skills and Knowledge			12
Competitive Conditions			13
Operations			13
CORPORATE SOCIAL RESPONSIBILITY			14
Safety & Health Policy			14
Health and Safety			15
Environmental, Health, Safety and Sustainability Committee			15
Environmental & Sustainability Policy			15
Environment and Sustainability			15
Community Engagement			16
Transparency			17
Human Rights Policy			17
Diversity			18
Anti-Corruption Policy			19
MINERAL PROPERTIES			19
Summary of Mineral Reserves and Mineral Resources Estimates			19
Çöpler Mine			23
Marigold Mine			37
Seabee Gold Operation			51
Puna Operations			52
Exploration and Development			53
RISK FACTORS			58
DIVIDENDS			76
DESCRIPTION OF CAPITAL STRUCTURE			76
Common Shares			76
Stock Options			77
Performance Share Units and Restricted Share Units			78
Deferred Share Units			80
Convertible Notes			80
MARKET FOR SECURITIES			81

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Trading Price and Volume			81
PRIOR SALES			82
DIRECTORS AND EXECUTIVE OFFICERS			82
Directors			83
Executive Officers			85
Standing Committees of the Board			87
Code of Ethics			88
Cease Trade Orders or Bankruptcies			88
Penalties or Sanctions			89
Conflicts of Interest			89
AUDIT COMMITTEE			89
Composition of the Audit Committee			89
Audit Committee Oversight			90
Reliance on Certain Exemptions			90
Pre-Approval Policies and Procedures			90
External Auditor Service Fees			90
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS			90
TRANSFER AGENT AND REGISTRAR			90
MATERIAL CONTRACTS			91
INTERESTS OF EXPERTS			91
ADDITIONAL INFORMATION			91
SCHEDULE “A” AUDIT COMMITTEE CHARTER			A-1

INTRODUCTORY NOTES

DATE OF INFORMATION

In this Annual Information Form, SSR Mining Inc., together with its subsidiaries, as the context requires, is referred to as the “Company” and “SSR Mining”. All information contained in this Annual Information Form is as at December 31, 2020, unless otherwise stated, being the date of the Company’s most recently completed financial year, and the use of the present tense and of the words “is,” “are,” “current,” “currently,” “presently,” “now” and similar expressions in this Annual Information Form is to be construed as referring to information given as of that date.

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

Except for statements of historical fact relating to the Company, certain statements contained in this Annual Information Form constitute forward-looking information, future oriented financial information, or financial outlooks (collectively “forward-looking information”) within the meaning of Canadian securities laws. Forward-looking information may be contained in this document and the Company’s other public filings. Forward-looking information relates to statements concerning the Company’s 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 statements in this Annual Information Form are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Forward-looking 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 Annual Information Form. The key risks and uncertainties include, but are not limited to: uncertainty of production, development plans and cost estimates for the Company’s Çöpler Gold Mine (“Çöpler”), Marigold Mine (“Marigold”), Seabee Gold Operation (“Seabee”), Puna Operations (“Puna”) and projects; commodity price fluctuations; risks associated with the Company’s financial instruments; political or economic instability and unexpected regulatory changes; currency fluctuations; lack of suitable infrastructure or damage to existing infrastructure; future development risks, including start-up delays and cost overruns; the Company’s ability to obtain adequate financing for further exploration and development programs and opportunities; uncertainty in acquiring additional commercially mineable mineral rights; uncertainty in the accuracy of Mineral Reserves and Mineral Resources estimates and in the Company’s ability to extract mineralization profitably; the Company’s ability to replace Mineral Reserves; delays in obtaining or failing to obtain governmental permits, or non-compliance with the Company’s permits; reclamation and closure requirements for the Company’s mineral properties; the impact of governmental regulations, including health, safety and environmental regulations, including increased costs and restrictions on operations due to compliance with such regulations; unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond the Company’s control; epidemics, pandemics or other public health crises, including the outbreak of novel coronavirus (“COVID-19”), could adversely affect the Company’s business; potential labour unrest; the Company’s ability to attract and retain qualified personnel and management; 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; increased regulatory compliance costs; complying with emerging climate change regulations and the impact of climate change; civil disobedience in the countries where the Company’s mineral properties are located; actions required to be taken by the Company under human rights law; uncertainties related to title to the Company’s mineral properties and the ability to obtain surface rights; claims and legal proceedings, including adverse rulings in litigation against the Company and/or its directors or officers; general economic conditions; assessments by taxation authorities in multiple jurisdictions; operational safety and security risks; competition in the mining industry for mineral properties; risks associated with future acquisitions; reputation loss resulting in decreased investor confidence; risks associated with the conduct of joint ventures; certain transportation risks that could have a negative impact on the Company’s ability to operate; risks associated with hedging activities; risks associated with the

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Company’s secured project term loan (the “Term Loan”); an event of default under the Company’s convertible notes issued in 2019 may significantly reduce its liquidity and adversely affect its business; failure to meet covenants under the Company’s senior secured revolving credit facility; complying with anti-corruption laws; information systems security threats; the sufficiency of the Company’s insurance coverage; conflicts of interest that could arise from certain of the Company’s directors’ and/or officers’ involvement with other natural resource companies; failure to maintain adequate internal control over financial reporting; counterparty and market risks related to the sale of the Company’s concentrates and metals; the ability to fully realize the Company’s interest in deferred consideration received in connection with divestitures; and other risks related to the Company’s common shares.

Forward-looking statements in this Annual Information Form include statements concerning, among other things: forecasts; outlook; timing of production; 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 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 and extent of capitalized stripping 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.

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 the Company’s filings, 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 the Company’s 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 workforce; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to the Company’s mines or facilities; lack of legal challenges with respect to the Company’s 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 the Company considers these factors and assumptions to be reasonable based on information currently available to the Company, 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 statements and information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on the Company’s current expectations and the Company’s projections about future events. Actual results may vary from such forward-

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looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in the Company’s filings on the Company’s website at www.ssrmining.com, on SEDAR at www.sedar.com, on EDGAR at www.sec.gov and on the Australian Securities Exchange (“ASX”) at www.asx.com.au and other unforeseen events or circumstances. Other than as required by law, the Company does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.

