SSRGF 0000921638-22-000060 8-K as filed: Feb 23, 2022

Exhibit 99.1

SSR Mining Inc.

Condensed Consolidated Statements of Operations

(unaudited, in thousands except per share)


	Three Months Ended March 31,
	2021		2020
Revenue	$	366,484	$	164,463
Operating Costs and Expenses:
Production costs		161,863		109,428
Depreciation, depletion, and amortization		53,779		23,433
General and administrative expense		7,759		2,124
Exploration, evaluation, and reclamation costs		9,408		7,531
Care and maintenance expense		—		1,330
Transaction and integration expense		4,492		—
Operating income		129,183		20,617
Other income (expense):
Interest expense		(4,944)		(3,194)
Other income (expense)		(1,611)		(15,650)
Foreign exchange gain (loss)		(379)		753
Total other income (expense)		(6,934)		(18,091)
Income before income and mining taxes		122,249		2,526
Income and mining tax benefit (expense)		6,380		3,711
Equity income (loss) of affiliates		(1,178)		—
Net income		127,451		6,237
Net loss (income) attributable to non-controlling interest		(18,590)		—
Net income attributable to SSR Mining shareholders	$	108,861	$	6,237

Net income per share attributable to SSR Mining shareholders
Basic	$	0.50	$	0.05
Diluted	$	0.48	$	0.05

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Three Months Ended March 31,
	2021		2020
Operating activities
Net income	$	127,451	$	6,237
Adjustments for:
Depreciation, depletion, and amortization		53,779		23,433
Amortization of debt discount		220		232
Reclamation costs		1,205		954
Deferred income taxes		(23,024)		(13,902)
Stock-based compensation		(1,699)		(3,258)
Equity pickup on investments in joint ventures		1,178		—
Unrealized gain on derivative instruments		(2,583)		9,200
Change in fair value of marketable securities		586		15,879
Non-cash fair value adjustment on acquired inventories		16,069		—
Loss (gain) on sale of mineral properties, plant and equipment		22		1,057
Net change in operating assets and liabilities		(45,701)		2,956
Net cash provided by operating activities		127,503		42,788

Investing activities
Additions to mineral properties, plant and equipment		(55,711)		(36,324)
Purchases of marketable securities		—		(10,147)
Net proceeds from sales of marketable securities		—		12,055
Proceeds from sale of mineral properties, plant and equipment		149		850
Other investing activities		(172)		—
Net cash used in investing activities		(55,734)		(33,566)

Financing activities
Repayment of debt, principal		(17,500)		—
Redemption of convertible notes		—		(114,994)
Proceeds from exercise of stock options		2,750		1,387
Principal payments on finance leases		(2,158)		(247)
Non-controlling interest dividend		(38,084)		—
Dividends paid		(10,992)		—
Other financing activities		(423)		(41)
Net cash used in financing activities		(66,407)		(113,895)
Effect of foreign exchange rate changes on cash and cash equivalents		22		(535)
Net increase (decrease) in cash, cash equivalents, and restricted cash		5,384		(105,208)
Cash, cash equivalents, and restricted cash beginning of year		895,921		505,985
Cash, cash equivalents, and restricted cash end of year	$	901,305	$	400,777

SSR Mining Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Three Months Ended March 31,
	2021		2020
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	866,015	$	398,439
Restricted cash		35,290		2,338
Total cash, cash equivalents, and restricted cash	$	901,305	$	400,777

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Balance Sheets

(unaudited, in thousands)


	March 31, 2021		December 31, 2020
ASSETS
Cash and cash equivalents	$	866,015	$	860,633
Marketable securities		25,942		26,748
Trade and other receivables		97,540		83,218
Inventories		434,776		437,034
Prepaids and other current assets		19,205		16,162
Total current assets		1,443,478		1,423,795

Mineral properties, plant and equipment, net		3,452,381		3,469,739
Inventories		162,835		135,200
Restricted cash		35,290		35,288
Equity method investments		6,776		7,782
Goodwill		49,786		49,786
Deferred income tax assets		15,256		15,072
Other non-current assets		37,207		40,682
Total assets	$	5,203,009	$	5,177,344

LIABILITIES
Accounts payable	$	39,113	$	42,923
Accrued liabilities and other		114,390		131,781
Finance lease liabilities		13,648		3,568
Current portion of debt		71,090		71,025
Total current liabilities		238,241		249,297

Debt		349,025		366,612
Finance lease liabilities		108,781		109,544
Reclamation liabilities		104,159		102,721
Deferred income tax liabilities		450,187		473,027
Other non-current liabilities		11,093		25,655
Total liabilities		1,261,486		1,326,856

Contingently redeemable shares		—		3,311

EQUITY
Common shares – unlimited authorized common shares with no par value; 220,063 and 219,607 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively		3,258,810		3,242,821
Retained earnings (deficit)		189,928		92,077
SSR Mining’s shareholders’ equity		3,448,738		3,334,898
Non-controlling interest		492,785		512,279
Total equity		3,941,523		3,847,177
Total liabilities and equity	$	5,203,009	$	5,177,344

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Statement of Changes in Equity

(unaudited, in thousands)


	Common shares
	Number of shares	Amount		Retained earnings (Accumulated Deficit)		Total equity attributable to equity holders of SSR Mining		Non-controlling interest		Total equity		Contingently redeemable shares
Balance December 31, 2020	219,607	$	3,242,821	$	92,077	$	3,334,898	$	512,279	$	3,847,177	$	3,311
Exercise of stock options	364		2,750		—		2,750		—		2,750		—
Settlement of RSUs and PSUs	92		89		—		89		—		89		—
Equity-settled stock-based compensation	—		1,037		—		1,037		—		1,037		—
Transfer of cash-settled RSUs	—		8,802		—		8,802		—		8,802		—
Reclassification of contingently redeemable shares	—		3,311		—		3,311		—		3,311		(3,311)
Dividends paid to equity holders of SSR Mining	—		—		(10,992)		(10,992)		—		(10,992)		—
Dividends paid to non-controlling interest	—		—		—		—		(38,084)		(38,084)		—
Other	—		—		(18)		(18)		—		(18)		—
Net income (loss)	—		—		108,861		108,861		18,590		127,451		—
Balance March 31, 2021	220,063	$	3,258,810	$	189,928	$	3,448,738	$	492,785	$	3,941,523	$	—

SSR Mining Inc.