CURRENCY AND EXCHANGE RATE INFORMATION

All currency references in this Annual Information Form are in United States dollars unless otherwise indicated. References to “Canadian dollars” or the use of the symbol “C$” refers to Canadian dollars. References to “Turkish lira” are to the lawful currency of Turkey. References to “Argentine pesos” are to the lawful currency of Argentina.

The following table sets forth, for each period indicated, the high and low exchange rates for Canadian dollars expressed in United States dollars, the average of such exchange rates during such period, and the exchange rate at the end of such period. These rates are based on the indicative rate of exchange reported by the Bank of Canada.

 

		Fiscal Year Ended December 31,
		2018				2019				2020
Rate at the end of period		$	0.7330			$	0.7699			$	0.7848
Average rate during period		$	0.7721			$	0.7537			$	0.7462
Highest rate during period		$	0.8138			$	0.7699			$	0.7864
Lowest rate during period		$	0.7330			$	0.7353			$	0.6876

On March 26, 2021, the exchange rate reported by the Bank of Canada was C$1.00 per U.S.$0.7949. As of the same date, one Turkish lira equaled U.S.$0.12 and one Argentine peso equaled U.S.$0.011.

SCIENTIFIC AND TECHNICAL INFORMATION

Unless otherwise indicated, scientific and technical information in this Annual Information Form relating to each of:

 

●

Çöpler has been reviewed and approved by Robert L. Clifford, BS (Mine Eng), SME Registered Member, the Company’s Director, Mine Planning (Turkey, Argentina), and Dr. Cengiz Y. Demirci, AIPG (CPG), the Company’s Vice President, Exploration, each of whom is a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”);

 

●

Marigold has been reviewed and approved by Greg Gibson, SME Registered Member, the Company’s General Manager at Marigold, and James N. Carver, SME Registered Member, the Company’s Resource Development Manager, USA, each of whom is a qualified person under NI 43-101;

 

●

Seabee has been reviewed and approved by Samuel Mah, P.Eng., the Company’s Director, Mine Planning (North America), and Jeffrey Kulas, P.Geo., the Company’s Resource Development Manager, Canada, each of whom is a qualified person under NI 43-101;

 

●

Puna has been reviewed and approved by Robert Gill, P.Eng., the Company’s General Manager at Puna, and Karthik Rathnam, MAusIMM (CP), the Company’s Resource Manager, Corporate, each of whom is a qualified person under NI 43-101; and

 

●

Other mineral properties has been reviewed and approved by Samuel Mah, P.Eng., the Company’s Director, Mine Planning (North America), and Karthik Rathnam, MAusIMM (CP), the Company’s Resource Manager, Corporate, each of whom is a qualified person under NI 43-101.

See “Interests of Experts”.

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A “qualified person” for the purposes of NI 43-101 means an individual who is an engineer or geoscientist, holding the required accreditation, with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these, has experience relevant to the subject matter of the mineral project, and is a member in good standing of a professional association.

CAUTIONARY NOTICE REGARDING MINERAL RESERVES AND MINERAL RESOURCES ESTIMATES

The disclosure included in this Annual Information Form uses Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and Mineral Resources estimates are made in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Reserves and Mineral Resources (the “CIM Standards”) adopted by the CIM Council on May 10, 2014, and NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators (“CSA”) that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The following definitions are reproduced from the CIM Standards:

A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories.

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve. “Modifying Factors” are considerations used to convert Mineral Resources to Mineral Reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility (as such terms are defined in the CIM Standards) level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point at which Mineral Reserves are

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defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported. Mineral Reserves are sub-divided in order of increasing confidence into Probable Mineral Reserves and Proven Mineral Reserves. The public disclosure of a Mineral Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study.

A Probable Mineral Reserve is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.

A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors.

Unless otherwise indicated, all Mineral Reserves and Mineral Resources estimates included in this Annual Information Form have been prepared in accordance with NI 43-101. These standards differ significantly from the requirements of the SEC set out in SEC’s rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this Annual Information Form may not be comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

NOTICE REGARDING NON-GAAP MEASURES

This Annual Information Form includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), including AISC per payable ounce of precious metals sold. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures reported by other companies. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-GAAP measures should be read in conjunction with the Company’s financial statements. See “Non-GAAP Financial Measures” in the Company’s management’s discussion and analysis of the financial position and results of operations for the year ended December 31, 2020 for a more detailed discussion of how we calculate such measures and for a reconciliation of such measures to IFRS terms.

CORPORATE STRUCTURE

NAME, ADDRESS AND INCORPORATION

SSR Mining was incorporated as a company in British Columbia, Canada, on December 11, 1946 under the name “Silver Standard Mines, Limited (NPL)” and changed the Company’s name to “Silver Standard Mines Limited” on July 18, 1979. The Company’s name was changed to “Consolidated Silver Standard Mines Limited” and the Company’s common shares were consolidated on a 1-for-5 basis on August 9, 1984. The Company’s name was changed to “Silver Standard Resources Inc.” on April 9, 1990. On May 12, 2005, the Company’s shareholders adopted new articles as required by the new British Columbia Business Corporations Act (“BCBCA”), under which SSR Mining is incorporated, and authorized an increase in the Company’s authorized capital from 100,000,000 common shares without par value to an unlimited number of common shares without par value. On May 4, 2017, the Company’s shareholders approved a name change to “SSR Mining Inc.”, and the name change became effective on August 1, 2017. All share data in this Annual Information Form refers to consolidated shares/data, unless otherwise indicated.

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The Company’s executive office and registered and records office are located at 7001 E. Belleview Ave., Suite 800, Denver, Colorado USA, 80237 and Suite 800 – 1055 Dunsmuir Street, Vancouver, British Columbia, V7X 1G4, respectively.

INTERCORPORATE RELATIONSHIPS

The following is a diagram of the intercorporate relationships among SSR Mining and certain of its subsidiaries that hold operating mining properties, including their respective jurisdiction of incorporation. Except as indicated in the diagram below, all of the Company’s material subsidiaries are wholly-owned.

 

GENERAL DEVELOPMENT OF THE BUSINESS

SSR Mining is a precious metals mining company with four producing assets located in the USA, Turkey, Canada and Argentina, combined with a global pipeline of high-quality development and exploration assets in the USA, Turkey, Canada, Mexico and Peru. SSR Mining’s diversified asset portfolio is comprised of high-margin, long-life assets along several of the world’s most prolific metal districts.

The Company has an experienced leadership team with a proven track record of delivery and value creation. Across the organization, the Company has expertise in project construction, mining (open pit and underground), and processing (pressure oxidation, heap leach and flotation), with a strong commitment to health, safety, community engagement and environmental management.

The Company has a strong balance sheet to support its growth pipeline. The Company intends to leverage its strong balance sheet and proven track record of free cash flow generation to fund growth across the portfolio and facilitate superior returns to shareholders.

SSR Mining is listed under the ticker symbol SSRM on the Toronto Stock Exchange (“TSX”) and Nasdaq Global Select Market (“Nasdaq”) and SSR on the ASX.

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2018 DEVELOPMENTS

Change to Board of Directors

On January 1, 2018, the Company appointed Mr. Simon A. Fish and Ms. Elizabeth A. Wademan to the Company’s Board of Directors with the objective of strengthening the Board’s expertise in the areas of international capital markets and legal and corporate governance. See “Directors and Executive Officers – Directors” for additional information on each of Mr. Fish’s and Ms. Wademan’s prior experience.

Updated Life of Mine Plan for Marigold

On June 18, 2018, the Company released an updated life of mine plan for Marigold in Nevada, U.S., which outlined an anticipated mine life of over ten years based on Mineral Reserves as at December 31, 2017. The Company filed a technical report titled “NI 43-101 Technical Report on Marigold, Humboldt County, Nevada USA” dated July 31, 2018 with an effective date of December 31, 2017 (the “Marigold Technical Report”) in support of the updated life of mine plan. See “Mineral Properties – Marigold Mine” for further details.

Sale of Pretium Shares

As of June 30, 2018, the Company sold its remaining position of 9.0 million common shares of Pretium Resources Inc. (“Pretium”) for pre-tax cash proceeds of approximately $63.4 million, and no longer holds any Pretium shares.

Declaration of Commercial Production at the Chinchillas Mine

On December 1, 2018, the Company declared commercial production at Puna’s Chinchillas mine. Development of the mine, located approximately 45 kilometers from the Pirquitas plant, commenced in early 2018 and extends the life of the Pirquitas plant through mining of ore at Chinchillas, transporting the ore to Pirquitas and processing it through the existing Pirquitas plant. See “Mineral Properties – Puna Operations” for further details.

Strategic Investment in SilverCrest Metals

On December 10, 2018, the Company completed a transaction with SilverCrest Metals Inc. (“SilverCrest”) to purchase, by way of private placement, 8,220,645 common shares of SilverCrest at a price of C$3.73 per common share for total consideration of C$30.7 million. SilverCrest owns the Las Chispas project, a high-grade development project, in Mexico.

2019 DEVELOPMENTS

Offering of $230 Million Convertible Senior Notes

On March 19, 2019, the Company completed an offering of $230.0 million aggregate principal amount of 2.50% convertible senior notes due 2039 (the “2019 Notes”) for net proceeds of $222.9 million after payment of commissions and expenses related to the offering. The Company used $152.3 million of the net proceeds from the offering of the 2019 Notes to repurchase, in separate privately negotiated transactions, $150.0 million of the Company’s then outstanding 2.875% senior convertible notes issued in 2013 (the “2013 Notes”).

Acquisition of 8,900 Hectares Contiguous to Marigold Mine

On June 27, 2019, the Company acquired approximately 8,900 hectares of land contiguous to Marigold, comprised of a 100% interest in the Trenton Canyon and Buffalo Valley properties from Newmont Corporation (“Newmont”) and Fairmile Gold Mining, Inc. (“Fairmile”), net of a 0.5% net smelter returns (“NSR”) royalty on the properties. The aggregate purchase price included $22.0 million in cash and the

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assumption of related long-term environmental and reclamation obligations then valued at approximately $13.0 million. The acquisition of Trenton Canyon and Buffalo Valley increased the land position at Marigold by 84% and provides a potential opportunity to increase mineralization.

Purchase of SilverCrest Shares

In August 2019, the Company completed the purchase of 780,000 common shares of SilverCrest for total consideration of C$4,563,000, pursuant to the equity participation right under the Company’s agreement with SilverCrest. Upon closing of the transaction, the Company owned approximately 9.8% of the issued and outstanding common shares of SilverCrest on a non-diluted basis.

Acquisition of Remaining 25% Interest in Puna

On September 18, 2019, the Company completed the acquisition of the remaining 25% interest in Puna from Golden Arrow Resources Corporation (“Golden Arrow”) for aggregate consideration totaling approximately $32.4 million. The transaction allowed the Company to consolidate ownership in Puna and streamline its reporting structure, and is expected to allow for cost savings and operational flexibility, along with near-term, low-risk silver production growth. See “Mineral Properties – Puna Operations” for further details.

2020 DEVELOPMENTS

Convertible Notes Redemption

During the first quarter of 2020, holders of the 2013 Notes had the right to surrender their 2013 Notes for purchase by the Company at their option (the “Put Option”) pursuant to the terms of the indenture governing the 2013 Notes any time before January 31, 2020. As of the expiration of the Put Option on January 31, 2020, $49,000 aggregate principal amount of the 2013 Notes were put to the Company and redeemed, and $4,000 of 2013 Notes were converted to equity.

The remaining outstanding 2013 Notes were callable by the Company at par, plus accrued and unpaid interest thereon. On February 13, 2020, the Company provided notice of redemption to call the remaining outstanding 2013 Notes. On March 30, 2020, the Company redeemed all of its remaining outstanding 2013 Notes consisting of an aggregate principal amount of $115.0 million plus accrued interest of $0.5 million, in exchange for payment of cash of $115.5 million and equity of $2,000.