Condensed Consolidated Statement of Changes in Equity

(unaudited, in thousands)


	Common shares
	Number of shares	Amount		Retained earnings (Accumulated Deficit)		Total equity attributable to equity holders of SSR Mining		Non-controlling interest		Total equity		Contingently redeemable shares
Balance December 31, 2019	123,084	$	1,103,591	$	(60,415)	$	1,043,176	$	—	$	1,043,176	$	3,599
Exercise of stock options	157		1,387		—		1,387		—		1,387		—
Equity-settled stock-based compensation	—		1,223		—		1,223		—		1,223		—
Reclassification to contingently redeemable shares	—		(729)		—		(729)		—		(729)		729
Other	—		(17)		7		(10)		—		(10)		—
Net income (loss)	—		—		6,237		6,237		—		6,237		—
Balance March 31, 2020	123,241	$	1,105,455	$	(54,171)	$	1,051,284	$	—	$	1,051,284	$	4,328

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

1.THE COMPANY

SSR Mining Inc. and its subsidiaries (collectively, "SSR Mining," or the "Company”) is incorporated under the laws of the Province of British Columbia, Canada. The Company's common shares are listed on the Toronto Stock Exchange (TSX) in Canada and the Nasdaq Global Select Market (NASDAQ) in the U.S. under the symbol "SSRM" and the Australian Securities Exchange (ASX) in Australia under the symbol "SSR."

The Company is principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Turkey and the Americas. The Company has four producing mines in Turkey, the United States, Canada, and Argentina. The Company's focus is on safe, profitable gold and silver production from its Çöpler Gold Mine ("Çöpler") in Erzincan, Turkey, Marigold mine ("Marigold") in Nevada, USA, Seabee Gold Operation ("Seabee") in Saskatchewan, Canada and Puna Operations ("Puna") in Jujuy, Argentina, and to advance, as market and project conditions permit, its principal development projects towards development and commercial production.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and uncertainties

As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment; Inventories; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets.

COVID-19

During the period ended March 31, 2021, the COVID-19 pandemic continued to impact global economic and financial markets, disrupting global supply chains and workforce participation. Many industries and businesses, including SSR Mining, continue to be impacted by the COVID-19 pandemic and face operating challenges associated with the regulations and guidelines resulting from efforts to contain COVID-19.

The Company continues to restrict all non-essential travel and manage the contacts 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 most employees working remotely.

Basis of preparation

These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Previously, the Company prepared its consolidated financial statements under International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, as permitted by securities regulators in Canada, as well as in the U.S. under the status of a Foreign Private Issuer as defined by the United States Securities and Exchange Commission (“SEC”). As of June 30, 2021, the Company determined that it no longer qualified as a Foreign Private Issuer under the SEC rules. As a result, beginning January 1, 2022 the Company is required to report with the SEC on domestic forms and comply with domestic company rules in the United States. The transition to U.S. GAAP was made retrospectively for all periods from the Company’s inception. New accounting standards implemented subsequent to January 1, 2019 were adopted on their required adoption date. These interim statements should be read in

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2021 filed on February 22, 2022 on Form 10-K.

3.OPERATING SEGMENTS

The Company currently has four producing mines and a portfolio of precious metal dominant projects. Each individual operating mine site and the Company's exploration, evaluation and development properties are considered reportable segments. Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance.

In connection with the acquisition of Alacer, the Company added Çöpler as a new operating segment for the year ended December 31, 2020. Çöpler is an operating mine site, therefore it is considered a reportable segment.

The following tables provide a summary of financial information related to the Company's segments (in thousands):


		Three Months Ended March 31, 2021
		Çöpler		Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	151,522	$	115,973	$	45,707	$	53,282	$	—	$	—	$	366,484
Production costs	$	66,417	$	53,711	$	16,561	$	25,174	$	—	$	—	$	161,863
Depletion, depreciation, and amortization	$	30,578	$	8,934	$	9,597	$	4,670	$	—	$	—	$	53,779
Exploration, evaluation, and reclamation costs	$	3,068	$	758	$	2,873	$	429	$	2,038	$	242	$	9,408
Transaction and integration expense	$	—	$	—	$	—	$	—	$	—	$	4,492	$	4,492
Operating income	$	47,758	$	52,673	$	16,767	$	21,928	$	(2,038)	$	(7,905)	$	129,183
Capital expenditures	$	9,035	$	23,413	$	13,439	$	3,276	$	—	$	—	$	49,163
Total assets as of March 31, 2021	$	2,308,886	$	645,584	$	469,249	$	239,520	$	1,018,525	$	521,245	$	5,203,009

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements


	Three Months Ended March 31, 2020
		Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	92,081	$	44,697	$	27,685	$	—	$	—	$	164,463
Production costs	$	59,869	$	17,756	$	31,803	$	—	$	—	$	109,428
Depletion, depreciation, and amortization	$	8,466	$	9,886	$	5,081	$	—	$	—	$	23,433
Exploration, evaluation, and reclamation costs	$	1,052	$	2,507	$	593	$	3,116	$	263	$	7,531
Care and maintenance expense (2)	$	—	$	—	$	1,330	$	—	$	—	$	1,330
Operating income (loss)	$	23,322	$	14,755	$	(11,326)	$	(3,116)	$	(3,018)	$	20,617
Capital expenditures	$	14,269	$	12,009	$	2,088	$	—	$	—	$	28,366
Total assets as of March 31, 2020	$	509,876	$	437,598	$	218,781	$	109,646	$	286,249	$	1,562,150

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

(2) Care and maintenance expense consists of operating costs and depreciation incurred while a site is placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic.

Geographic area

The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes, by location as of March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021		December 31, 2020
Turkey	$	2,878,177	$	2,899,724
Canada		313,246		306,253
United States		296,878		271,894
Argentina		121,762		126,386
Mexico		48,624		48,619
Peru		512		527
Total	$	3,659,199	$	3,653,403

The following is revenue information by geographic area based on the location of production for the three months ended March 31 (in thousands):


	Three Months Ended March 31,
	2021		2020
Turkey	$	151,522	$	—
Canada		45,707		44,697
United States		115,973		92,081
Argentina		53,282		27,685
Total	$	366,484	$	164,463

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

4.REVENUE

The following table represents revenues by product (in thousands):


	Three Months Ended March 31,
	2021		2020
Gold doré sales
Çöpler	$	151,522	$	—
Marigold		115,937		92,071
Seabee		45,676		44,689
Concentrate sales
Puna		53,928		27,694
Other (1)
Çöpler		—		—
Marigold		36		10
Seabee		31		8
Puna		(646)		(9)
Total	$	366,484	$	164,463

(1) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.

Revenue by metal

Revenue by metal type for the three months ended March 31 are as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Gold	$	313,135	$	136,760
Silver		48,013		30,005
Lead		5,170		(3,109)
Zinc		745		798
Other		(579)		9
Total	$	366,484	$	164,463

Provisional metal sales

For the three months ended March 31, 2021 and March 31, 2020, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase (decrease) of $(0.6) million $(8.7) million, respectively, which has been recorded in Revenue.

At March 31, 2021, the Company had silver sales of 2.48 million ounces at an average price of $25.51 per ounces, zinc sales of 1.43 million pounds at an average price of $1.27 per pound, and lead sales of 7.58 million pounds at an average price of $0.92 per pound, subject to final pricing over the next several months.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

5.STOCK-BASED COMPENSATION

The Company has unlimited authorized common shares with no par value. The Company has awards outstanding under its 2017 and 2020 Share Compensation Plans which include stock options, Deferred Share Units (“DSUs”) and DSU Replacement Units, Restricted Stock Units (“RSUs”) and RSU Replacement Units, and Performance Share Units (“PSUs”) and PSU Replacement Units up to an aggregate total of 6.5% of the Company’s issued and outstanding common stock. The replacement units were issued in connection with the acquisition of Alacer. There are 11,819,994 shares available for issuance under the Share Compensation Plans.

Reclassification of RSUs and RSU Replacement Units

Under the Share Compensation Plans, the Company has an option to settle vested RSUs, RSU Replacement Units, PSUs, and PSU Replacement Units in either cash or common shares. On February 10, 2021, the Company’s Board of Directors indicated its intention to settle all RSUs and RSU Replacement Units in common shares when vested. On this date, the Company reclassified the fair value of the outstanding RSUs and RSU Replacement Units, amounting to $8.8 million, from liabilities to equity (included in Common shares) and recognized $2.4 million of deferred income tax expense in the Consolidated Interim Statements of Operations.

On February 10, 2021, the Company's Board of Directors indicated its intention to settle all PSUs and PSU Replacement Units issued under the Company's plans in cash when vested. As of March 31, 2021, PSUs and PSU Replacement Units were classified as liabilities and included in Other non-current liabilities.

6.INCOME AND MINING TAXES

SSR’s consolidated effective income tax rate was (5)% for the first three months of 2021 compared to (147)% for the first three months of 2020. The primary driver of the change in the effective rate is foreign currency fluctuations as well as changes in book income in foreign jurisdictions with varying tax rates. The Company’s statutory tax rate for the period is 27%, and the effective rate differs from the statutory rate primarily due to foreign exchange and jurisdictional mix of earnings with different tax rates.

7.OTHER INCOME (EXPENSE)

The following table includes the components of Other income (expense):


	Three Months Ended March 31,
	2021		2020
Interest income	$	470	$	2,400
Gain (loss) on marketable securities		(586)		(15,879)
Gain (loss) on derivative instruments		—		—
Gain (loss) on sale of mineral properties, plant, and equipment		(22)		(1,057)
Other		(1,473)		(1,114)
Total	$	(1,611)	$	(15,650)

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

8.INCOME PER SHARE

The Company calculates basic net income per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted net income per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive shares during the period.

Potential dilutive common shares include stock options, PSUs and PSU Replacement Units, RSUs and RSU Replacement Units, and convertible notes for periods in which the Company has reported net income.

The calculations of basic and diluted net income per share attributable to stockholders of the Company for the three months ended March 31, 2021 and 2020 are based on the following (in thousands):


	Three Months Ended March 31,
	2021		2020
Net Income	$	127,451	$	6,237
Net (income) loss attributable to non-controlling interest		(18,590)		—
Net income attributable to shareholders of SSR Mining		108,861		6,237
Interest saving on convertible notes, net of tax		1,575		—
Net income used in the calculation of diluted net income per share	$	110,436	$	6,237

Weighted average number of common shares issued		219,792		123,228
Adjustments for dilutive instruments:
Stock options		152		654
PSUs and PSU Replacement Units		—		31
RSUs and RSU Replacement Units		73		—
Convertible notes		12,152		—
Diluted weighted average number of shares outstanding		232,169		123,913

Net income per share attributable to common shareholders
Basic	$	0.50	$	0.05
Diluted	$	0.48	$	0.05

For the three months ended March 31, 2021 and 2020, nil and 12,101,183 shares were excluded from the diluted income per common share calculation because the effect would have been antidilutive.

9.FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands).


	Fair value at March 31, 2021
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Assets:
Cash	$	866,015	$	—	$	—	$	866,015
Restricted cash		35,290		—		—		35,290
Marketable securities		25,942		—		—		25,942
Trade receivables		—		56,085		—		56,085
Derivative asset		—		2,311				2,311
Deferred consideration		—		—		21,584		21,584
	$	927,247	$	58,396	$	21,584	$	1,007,227
Liabilities:
Derivative liabilities	$	—	$	(1,190)	$	—	$	(1,190)
	$	—	$	(1,190)	$	—	$	(1,190)


	Fair value at December 31, 2020
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Assets:
Cash	$	860,633	$	—	$	—	$	860,633
Restricted cash		35,288		—		—		35,288
Marketable securities		26,748		—		—		26,748
Trade receivables		—		36,856		—		36,856
Derivative asset		—		1,243		—		1,243
Deferred consideration		—		—		21,460		21,460
	$	922,669	$	38,099	$	21,460	$	982,228
Liabilities:
Derivative liabilities	$	—	$	(3,881)	$	—	$	(3,881)
	$	—	$	(3,881)	$	—	$	(3,881)

(1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges.

(2)The Company manages its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges. The Company’s derivative asset and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s provisional metal sales contracts, included in Trade and other receivables in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

(3)Certain items of deferred consideration are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. Deferred consideration is included in Other non-current assets in the Consolidated Balance Sheets.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands):


	Three Months Ended March 31,
	2021		2020
Beginning balance as of January 1	$	21,460	$	13,984
Revaluations		124		136
Ending balance as of March 31	$	21,584	$	14,120

Fair values of financial assets and liabilities not already measured at fair value

The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands):


		March 31, 2021				December 31, 2020
	Level	Carrying amount		Fair value		Carrying amount		Fair value
2019 Notes (1)	1	$	224,806	$	267,950	$	224,586	$	317,538
Term Loan (2)	2		192,500		201,765		210,000		221,943
Total borrowings		$	417,306	$	469,715	$	434,586	$	539,481

(1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market.

(2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source.

10.TRADE AND OTHER RECEIVABLES

Trade and other receivables was composed of the following (in thousands):


	March 31, 2021		December 31, 2020
Trade receivables	$	56,899	$	38,456
Value added tax receivables		25,628		24,189
Income tax receivable		9,674		14,130
Other taxes receivable		2,658		4,249
Other		2,681		2,194
Total	$	97,540	$	83,218

No provision for credit loss was recognized as of March 31, 2021 or December 31, 2020. All trade receivables are expected to be settled within twelve months.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

11.INVENTORIES

The components of Inventories for the periods ended March 31, 2021 and December 31, 2020 are as follows (in thousands):


	March 31, 2021		December 31, 2020
Materials and supplies	$	94,253	$	85,766
Stockpiled ore		19,642		25,582
Leach pad inventory		275,793		282,793
Work-in-process		6,100		4,368
Finished goods		38,988		38,525
Total current inventories	$	434,776	$	437,034

Stockpiled ore		161,202		133,500
Materials and supplies		1,633		1,700
Total non-current inventories	$	162,835	$	135,200

12.MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET

The components of Mineral properties, plant and equipment, net are as follows (in thousands):


	March 31, 2021		December 31, 2020
Plant and equipment (1)	$	1,670,789	$	1,640,705
Construction in process		55,872		40,290
Mineral properties subject to depletion		1,298,131		1,282,208
Mineral properties not yet subject to depletion		224,978		222,938
Exploration and evaluation assets		926,020		930,606
Total mineral properties, plant, and equipment		4,175,790		4,116,747
Accumulated depreciation, plant and equipment		(447,687)		(423,326)
Accumulated depreciation, mineral properties		(275,722)		(223,682)
Mineral properties, plant, and equipment, net	$	3,452,381	$	3,469,739

(1) As of March 31, 2021 and December 31, 2020, plant and equipment includes finance lease right-of-use assets with a carrying amount of $121.3 million and $112.8 million, respectively.