SilverCrest Divestment

During the second quarter of 2020, the Company completed a transaction to divest all of its equity position in SilverCrest. The Company divested an aggregate 9,000,645 common shares of SilverCrest at a price of C$10.06 per share for gross proceeds of $64.3 million (C$90.5 million).

Alacer Transaction

On September 16, 2020, the Company acquired all of the issued and outstanding common shares of Alacer, Gold Corp. (“Alacer”) with Alacer shareholders receiving 0.3246 of an SSR Mining common share for every one Alacer share (the “Exchange Ratio”). Furthermore, all outstanding restricted share units (“RSUs”), performance share units (“PSUs”) and deferred share units (“DSUs”) of Alacer that were not exercised prior to the acquisition date, were converted to equivalent SSR Mining units (the “RSU Replacement Units”, the “PSU Replacement Units”, and the “DSU Replacement Units”, respectively), with the number of such securities issuable adjusted by the Exchange Ratio.

Immediately subsequent to the share issuance, SSR Mining and former Alacer shareholders owned 57% and 43%, respectively, of the shares of the combined entity. With the completion of the transaction, Alacer became a wholly-owned subsidiary of SSR Mining. Alacer holds an 80% interest in Anagold Madencilik

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Sanayi ve Ticaret Anonim Şirketi (“Anagold”), the owner and operator of Çöpler. The 20% non-controlling interest in Anagold is held by Lidya Madencilik Sanayi ve Ticaret Anonim Şirketi (“Lidya Mining”).

The combined entity is led by Mr. Rodney P. Antal as President and Chief Executive Officer and Mr. A. E. Michael Anglin as Chair of the Company’s Board of Directors. The newly-constituted Board of Directors is comprised of five directors from each of the previous SSR Mining and Alacer boards of directors for a total of ten directors, including the Chief Executive Officer. See “Directors and Executive Officers – Directors” for additional information.

The zero-premium merger of SSR Mining and Alacer creates a leading intermediate precious metals producer with robust margins, strong free cash flow generation, and long mine lives across four mining-friendly jurisdictions. In addition, the increased financial strength of the combined business enables the Company to leverage the proven project execution capabilities of the combined management team to continue delivering on the extensive organic growth portfolio and compete for attractive assets as they arise. The Company expects the complementary nature of the assets and the cultural alignment of the organizations to facilitate an effective integration and allow it to continue to deliver value to its shareholders.

Çöpler District Master Plan

During the fourth quarter of 2020, the Company released the results of its independently prepared study of the Çöpler District (the “Çöpler District Master Plan 2020” or the “CDMP 2020”). The CDMP 2020 summarized SSR Mining’s current development strategy for Çöpler and included analysis for two production scenarios. The first scenario considers a feasibility level Mineral Reserve case (the “Çöpler Reserve Case”) which incorporates a supplemental flotation circuit, resulting in a net present value of $1.7 billion at a 5% discount rate with life-of-mine gold production of 3.6 million ounces. The second scenario provides an alternative Preliminary Economic Assessment (the “Çöpler PEA”) case which includes the development of the Ardich gold deposit (“Ardich”), located six kilometers northeast of the Çöpler processing facilities, resulting in a net present value of $2.2 billion at a 5% discount rate with life-of-mine gold production of 4.6 million ounces. See “Mineral Properties – Çöpler Mine” for further details.

The Çöpler PEA case is preliminary in nature and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves, and there is no certainty that the results will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

COVID-19 Response and Impact on Operations

During the year ended December 31, 2020, the COVID-19 pandemic negatively impacted global economic and certain financial markets. Many industries have been impacted by the COVID-19 pandemic and are facing operating challenges associated with the regulations and guidelines resulting from efforts to contain it.

Each of Seabee and Puna were placed into care and maintenance near the end of the first quarter of 2020 and subsequently restarted through the second and third quarters of 2020. At Çöpler and Marigold, the sites continue to operate with limited impact from COVID-19 and have implemented numerous measures intended to protect employees, including quarantining, testing, ensuring physical distancing and providing additional protective equipment. COVID-19 is slowing government processes, including permitting. In Turkey, considerable effort is being expended to attain permits and land access for continued growth and operations.

The Company continues to restrict all non-essential travel and manage the contact of its employees and contractors in order to reduce the risk of COVID-19 impacting its operations. The Company is operating its corporate offices at reduced capacity, with employees working remotely. Currently, Çöpler, Marigold, Seabee and Puna are all operating with some impacts caused by the COVID-19 pandemic. Each of the sites continue to work with national and local authorities in accordance with applicable regulations and

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remain vigilant with respect to on-site specific protocols to protect the health and safety of employees and stakeholders; however, all sites remain exposed to potential COVID-19 impacts. See “Risk Factors” for further details.

RECENT DEVELOPMENTS

Declaration of Inaugural Dividend

On February 17, 2021, the Company announced that its Board of Directors declared its inaugural quarterly cash dividend of $0.05 per common share, payable on March 31, 2021 to holders of record at the close of business on March 5, 2021. See “Dividends” for further information.

Appointment of New Chief Financial Officer

On February 26, 2021, the Company announced the appointment of Ms. Alison White as Executive Vice President, Chief Financial Officer. See “Directors and Executive Officers – Executive Officers” for additional information on Ms. White’s prior experience.

DESCRIPTION OF THE BUSINESS

GENERAL

The Company’s focus is on safe, profitable gold and silver production at Çöpler, Marigold, Seabee, and Puna. The Company is committed to delivering safe production through relentless emphasis on Operational Excellence. The Company is also focused on growing production and Mineral Reserves through exploration and asset acquisition for accretive growth.

Sustainability is of growing importance to all stakeholders, whether they are local communities, local and national governments, the Company’s shareholders or its employees. The Company is committed to building on its solid foundation through honest and open disclosure and continuous improvement.