13.ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other are comprised of the following items (in thousands):


	March 31, 2021		December 31, 2020
Accrued liabilities	$	39,789	$	44,503
Royalties payable		39,558		36,019
Stock-based compensation liabilities		17,147		30,050
Derivative liabilities		1,190		3,764
Income taxes payable		10,056		9,194
Lease liabilities		2,115		1,954
Other		4,535		6,297
Total accrued liabilities and other	$	114,390	$	131,781

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

14.DEBT

The following tables summarize the Company’s debt balances (in thousands):


	March 31, 2021		December 31, 2020
2019 Notes (1)	$	224,807		$	224,586
Term Loan		192,500			210,000
Other		2,808			3,051
Total carrying amount	$	420,115		$	437,637

Current portion		71,090			71,025
Non-current portion	$	349,025		$	366,612

(1) Amount is net of discount and debt issuance costs of $5.2 million and $5.4 million, respectively.

Convertible Debt

2019 Notes

On March 19, 2019, the Company issued $230.0 million of 2.50% convertible senior notes due in 2039 (the “2019 Notes”) for net proceeds of $222.9 million after payment of commissions and expenses related to the offering of $7.1 million. The 2019 Notes mature on April 1, 2039 and bear an interest rate of 2.50% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. The 2019 Notes are convertible into the Company's common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the 2019 Notes may be entitled to an increased conversion rate. The 2019 Notes are convertible into the Company's common shares at an initial conversion rate of 54.1082 common shares per $1,000 principal amount of 2019 Notes converted, representing an initial conversion price of $18.48 per common share.

Prior to April 1, 2023, the Company may not redeem the 2019 Notes, except in the event of certain changes in Canadian tax law. On or after April 1, 2023 and prior to April 1, 2026, the Company may redeem all or part of the 2019 Notes for cash, but only if the last reported sales price of its common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price in effect on each such trading day. On or after April 1, 2026, the Company may redeem the 2019 Notes in full or in part, for cash.

Holders of the 2019 Notes have the right to require the Company to repurchase all or part of their 2019 Notes on April 1 of each of 2026, 2029 and 2034, or upon certain fundamental corporate changes. The repurchase price will be equal to par plus accrued and unpaid interest.

Term Loan

In connection with the acquisition of Alacer, the Company assumed a term loan (the "Term Loan"), with a fair value of $245.0 million as of the date of acquisition, with a syndicate of lenders (BNP Paribas (Suisse) SA, ING Bank NV, Societe Generale Corporate & Investment Banking and UniCredit S.P.A.). The Term Loan bears interest at the London Inter-bank Offered Rate ("LIBOR") plus a fixed interest rate margin in the range of 3.50% to 3.70% depending on the tranche. The Term Loan has no mandatory hedging or cash sweep requirements, no prepayment penalties, and final repayment is scheduled in the fourth quarter of 2023.

In addition to the Term Loan, the Company assumed LIBOR interest rate swap contracts with underlying notional amounts of approximately 37% of the outstanding Term Loan balance as of December 31, 2020 through the duration of the interest rate hedge program, ending December 22, 2021. The fair value of the interest rate swap contract asset or liability is derived by the difference between the variable LIBOR interest forward rates as compared to a fixed interest rate of 2.86% on the hedged amounts. Changes in the fair values of the interest rate swaps are recognized in the Consolidated Statements of Operations.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

Restricted cash accounts must be maintained while the Term Loan is outstanding. As of March 31, 2021 and December 31, 2020, $32.9 million and $32.9 million of restricted cash relates to the Term Loan, respectively. Restricted cash is not available for use within one year and is classified as a non-current asset in the Consolidated Balance Sheets.

Under the terms of the Term Loan, the Company is required to comply with the following financial covenants:

▪historic and forecast debt service cover ratio greater than or equal to 1.20:1;

▪loan life cover ratio greater than or equal to 1.30:1; and

▪minimum tail reserves as a percentage of total reserves greater than or equal to 30%.

As of March 31, 2021, the Company was in compliance with its externally imposed financial covenants in relation to the Term Loan and Credit Facility. The Company does not have any financial covenants in relation to the 2019 Notes.

Amended Credit Facility

On August 4, 2015, the Company entered into a $75.0 million senior secured revolving credit facility (the "Credit Facility") with a syndicate of banks. The Credit Facility may be used for reclamation bonding, working capital and other general corporate purposes. On June 3, 2020, the Company amended its existing credit agreement to extend the maturity of the Credit Facility to June 8, 2021. Amounts that are borrowed under the Credit Facility will incur variable interest at LIBOR plus an applicable margin ranging from 2.25% to 3.75% determined based on the Company's net leverage ratio, along with a utilization fee. This Credit Facility may only be used to fund activities of entities that were in the SSR Mining group prior to the acquisition of Alacer.

The Credit Facility also provides for financial letters of credit at 66% of the applicable margin, undrawn fees are subject to a utilization fee of 0.25%, and standby fees are calculated as 25% of the drawn applicable margin plus a utilization fee ranging from 0.25% to 0.75%.

All debts, liabilities and obligations under the Credit Facility are guaranteed by the Company's material subsidiaries and secured by certain of the Company's assets and material subsidiaries, and pledges of the securities of the Company's material subsidiaries, excluding Alacer entities. In connection with the Credit Facility, the Company must also maintain certain net tangible worth and ratios for interest coverage and net leverage. As of March 31, 2021, the Company was in compliance with these covenants.

As of March 31, 2021 and 2020, the amount outstanding on the Credit Facility, included in Accrued liabilities and other, was $ 0.7 million and $0.7 million, respectively.

Scheduled minimum debt repayments are as follows (in thousands):


2021 (for the remainder)	$	53,596
2022	$	71,093
2023	$	70,918
2024	$	—
2025	$	—
Thereafter	$	230,000

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

15.SUPPLEMENTAL CASH FLOW INFORMATION

Net change in operating assets and liabilities during the three months ended March 31 were as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Decrease (increase) in operating assets:
Trade and other receivables	$	(14,322)	$	18,142
Inventories		(14,062)		(5,785)
Other operating assets		10,651		1,734
Increase (decrease) in operating liabilities:
Accounts payable		(2,519)		(14,543)
Accrued liabilities		(16,219)		(5,868)
Reclamation liabilities		(58)		(1,532)
Other operating liabilities		(9,172)		10,808
	$	(45,701)	$	2,956

Other cash information during the three months ended March 31 were as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Interest paid	$	(4,665)	$	(5,464)
Interest received	$	551	$	1,783
Income taxes paid	$	(10,339)	$	(10,750)

16.COMMITMENTS AND CONTINGENCIES

General

Estimated losses from loss contingencies are accrued by a charge to income when information is available prior to the issuance of the financial statements that indicates it is probable that a liability could be incurred, and the amount of the loss can by reasonably estimated. Legal expenses associated with the loss contingency are expensed as incurred. If a loss contingency is not probably or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

Environmental matters

The Company uses surety bonds to support certain environmental bonding obligations. As of March 31, 2021 and December 31, 2020, the Company had surety bonds totaling $115.8 million and $117.5 million outstanding, respectively.

Other Commitments and Contingencies

The Company is involved in legal proceedings related to its course of business. Management does not believe that these legal cases will have a material effect on the Company’s financial condition or results of the operation.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

17.SUBSEQUENT EVENTS

On April 16, 2021, the Company received approval of its Notice of Intention to Make a Normal Course Issuer Bid (the "NCIB") to purchase its common shares through the facilities of the Toronto Stock Exchange, the NASDAQ or other Canadian and United States market places. All shares will be canceled upon purchase. Pursuant to the NCIB, the Company is able to purchase up to 10,000,000 common shares over a twelve month period commencing on April 21, 2021. The NCIB will expire no later than April 20, 2022.

Exhibit 99.2

MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021


CONTENTS

1			First Quarter 2021 Highlights
2			Business Overview and Strategy
3			Business Developments
4			Outlook
5			Financial and Operating Highlights
6			Results of Operations
7			Financial Results
8			Liquidity and Capital Resources
9			Financial Instruments
10			Risks and Uncertainties
11			Non-GAAP Financial Measures
12			Critical Accounting Policies and Estimates
13			Internal Control over Financial Reporting and Disclosure Controls and Procedures
14			Cautionary Notes Regarding Forward-Looking Information and Mineral Reserves and Mineral Resources Estimates

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL POSITION AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2021

This Management's Discussion and Analysis ("MD&A") is intended to supplement the unaudited condensed consolidated interim financial statements of SSR Mining Inc., ("SSR Mining", or the "Company") for the three months ended March 31, 2021, and the related notes thereto, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as issued by the Financial Accounting Standards Board (FASB), applicable to the preparation of interim financial statements. Additionally, this MD&A should be read in conjunction with Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations and the Consolidated Financial Statements included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on February 23, 2022.

All figures are expressed in U.S. dollars ("USD") except where otherwise indicated. This MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2021.

Additional information is available on SEDAR at www.sedar.com, on the EDGAR section of the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, and on the ASX at www.asx.com.au.

This MD&A contains "forward-looking information" that are subject to risk factors set out in a cautionary note contained in Section 15 herein. The Company uses certain non-GAAP financial measures in this MD&A; for a description of each of these measures, please see the discussion under "Non-GAAP Financial Measures" in Section 13. The Company uses Mineral Reserves and Mineral Resources classifications in this MD&A, which differ significantly from the classifications required by the SEC, as set out in the cautionary note contained in Section 15.

On September 16, 2020, the Company acquired all of the issued and outstanding shares of Alacer Gold Corp. (“Alacer”). The Company began consolidating the operating results, cash flows and net assets of Alacer from September 16, 2020, and the results in this MD&A reflect such consolidation.

1.FIRST QUARTER 2021 HIGHLIGHTS

▪Robust quarterly operating performance across all four operations: Delivered first quarter production of 196,094 gold equivalent ounces at AISC of $970 per gold equivalent ounce, on track to meet full-year guidance ranges.

▪Strong financial performance: Generated cash flows from operating activities of $127.5 million and free cash flow of $0.1 million in the first quarter.1 Reported first quarter attributable net income of $108.9 million, or $0.50 per share, and adjusted attributable net income of $110.7 million, or $0.50 per share.

▪Maintained strong, peer-leading balance sheet: Cash and cash equivalents remained strong at quarter-end, increasing to $866.0 million, following $49.1 million in dividend payments to equity shareholders and to Çöpler's non-controlling interest, while also reducing debt balances $17.5 million during the quarter.

▪Capital allocation framework in place: The Board declared the first quarterly cash dividend of $0.05 per share on February 17, 2021. Subsequent to the quarter-end, the Company announced that it has received acceptance from the Toronto Stock Exchange, to initiate a Normal Course Issuer Bid permitting SSR Mining to purchase for cancellation up to 10,000,000 common shares of the Company, representing 4.5% of SSR Mining’s total issued and outstanding common shares.

▪Released year-end 2020 Mineral Reserves and Resources: Gold Mineral Reserves increased 5% to 8.0 million ounces (9.0 million gold-equivalent ounces), while gold Measured and Indicated Mineral Resources increased 14% to 15.0 million ounces (27.0 million gold-equivalent ounces).

▪Delivered integrated sustainability report: On March 30, 2021, the Company published its third annual ESG and Sustainability Report, and its first since the merger with Alacer. The ESG report included a commitment to net zero greenhouse emissions by 2050.

1 SSR Mining reports the non-GAAP financial measures of all-in sustaining costs ("AISC") per ounce of gold, silver and gold equivalent sold, adjusted attributable net income, adjusted attributable net income per share and free cash flow to manage and evaluate the Company's operating performance. See “Non-GAAP Financial Measures” in Section 11.


SSR Mining Inc.			MD&A Q1 2021 \| 2

▪Çöpler delivered strong margins and progressed growth initiatives: Delivered gold production of 78,478 ounces in the first quarter. Reported AISC of $738 per ounce in the first quarter, generating robust margins.1 Çöpler flotation plant commissioning and ramp-up remain on schedule for mid-year 2021.

▪Marigold had record material movement and the Mineral Resource grew: Delivered gold production of 67,936 ounces for the first quarter as the mine moved a record 23.8 million tonnes of material. The record movement was achieved despite a 35 day scheduled maintenance shutdown of the largest shovel. Indicated Mineral Resources increased by 10% for a total of 5.4 million ounces of gold compared to 4.9 million ounces at year-end 2019. Mineral Resources increased at Mackay, Red Dot, New Millennium, Crossfire and Valmy.

▪Seabee continues to deliver, Mineral Reserves were replaced and the land position more than doubled: Produced 23,735 ounces of gold in-line with the full-year mine plan. In the first quarter of 2021, Seabee exercised its option to acquire an additional 20% interest in the Fisher property, bringing its joint venture interest to 80%. Despite a limited exploration program due to COVID-19, Seabee largely replaced Mineral Reserves for the year.

▪Puna generated robust margins: Produced 1.8 million ounces of silver at cash costs of $10.65 per ounce in the first quarter and AISC of $13.10 per ounce. Puna revenue increased by 92% in the first quarter of 2021 compared to the first quarter of 2020, due to a 49% increase in the average realized silver price.

2.BUSINESS OVERVIEW AND STRATEGY

Business overview

SSR Mining is an intermediate precious metals mining company with four producing assets, located in the USA, Turkey, Canada and Argentina. The Company primarily produces gold and also silver, lead and zinc concentrates. The production sites and a global pipeline of high-quality development and exploration properties located in the USA, Turkey, Canada, Mexico and Peru form a diversified portfolio 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 robust commitment to health, safety, community engagement and environmental management.