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SSR Mining’s four producing assets are described below:

Çöpler Gold Mine, Turkey

Çöpler, 80% owned by SSR Mining, is an open pit gold mine located along the Tethyan belt in east-central Turkey in the Erzincan Province, approximately 1,100 kilometers southeast of Istanbul and 550 kilometers east of Ankara. Çöpler contains oxide and sulfide ores which are mined concurrently and processed through its two processing plants using heap leach and pressure oxidation processing, respectively, to produce gold bullion. Çöpler and nearby tenements are positioned on a land package of approximately 25,800 hectares.

Marigold Mine, USA

Marigold is an open pit gold mine located along the Battle Mountain-Eureka Trend in Nevada, USA. Marigold is a run-of-mine heap leach operation, moving more than 200,000 tonnes of material per day, and producing gold doré. Marigold is positioned on a land package of approximately 20,000 hectares.

Seabee Gold Operation, Canada

Seabee is an underground gold mine located along the Trans-Hudson Corridor in east-central Saskatchewan, Canada. Seabee processes ore through its processing plant using gravity concentration

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and cyanide leaching to produce gold bullion. Seabee is positioned on a land package of approximately 60,000 hectares, including the 80% owned Fisher property joint venture.

Puna Operations, Argentina

Puna is an open pit silver-lead-zinc mine located along the Bolivian silver belt in northern Argentina in the Province of Jujuy. Puna processes ore mined from the Chinchillas mine through its Pirquitas mill, using flotation processing to produce silver-lead and zinc concentrates.

PRINCIPAL PRODUCTS

Çöpler, Marigold and Seabee produce gold in doré form. Doré is unrefined gold bullion bars usually consisting of in excess of 90% gold that is refined by a third party to pure gold bullion. The Company sells gold bullion to customers, which are typically bullion banks and, currently, 100% of the gold doré produced at Çöpler is delivered to the Istanbul Gold Refinery. Puna produces silver-lead and zinc concentrates, which are sold to smelters or traders for further refining. During 2020, revenues from two customers included within the Marigold and Seabee operating segments accounted for 45% and 14% (2019 – 37% and 17%) of the Company’s total revenues, respectively, and revenues from one customer included within the Çöpler operating segment accounted for 24% (2019 – nil) of the Company’s total revenues.

The Company’s revenue by product category for the financial years ended December 31, 2020 and December 31, 2019 was as follows:

 

Product Revenue		2020		2019
Gold		88%		76%
Silver		10%		19%
Lead		1%		3%
Zinc		1%		2%

The market prices of gold and silver are key drivers of the Company’s profitability. The prices of gold and silver can fluctuate widely and are affected by a number of macroeconomic factors, including global or regional consumption patterns, the supply of, and demand for gold and silver, interest rates, exchange rates, inflation or deflation, global economic conditions resulting from the COVID-19 pandemic, and the political and economic conditions of major gold- and silver-producing and gold- and silver-consuming countries throughout the world. Importantly, the price of gold and silver can be impacted by their role as safe havens during periods of market turmoil and as defense against the perceived inflationary impacts and currency depreciation caused by the responses of governments and central banking authorities to the economic threats caused by the COVID-19 pandemic.

During 2020, the gold price, based on the London Bullion Market Association (“LBMA”) increased steadily, reaching an all-time high in August of $2,067 per ounce, and averaged $1,770 per ounce, which was $377 per ounce, or 27%, higher than the 2019 annual average of $1,393 per ounce. During 2020, the price of silver, based on the LBMA silver price, averaged $20.55 per ounce, 27% higher than the 2019 annual average of $16.21 per ounce.

SPECIALIZED SKILLS AND KNOWLEDGE

Nearly all aspects of the Company’s business require specialized skills and knowledge. Such skills and knowledge include the areas of geology, drilling, mine planning, engineering, construction, regulatory compliance and accounting. Many of the officers and directors of the Company are industry professionals who have extensive expertise and highly-technical experience specific to the mining industry. They provide a strong foundation of advanced field skills and advanced knowledge and specialized mineral exploration experience, complemented by their demonstrated ability to succeed in the management and administration

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of a mining company. The Company’s business depends upon these skilled and experienced personnel. See “Risk Factors” for further details.

COMPETITIVE CONDITIONS

The precious and base metals mineral exploration and mining business is competitive. Competition is primarily for: mineral properties that can be developed and produced economically; technical experts that can find, develop and mine such mineral properties; labour to operate the mineral properties; and capital to finance exploration, development and operations.

The Company competes with other mining and exploration companies in the acquisition of mineral properties and in connection with the recruitment and retention of qualified employees. There is significant competition for mineral properties. Many larger competitors conduct business globally and thus have greater financial and technical resources available to them. If the Company is unsuccessful in acquiring additional mineral properties or qualified personnel, the Company may not be able to replace Mineral Reserves, maintain production or grow.

OPERATIONS

Employees and Contractors

As at December 31, 2020, the Company employed a total of 2,345 full-time employees and 1,885 contract employees. The table below sets out the Company’s employees at each of the following locations:

 

Location		Number of Employees
		Full-time		Contract
Denver, Colorado, U.S.		21		0
Vancouver, B.C., Canada		31		4
Turkey		682		1,397
Nevada, U.S.		440		5
Saskatchewan, Canada		366		29
Argentina		782		438
Mexico		18		9
Peru		5		3

As at December 31, 2020: of the 682 full-time employees in Turkey, 412 were represented by a union; and of the 782 full-time employees in Argentina, 494 were represented by a union.

Environmental Protection Requirements

The Company’s mining, exploration and development activities are subject to various federal, provincial, state and municipal laws and regulations relating to the protection of the environment, including requirements for closure and reclamation of mining properties.

In all jurisdictions where the Company operates, specific statutory and regulatory requirements and standards must be met throughout the exploration, development and operations stages of a mining property with regard to, among other things, air quality, water quality, fisheries and wildlife protection, solid and hazardous waste management and disposal, noise, land use and reclamation.

The financial and operational effect of environmental protection requirements on the capital expenditures and earnings of each mineral property are not significantly different than that of similar sized mines in the same jurisdiction, and therefore should not have a negative effect on the Company’s competitive position in the future.