The Company has a strong balance sheet, with $866.0 million in cash and cash equivalents as at March 31, 2021, to support its growth pipeline. The Company intends to leverage its balance sheet strength 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 and Nasdaq Global Select Market (NASDAQ) and SSR on the Australian Securities Exchange.

Strategy

The Company's focus is on safe, sustainable, and profitable gold and silver production at its Çöpler Gold Mine ("Çöpler"), Marigold Mine ("Marigold"), Seabee Gold Operation ("Seabee"), and Puna Operations ("Puna"). SSR Mining is committed to delivering safe production with an emphasis on Operational Excellence. The Company is engaged in growing production and Mineral Reserves through exploration and asset acquisition to provide accretive growth.

Sustainability is a key priority for all stakeholders, whether they are local communities, local and national governments, the Company's shareholders or its employees. SSR Mining recognizes that people and the environment are central to its success and the Company is committed to safeguarding them by implementing high standards, as well as the necessary plans, procedures, metrics and targets to meet the Company's commitments.


SSR Mining Inc.			MD&A Q1 2021 \| 3

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 doré bars. Çöpler and regional tenements are located within an SSR Mining 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 bars. Marigold is located within an SSR Mining 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 and cyanide leaching to produce gold doré bars. Seabee is located within an SSR Mining land package of approximately 60,000 hectares, including the 80% owned Fisher property.

Puna Operations, Argentina

Puna is an open pit silver-lead-zinc mine located along the 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.

3.BUSINESS DEVELOPMENTS

COVID-19 response and impact on operations

During the three months ended March 31, 2021, the COVID-19 pandemic continued to impact global economic and financial markets, disrupting global supply chains and workforce participation. Many industries and businesses, including SSR Mining, continue to be impacted by the COVID-19 pandemic and face operating challenges associated with the regulations and guidelines resulting from efforts to contain COVID-19.

The Company's mine sites remain operational with carefully managed COVID-19 based restrictions designed to protect employees, including quarantining, testing, ensuring physical distancing and providing additional protective equipment. In Turkey, COVID-19 continues to slow government processes including permitting, with considerable effort being expended to attain permits and land access for continued growth and operations.

Payment of dividends

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. The Company paid its inaugural dividend of $0.05 per common share, totaling $11.0 million, on March 31, 2021.

Subsequent to March 31, 2021, the Board of Directors declared a quarterly cash dividend of $0.05 per common share, payable on June 14, 2021 to holders of record at the close of business on May 17, 2021.

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. Ms. White joined the Company from Newmont Corporation at the end of March 2021.


SSR Mining Inc.			MD&A Q1 2021 \| 4

ESG and Sustainability Report

On March 30, 2021, the Company published its third annual ESG and Sustainability Report, and its first since the merger with Alacer. The highlights of the Sustainability Report include:

•Amalgamation of best practices from across the business to develop an integrated Environment, Health, Safety and Sustainability ("EHSS") management system.

•New suite of sustainability policies released to align with leading industry practices.

•Commitment to establishing an action plan to achieve net zero greenhouse gas emissions by 2050.

•Improved disclosures on climate and water management by responding to Carbon Disclosure Project ("CDP"), and by aligning our reporting with the requirements of the Taskforce on Climate-related Financial Disclosures ("TCFD").

•Focus on Diversity, Equity and Inclusion with an updated and broadened Diversity Policy and strategic planning.

Normal Course Issuer Bid

On April 16, 2021, the Company received approval of its Notice of Intention to Make a Normal Course Issuer Bid (the "NCIB") to purchase its common shares through the facilities of the Toronto Stock Exchange, the NASDAQ or other Canadian and United States market places. All shares will be canceled upon purchase. Pursuant to the NCIB, the Company intends to purchase up to 10,000,000 common shares over a twelve month period commencing on April 21, 2021. The NCIB will expire no later than April 20, 2022.


SSR Mining Inc.			MD&A Q1 2021 \| 5

4.OUTLOOK

This section of the MD&A provides management's production, cost, capital, exploration and development expenditure estimates for 2021. These are “forward-looking statements” and subject to the cautionary note regarding the risks associated with forward-looking statements contained in Section 14. Cash costs and AISC per ounce of gold and silver sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

The Company expects 2021 overall production to be at the higher end of production guidance, which remains unchanged from that reported on January 19, 2021. For the full year 2021, the Company expects:


Operating Guidance (100%) (1)(7)(8)		Çöpler (2)	Marigold	Seabee	Puna	Other	Consolidated
Gold Production	koz	310 - 340	235 - 265	95 - 105	—	—	640 - 710
Silver Production	Moz	—	—	—	6.0 - 7.0	—	6.0 - 7.0
Gold Equivalent Production	koz	310 - 340	235 - 265	95 - 105	80 - 90	—	720 - 800
Cash Cost per Ounce (3)	$/oz	550 - 600	810 - 860	525 - 575	10.00 - 11.50	—	660 - 715
Sustaining Capital Expenditures (4)	$M	52	53	11	19	—	135
Sustaining Exploration Expenditures	$M	2	7	1	1	—	11
General & Administrative (5)	$M	—	—	—	—	30 - 35	30 - 35
Share-based Compensation (5)	$M	—	—	—	—	15 - 20	15 - 20
All-In Sustaining Cost per Ounce (3)	$/oz	760 - 810	1,250 - 1,290	860 - 910	16.00 - 17.50	—	1,050 - 1,110
Growth Capital Expenditures	$M	26	—	7	—	—	33
Growth Exploration and Development Expenditures (6)	$M	31	11	7	—	5	54
Total Growth Capital	$M	57	11	14	—	5	87

(1)The costs assumptions included in the these forward looking statements have historically been prepared in accordance with International Financial Reporting Standards (IFRS). The actual costs throughout this document are prepared according to United States Generally Accepted Accounting Principles (U.S. GAAP); as such, these forecasts are not directly comparative to the non-GAAP measures included in this document.

(2)Figures are reported on a 100% basis. Çöpler is 80% owned by SSR Mining.

(3)SSR Mining reports the non-GAAP financial measures of cash costs and AISC per ounce of gold and silver sold to manage and evaluate operating performance at Çöpler, Marigold, Seabee and Puna. Refer to Section 11 "Non-GAAP Financial Measures".

(4)Excludes sustaining exploration expenditures. Includes $9.5 million oxygen plant lease payment at Çöpler.

(5)In the US GAAP financial statements share-based compensation is included in General and administrative expense.

(6)Growth exploration and development expenditures are shown on a 100% basis, of which SSR Mining's attributable amount totals $46 million.

(7)All figures in U.S. dollars, unless otherwise noted. Gold equivalent figures for 2021 operating guidance are based on a gold-to-silver ratio of 76:1. Cash costs and capital expenditures guidance is based on an oil price of $45 per barrel and an exchange rate of 1.30 Canadian dollars to one U.S. dollar and 7.5 Turkish lira to one U.S. dollar.