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The Company has certain reclamation obligations at its mineral properties, including Çöpler, Marigold, Seabee and Puna Operations. At Çöpler, the present value of the current closure and reclamation cost estimate as at December 31, 2020, to be spent over a number of years, is approximately $36.5 million.

At Marigold, the Company engages in concurrent reclamation practices and provides bonds for all permitted features, as part of the State of Nevada permitting process. Current bonding amounts are based on third party cost estimates to reclaim all permitted features at Marigold, with the exception of a few features permitted as permanent, post-mining features. The Bureau of Land Management (“BLM”) and the State of Nevada both review and approve the bond estimate, and the BLM holds the financial instruments providing the bond backing. As at December 31, 2020, Marigold, including the Trenton Canyon and Buffalo Valley properties, had reclamation requirements totaling approximately $54.6 million.

At Seabee, the Company also has an approved closure plan and financial assurance held by the Province of Saskatchewan. The closure plan addresses all final reclamation requirements as well as the longer-term post-reclamation monitoring and maintenance phase. As required by the Company’s environmental permits, the closure plan is periodically updated. As at December 31, 2020, Seabee had reclamation requirements totaling approximately $5.7 million.

At Puna Operations, including the Chinchillas operation, the present value of the current closure and reclamation cost estimate, to be spent over a number of years, is approximately $20.7 million.

See “Corporate Social Responsibility – Environment and Sustainability” and the disclosure regarding environmental matters under the respective descriptions of Çöpler, Marigold and Seabee for further details regarding environmental matters.

Foreign Operations

Any changes in regulations or shifts in political attitudes in the jurisdictions in which the Company operates, including the USA, Turkey, Canada, Argentina, Mexico and Peru, are beyond the Company’s control and may adversely affect the Company’s business. Current and future development and operations may be affected in varying degrees by certain economic, political and other risks and uncertainties including, but not limited to: claims by governmental bodies; restrictions on production; expropriation or nationalization; employee profit-sharing requirements; foreign exchange controls; restrictions on repatriation of profits; import and export regulations; cancellation or renegotiation of contracts; changing fiscal regimes and uncertain regulatory environments; fluctuations in currency exchange rates; high rates of inflation; changes in royalty and tax regimes, including the elimination of tax exemptions; underdeveloped industrial and economic infrastructure; unenforceability of contractual rights and judgments; changes to environmental legislation; land claims of local people; and mine safety. The Company cannot accurately predict the effect of these factors. See “Risk Factors” for further details.

CORPORATE SOCIAL RESPONSIBILITY

For the Company, being a responsible corporate citizen means protecting the natural environment associated with its business activities, providing a safe workplace and work processes for its employees and contractors, and investing in the communities where the Company operates so that it can enhance the lives of those who work and live there beyond the life of such operations. The Company takes a long-term view of its corporate responsibility, which is reflected in the policies that guide the Company’s business decisions, and in its corporate culture that fosters safe and ethical behavior across all levels of SSR Mining.

SAFETY & HEALTH POLICY

The Company’s Safety & Health Policy (the “Safety & Health Policy”) defines the organization’s safety commitments and is designed to guide the Company in advancing each of those commitments, and to ensure that the Company develops and implements effective management systems to identify, minimize and manage health and safety risks. It is also used to promote and enhance employee commitment and

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accountability. The Safety & Health Policy is available for viewing on the Company’s website at www.ssrmining.com.

HEALTH AND SAFETY

The Company reflects its commitment to the health and safety of its employees by creating and maintaining a safe working environment, equipment, work processes, effective safety and health management systems, and by complying with all applicable health and safety laws and regulations. The Company acknowledges that there are inherent risks associated with the Company’s business and, through proactive risk management, continuously strives to minimize and control these risks.

The Company’s safety framework puts emphasis on effective risk-centered management systems, positive and effective work cultures and proactive leadership to drive culture enhancement. The Company emphasizes balancing the human and technical aspects of safety: blending leadership behaviours with traditional management activities to create a safe, productive culture. The Company ensures that its workers understand their individual contributions to safe production. In this way, the Company’s employees maintain safety awareness, recognize hazards and analyze risk in their daily activities. The technical aspects of safety are addressed by identifying and assessing job-related risks, establishing systems, policies and procedures, providing appropriate training and verifying training competencies. Performance measurement and accountability provides feedback and maintains focus on continuous improvement.

ENVIRONMENTAL, HEALTH, SAFETY AND SUSTAINABILITY COMMITTEE

The Company’s Board of Directors has established an Environmental, Health, Safety and Sustainability Committee (the “EHS&S 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 EHS&S Committee meets and reports to the Board of Directors on a quarterly basis. The Company’s EHS&S Committee charter is available for viewing on the Company’s website at www.ssrmining.com.

ENVIRONMENTAL & SUSTAINABILITY POLICY

Under the Company’s Environmental & Sustainability Policy (the “Environmental & Sustainability Policy”), the Company is committed to executing its business with strong environmental and community stewardship through the development of a sustainable approach to corporate social responsibility. The Environmental & Sustainability Policy is available for viewing on the Company’s website at www.ssrmining.com. The Company’s Vice President, Environment and Community Relations oversees environmental management and reports directly to the Executive Vice President, Chief Operating Officer. The Executive Vice President, Chief Operating Officer reports directly to the Chief Executive Officer. Executive compensation and remuneration is based on the achievement of the Company’s corporate objectives, which include health, safety, environment and sustainability goals.

ENVIRONMENT AND SUSTAINABILITY

The Company’s activities are subject to extensive laws and regulations governing the protection of the environment and natural resources. These laws address, among other things, emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species and reclamation of lands disturbed by mining operations. The Company is required to obtain governmental permits and, in some instances, provide bonding requirements under federal, state, or provincial air, water quality, and mine reclamation rules and permits. Violations of environmental laws are subject to civil sanctions and, in some cases, criminal sanctions, including the suspension or revocation of permits. The failure to comply with environmental laws and regulations could result in temporary or permanent closure of the Company’s mining operations, project development delays, material financial impacts or other material impacts to the Company’s projects and activities, fines, penalties, lawsuits by the respective government or private parties, revocability of property or material capital expenditures. Additionally, environmental laws in the countries in which the Company

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operates require that the Company periodically perform environmental impact studies and updates at its mines. These studies could reveal environmental impacts that would require the Company to make significant capital outlays or cause material changes or delays in its intended activities. See “Risk Factors”.