(8)Figures may not add due to rounding.

The Company continues to expect free cash flow generation in 2021 to be approximately 75% weighted to the second half of the year due to the timing of the ramp-up and commissioning of the flotation circuit at Çöpler, timing of capital expenditures across all sites, working capital seasonality at Seabee, and tax and royalty payments that are paid in the first half of the year.


SSR Mining Inc.			MD&A Q1 2021 \| 6

Capital returns

The Company's capital allocation strategy is multi-faceted and includes balancing investment in high-return growth, maintaining peer leading financial strength, and providing sustainable capital returns to shareholders.

On March 31, 2021, the Company paid its inaugural quarterly dividend payment of $0.05 per common share to shareholders of record on March 5, 2021. The declaration and payment of future dividends will be at the discretion of the Board of Directors and will be made based on the Company’s financial position and other factors relevant at the time.

Pursuant to the approval of the NCIB received on April 16, 2021, the Company intends to purchase and cancel up to 10,000,000 of common shares through April 2022 (refer to Section 3).


SSR Mining Inc.			MD&A Q1 2021 \| 7

5.FINANCIAL AND OPERATING HIGHLIGHTS

A summary of the Company's consolidated financial and operating results for the three months ended March 31, 2021 and 2020 are presented below:


(in thousands of US dollars, except per share data)	Three Months Ended March 31,
	2021			2020 (6)
Financial Results
Revenue	$	366,484		$	164,463
Operating income	$	129,183		$	20,617
Gross margin (2)	35		%	13		%
Net income	$	127,451		$	6,237
Net income attributable to equity holders of SSR Mining	$	108,861		$	6,237
Basic attributable net income per share	$	0.50		$	0.05
Adjusted attributable net income (1)	$	110,735		$	16,062
Adjusted basic attributable net income per share (1)	$	0.50		$	0.13

Cash generated by operating activities	$	127,503		$	42,788
Cash used in investing activities	$	(55,734)		$	(33,566)
Cash used in financing activities	$	(66,407)		$	(113,895)

Operating Results
Gold produced (oz)	170,149			87,968
Gold sold (oz)	173,370			85,742
Silver produced ('000 oz)	1,792			1,770
Silver sold ('000 oz)	2,038			1,834
Lead produced ('000 lb) (4)	6,164			5,536
Lead sold ('000 lb) (4)	6,432			6,407
Zinc produced ('000 lb) (4)	3,079			1,821
Zinc sold ('000 lb) (4)	956			2,166

Gold equivalent produced (oz) (5)	196,094			107,331
Gold equivalent sold (oz) (5)	201,494			104,715

Average realized gold price ($/oz sold)	$	1,798		$	1,597
Average realized silver price ($/oz sold)	$	26.02		$	17.47

Cash cost per gold equivalent ounce sold (1, 5)	$	689		$	1,000
AISC per gold equivalent ounce sold (1, 5)	$	970		$	1,322

Financial Position	March 31, 2021			December 31, 2020
Cash and cash equivalents	$	866,015		$	860,633
Current assets	$	1,443,478		$	1,423,795
Total assets	$	5,203,009		$	5,177,344
Current liabilities	$	238,241		$	249,297
Total liabilities	$	1,261,486		$	1,326,856
Working capital (3)	$	1,205,237		$	1,174,498

(1)The Company reports non-GAAP financial measures including adjusted attributable net income, adjusted basic attributable net income per share, cash costs and AISC per ounce sold to manage and evaluate its operating performance at its mines. See "Non-GAAP Financial Measures" in Section 11.

(2)Gross margin is defined as operating income divided by revenue.

(3)Working capital is defined as current assets less current liabilities.

(4)Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate.

(5)Gold equivalent ounces have been established using the average realized metal prices per ounce of precious metals sold in the period and applied to the recovered silver metal content produced by the mines. Zinc and lead production are not included in gold equivalent ounces produced.

(6)The data presented excludes operating results for Çöpler. As the Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.


SSR Mining Inc.			MD&A Q1 2021 \| 8

6.RESULTS OF OPERATIONS

Çöpler, Turkey

(amounts presented on 100% basis)


	Three Months Ended March 31,
Operating Data	2021		2020 (3)		Change
Gold produced - oxide (oz)	24,745		—		N/A
Gold produced - sulfide (oz)	53,733		—		N/A
Total gold produced (oz)	78,478		—		N/A
Gold sold (oz)	82,502		—		N/A

Ore mined - oxide (kt)	818		—		N/A
Ore mined - sulfide (kt)	2,189		—		N/A
Total material mined (kt)	6,689		—		N/A
Waste removed (kt)	3,683		—		N/A
Strip ratio	1.2		—		N/A

Ore stacked - oxide (kt)	941		—		N/A
Gold grade stacked - oxide (g/t)	1.29		—		N/A

Ore processed - sulfide (kt)	580		—		N/A
Gold grade processed - sulfide (g/t)	3.32		—		N/A
Gold recovery - sulfide (%)	90.8		—		N/A

Average realized gold price ($/oz sold)	$	1,811	$	—	N/A

Cash costs ($/oz gold sold) (1, 2)	$	589	N/A		N/A
AISC ($/oz gold sold) (1, 2)	$	738	N/A		N/A

Financial Data ($000s)
Revenue	$	151,522	N/A		N/A
Production costs	$	66,417	N/A		N/A
Depletion, depreciation and amortization	$	30,578	N/A		N/A
Exploration, evaluation, and reclamation costs	$	3,068	N/A		N/A
Operating income	$	47,758	N/A		N/A
Capital expenditures	$	9,035	N/A		N/A

(1)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Çöpler. For further information, please refer to “Non-GAAP Financial Measures” in Section 11.

(2)Cash costs and AISC per ounce of gold sold exclude the impact of any fair value adjustment on acquired inventories as at the date of the Company's acquisition of Alacer.

(3)The data presented excludes operating results for Çöpler. As the Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.


SSR Mining Inc.			MD&A Q1 2021 \| 9

First Quarter 2021 Operating and Financial Results

Production

In the first quarter of 2021, Çöpler produced 78,478 ounces of gold, which included 24,745 ounces of gold production from the Çöpler oxide plant and 53,733 ounces of gold production from the sulfide plant. The scheduled 14 day shutdown of autoclave number 1 was delayed from late March and subsequently completed between April 5 and April 19, 2021.

For the three months ended March 31, 2021, oxide ore tonnes mined were 0.8 million. The oxide ore mined grade was 1.36 g/t. Sulfide ore tonnes mined were 2.2 million, and the total waste tonnes mined were 3.7 million.

For the three months ended March 31, 2021, the sulfide plant treated 0.6 million tonnes of sulfide ore. The sulfide plant continued to operate efficiently above design throughput of 245 dry tonnes per hour ("dtph"), averaging 279 dtph through the autoclaves for the first quarter of 2021. Plant gold recovery averaged 91% for the three months ended March 31, 2021. Recovery improvement projects planned for the first quarter of 2021 have been delayed due to international COVID restrictions but remain a focus for the second quarter of 2021.