The Company complies with regulatory requirements and diligently applies appropriate methodologies to protect the environment throughout its exploration, development, mining, processing and closure activities. The Company’s environmental obligations include, but are not limited to, obtaining and maintaining all environmental permits and approvals required for the conduct of its operations, the proper handling, storage and disposal of regulated materials and the timely and accurate submission of required reports to the appropriate government agencies.

In 2007, Marigold became the first operating gold mine in the world certified as fully compliant with the International Cyanide Management Code (the “Cyanide Code”). The Cyanide Code is a voluntary industry program for companies involved in the production of gold by the cyanidation process. The Cyanide Code addresses the production of cyanide, its transport from the producer to the mine, its on-site storage and use, decommissioning and financial assurance, worker safety, emergency response, training, stakeholder involvement and verification of implementation of the Cyanide Code. Marigold has been recertified in compliance with the Cyanide Code each time it has been audited by the International Cyanide Management Institute, with the fourth successful recertification occurring in 2018.

The Company believes that how it closes a mine is just as important as how it opens and operates a mine. The Company’s commitment to excellence in mine closure is demonstrated by its highly successful and award-winning approach to closing one of its historic flagship projects, the Duthie mine in British Columbia, Canada. In recognition of its efforts and success in closing the mine, the Company received recognition for Outstanding Reclamation Achievement by the Technical and Research Committee on Reclamation from the Mining Association of British Columbia and the British Columbia Ministry of Energy and Mines.

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. 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.

Alongside the direct investments SSR Mining makes, the Company also invests in the local community at Çöpler through its Social Development Fund (“SDF”). Launched in 2018, the SDF is an innovative partnership between Çöpler and the community which aims to provide financial support to local entrepreneurs so they can set up or grow their own businesses that are not tied to Çöpler as well as investing in a wide-range of social and community development projects. Projects are selected based on a set of development priorities agreed in consultation with the community and aligned with local government development plans and priorities. The priorities are generally reviewed and updated on a three-year basis. In addition, each year the Company contributes to the development of its local communities by making direct investments in community infrastructure and social programs. In 2020, the Company provided 133 scholarships to local community members ranging from providing scholarships to vocational high school students to support for a Master’s degree. Scholarships were awarded equally between men and women.

Community support and engagement is also well-established at Marigold, and several of the Company’s employees are key participants in local development efforts. The Company’s employees work closely with the University of Nevada, Reno in creating a graduate program in mining, in addition to providing internships for students and ongoing support to the university. The Company also supports local high schools through scholarships, contribution of equipment and supplies and employee volunteer efforts. In addition, the Company’s Marigold emergency response team actively supports the emergency preparedness and

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wellness in the local community and has participated in various activities including training drills and delivering flu vaccinations at health fairs.

Seabee is located in northern Saskatchewan, within the traditional territories of the Lac La Ronge Indian Band and the Peter Ballantyne Cree First Nation. Since the Company’s acquisition of the operation in May 2016, the Company has identified training, education and employment of northern communities as priorities for community engagement. This has resulted in over 28% of the Company’s employees at Seabee being self-identified as indigenous and 64% from local communities. In 2020, the Company partnered with Indspire (a national Indigenous registered charity) to create scholarships for Indigenous communities in the vicinity of Seabee.

At Puna in Argentina, the Company supports the educational system in the Province of Jujuy through collaboration with local schools. The Company has assisted with the renovation of six local educational facilities and with a number of information sessions and educational activities held for students throughout the region. The Company has also collaborated with the Argentina Ministry of Education to create a program allowing members of local communities, including the Company’s employees, to complete their secondary education. Furthermore, the Company provides medical services and administers health campaigns in the remote areas in close proximity to the Pirquitas property. The Pirquitas health center provides emergency services for the local communities and the Company has initiated a general practitioner outreach program for local towns, commenced a dental care program and held numerous illness prevention workshops. The Company also built two sports centers in 2016 for the surrounding communities.

As part of the development of the Chinchillas property, the Company has enhanced community engagement targeting education, training and employment opportunities. Over 300 employees have been trained and are working at Chinchillas and nearly 100% of these employees are from the local communities.

At the Pitarrilla project in Mexico, as part of its agreement with the Ejido Casas Blancas, the Company has funded the construction of Lienzo Charro, a traditional rodeo site, and supported health and cultural activities. As part of its agreement with the Ejido San Francisco De Asís, the Company has funded infrastructure and cultural activities.

Over the past years at the San Luis project in Peru, the Company has engaged in and funded several projects aimed at developing the social and economic conditions in local communities. The Company is currently coordinating with the Social Management Office of the Ministry of Mining and Energy and a local university to advance a training program for local residents, including a mining internship program.

TRANSPARENCY

In 2021, the Company will publish its third annual ESG and Sustainability Report (the “Sustainability Report”), which is developed using the Global Reporting Initiative framework. The ESG and Sustainability Report will outline the Company’s approach to sustainability across a range of areas and will summarize its 2020 sustainability performance. The publishing of such report underscores the Company’s ongoing commitment to transparency with the Company’s stakeholders. The ESG and Sustainability Report, once published, will be available for viewing on the Company’s website at www.ssrmining.com.

In addition, the Company discloses certain categories of payments it makes to domestic and foreign governments at all levels under the Canadian Extractive Sector Transparency Measures Act (“ESTMA”). The Company’s annual ESTMA reports are available on the Company’s website at www.ssrmining.com.

HUMAN RIGHTS POLICY

As part of the Company’s commitment to being a responsible corporate citizen, the Company recognizes the important role and responsibility it has in respecting the human rights of its stakeholders. The Company has adopted a Human Rights Policy (the “Human Rights Policy”), which is aligned with the United Nations Guiding Principles on Business and Human Rights, the United Nations Global Compact, and the Organization for Economic Cooperation and Development Guidelines for Multinational Enterprises. This

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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. The Human Rights Policy is available for viewing on the Company’s website at www.ssrmining.com.

DIVERSITY

The Company’s Corporate Governance and Nominating Committee (the “CGN Committee”) has responsibility for recommending to the Board of Directors the nominees for election or re-election as directors at the annual meeting of shareholders. As part of this process, the Company’s CGN Committee assesses the skills, expertise, experience and backgrounds of the Company’s directors annually, in light of the needs of the Company’s Board, including the extent to which the current composition of the Company’s Board reflects a diverse mix of identified competencies. The Company’s CGN Committee charter is available for viewing on the Company’s website at www.ssrmining.com.

The Company recognizes that a workforce composed of many individuals with a mix of skills, experience, perspectives, backgrounds and characteristics leads to a more robust understanding of opportunities, issues and risks, and to stronger decision-making. 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. The Company and its Board of Directors are committed to establishing measurable diversity objectives and assessing on an annual basis the achievement against these objectives, including the representation of women at all levels of the organization.

The Company has adopted a Diversity Policy which requires the Company to establish specific diversity initiatives, programs and targets. The Company’s CGN Committee oversees the diversity initiatives at the Board level and the Company’s Compensation and Leadership Development Committees oversee such initiatives across the Company. The Company’s CGN Committee reviews the Diversity Policy annually and assesses its effectiveness. The Diversity Policy is available for viewing on the Company’s website at www.ssrmining.com.

In addition, each of the Company’s Code of Business Conduct and Ethics (the “Code of Conduct”) and Employee Assistance Program promotes and supports diversity and inclusion. The Code of Conduct is available for viewing on the Company’s website at www.ssrmining.com.

The Company is committed to a merit-based system for board composition within a diverse and inclusive culture, which solicits multiple perspectives and views and is free of conscious or unconscious bias and discrimination. As of December 31, 2020, three of the Company’s ten directors (30%) were women. See “Directors and Executive Officers – Directors” for further information.

In March 2019, the Company became a member of each of the Catalyst Accord 2022 and the 30% Club Canada, diversity initiatives aimed at accelerating the advancement of women in Canada. The Catalyst Accord 2022 aims to increase the average percentage of women on boards and women in executive positions in corporate Canada to 30% or greater by 2022 and share key metrics with Catalyst to benchmark collective progress towards these goals. The 30% Club Canada works with the business community to achieve better gender balance on the boards and senior leadership of Canadian companies, and is focused on building a strong foundation of business leaders who are committed to meaningful and sustainable gender balance in business leadership.

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ANTI-CORRUPTION POLICY

The Company’s Anti-Corruption Policy (the “Anti-Corruption Policy”) outlines the requirements that must be fulfilled by all the Company’s employees, officers and directors, as well as by any third party working for or acting on the Company’s behalf. These requirements include prohibitions against bribing government officials, making facilitation payments and commercial bribery. The Company’s Anti-Corruption Policy also provides employees with clarity regarding the following: books and records transparency; giving gifts to government officials; making political or charitable contributions; and third-party oversight and due diligence. The Anti-Corruption Policy is available for viewing on the Company’s website at www.ssrmining.com.

MINERAL PROPERTIES

SUMMARY OF MINERAL RESERVES AND MINERAL RESOURCES ESTIMATES

The following table summarizes as at December 31, 2020 the Company’s estimated Mineral Reserves and Mineral Resources. All of the Company’s projects are wholly-owned except for Çöpler.

 

				(kt)		Au (g/t)		Ag (g/t)		Pb (%)		Zn (%)		Cu (%)		Au (koz)		Ag (koz)		Pb (M-lbs)		Zn (M-lbs)		Cu (M-lbs)		Au Eq (koz)		Au Eq (g/t)
PROVEN MINERAL RESERVE
Çöpler(1)		Turkey		2,196		2.31		7.7		-		-		0.01		163		544		-		-		0.2		171		2.42
Seabee(3) (UG)		Canada		529		8.79		-		-		-		-		150		-		-		-		-		150		8.79
Chinchillas(4)		Argentina		420		-		142.6		0.73		0.37		-		-		1,926		6.8		3.4		-		34		2.49
TOTAL: Proven				3,146												313		2,470		6.8		3.4		0.2		354		3.50
PROBABLE MINERAL RESERVE
Çöpler(1)		Turkey		54,610		2.10		5.0		-		-		0.02		3,681		8,836		-		-		18.1		3,842		2.19
Marigold(2)		USA		219,398		0.49		-		-		-		-		3,425		-		-		-		-		3,425		0.49
Leach Pad Inventory		USA														270										270
Seabee(3) (UG)		Canada		1,031		10.37		-		-		-		-		344		-		-		-		-		344		10.37
Chinchillas(4)		Argentina		7,614		-		162.2		1.39		0.36		-		-		39,696		232.6		60.4		-		746		3.05
Stockpiles (Chinchillas)		Argentina		339		-		126.7		0.84		0.45				-		1,382		6.3		3.4				26		2.36
TOTAL:    Probable				282,992												7,719		49,914		238.8		63.8		18.1		8,652		0.95
PROVEN AND PROBABLE MINERAL RESERVE
Çöpler(1)		Turkey		56,807		2.10		5.1		-		-		0.01		3,844		9,379		-		-		18.4		4,013		2.20
Marigold(2)		USA		219,398		0.49		-		-		-		-		3,425		-		-		-		-		3,425		0.49
Leach Pad Inventory		USA														270										270
Seabee(3) (UG)		Canada		1,560		9.83		-		-		-		-		493		-		-		-		-		493		9.83
Chinchillas(4)		Argentina		8,373		-		159.7		1.33		0.36		-		-		43,004		245.6		67.2		-		805		2.99
TOTAL:    Proven and Probable				286,138												8,032		52,383		245.6		67.2		18.4		9,006		0.98