The commissioning of the flotation circuit remains on schedule, with commissioning expected in June 2021 and in operation beginning in July 2021. Steel structures, platforms, walkways, and pipe racks were completed in March and equipment installation and electrical and control systems work started on schedule.

The impact of COVID-19 was limited during the first quarter of 2021 as teams have managed roster breaks, leave and quarantine requirements to maintain adequate staffing numbers.

Revenue

Revenue for the first quarter of 2021 was $151.5 million as 82,502 ounces of gold were sold at an average realized gold price of $1,811 per ounce.

Gold ounces sold in the first quarter of 2021 were higher than production due to the timing of gold pours at December 31, 2020.

Operating Costs

Cash costs and AISC per ounce of gold sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

In the first quarter of 2021, cash costs per ounce of gold sold were $589. Cash costs were impacted by the timing of a maintenance shutdown which was rescheduled from March to April 2021. AISC per ounce of gold sold was $738, which was impacted by lower cash costs and capital expenditures. Construction of the tailings storage facility phases 3 and 4 is advancing ahead of operational requirements using stockpiled material from 2020.

The impact of fair value adjustments on acquired inventories and mineral interests are reflected in production costs and depletion and depreciation, respectively. These impacts have been removed in the calculation of cash costs and AISC per ounce of gold sold.


SSR Mining Inc.			MD&A Q1 2021 \| 10

Marigold, USA


	Three Months Ended March 31,
Operating Data	2021		2020		Change
Gold produced (oz)	67,936		58,448		16	%
Gold sold (oz)	65,090		58,028		12	%

Total material mined (kt)	23,763		20,259		17	%
Waste removed (kt)	18,051		15,255		18	%
Total ore stacked (kt)	5,711		5,004		14	%
Gold stacked grade (g/t)	0.41		0.30		37	%
Strip ratio	3.2		3.0		7	%





Average realized gold price ($/oz sold)	$	1,787	$	1,588	13	%

Cash costs ($/oz gold sold) (1)	$	823	$	1,033	(20)	%
AISC ($/oz gold sold) (1)	$	1,195	$	1,288	(7)	%

Financial Data ($000s)
Revenue	$	115,973	$	92,081	26	%
Production costs	$	53,711	$	59,869	(10)	%
Depletion, depreciation and amortization	$	8,934	$	8,466	6	%
Exploration, evaluation, and reclamation costs	$	758	$	1,052	(28)	%
Operating income	$	52,673	$	23,322	126	%
Capital expenditures	$	23,413	$	14,269	64	%

(1)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Marigold. For further information, please refer to “Non-GAAP Financial Measures” in Section 11.

First Quarter 2021 Operating and Financial Results

Production

In the first quarter of 2021, 23.8 million tonnes of material were mined, a 17% increase compared to the first quarter of 2020. The increases are attributable to shorter haulage cycles, coupled with stronger haul truck utilization and increased loading fleet capacities.

During the first quarter of 2021, 5.7 million tonnes of ore was stacked at a gold grade of 0.41 g/t. This compares to 5.0 million tonnes of ore stacked at a gold grade of 0.30 g/t in the first quarter of 2020. The higher grades delivered in the first quarter of 2021 as compared to the first quarter 2020 are associated with the planned mining of the higher-grade portions of Mackay 4, Mackay 6 and Mackay 8. In the first quarter of 2020, mining activities focused on the lower grade portions of Mackay 4 and stripping of Mackay 6 and Mackay 8.

Marigold produced 67,936 ounces of gold, an increase of 16% compared to the first quarter of 2020. Given the current high stack elevation on the leach pad, a significant portion of production within the first quarter is tied to ounce placement from the previous quarter.


SSR Mining Inc.			MD&A Q1 2021 \| 11

Revenue

Revenue increased by 26% to $116.0 million in the first quarter of 2021 compared to the first quarter of 2020, due to a 13% increase in the average realized gold price and 12% more ounces sold.

Gold ounces sold in the first quarter were lower than production due to the timing of gold pours at March 31, 2021.

Operating Costs

Cash costs and AISC per ounce of gold sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

Cash costs per ounce of gold sold for the first quarter of 2021 were $823, a 20% decrease compared to the first quarter of 2020, primarily due to lower unit costs coming out of inventory, partially offset by higher unit royalty costs due to higher gold prices.

In the first quarter of 2021, AISC per ounce of gold sold was $1,195, a 7% decrease compared to the first quarter of 2020. Higher capital expenditures were partially offset by lower cash costs. Capital expenditures were higher in the first quarter of 2021 due to the purchase of two haul trucks in 2021 compared to one haul truck in 2020.

Seabee, Canada


	Three Months Ended March 31,
Operating Data	2021		2020		Change
Gold produced (oz)	23,735		29,521		(20)	%
Gold sold (oz)	25,778		27,714		(7)	%

Total ore milled (t)	89,644		89,282		—	%
Ore milled per day (t/day)	966		981		(2)	%
Gold mill feed grade (g/t)	8.45		10.34		(18)	%
Gold recovery (%)	98.3		98.1		—	%





Average realized gold price ($/oz sold)	$	1,780	$	1,615	10	%

Cash costs ($/oz sold) (1)	$	616	$	642	(4)	%
AISC ($/oz sold) (1)	$	1,111	$	1,074	3	%

Financial Data ($000s)
Revenue	$	45,707	$	44,697	2	%
Production costs	$	16,561	$	17,756	(7)	%
Depletion, depreciation and amortization	$	9,597	$	9,886	(3)	%
Exploration, evaluation, and reclamation costs	$	2,873	$	2,507	15	%
Operating income	$	16,767	$	14,755	14	%
Capital expenditures	$	13,439	$	12,009	12	%

(1)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Seabee. For further information, please refer to “Non-GAAP Financial Measures” in Section 11.

First Quarter 2021 Operating and Financial Results

Production

During the first quarter of 2021, production was in-line with plan. Seabee produced 23,735 ounces of gold, a 20% decrease compared to the first quarter of 2020. Mill feed grade was 8.45 g/t gold during the first quarter of 2021, an 18% decrease compared to the first quarter of 2020, due to mining in lower productivity areas.


SSR Mining Inc.			MD&A Q1 2021 \| 12

Revenue

Revenue increased by 2% in the first quarter of 2021 compared to the first quarter of 2020 as a result of an average 10% increase in the realized gold price, offset partially by a 7% decrease in gold ounces sold.

Gold ounces sold in the first quarter of 2021 were higher than production due to the timing of shipments of gold on carbon fines and inventory from the gold pour on December 31, 2020.

Operating Costs

Cash costs and AISC per ounce of gold sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

In the first quarter of 2021, cash costs per ounce of gold sold were $616, a 4% decrease compared to the first quarter of 2020, due to higher costs for mine operating supplies and services, COVID-19 mitigation and less gold sold.

In the first quarter of 2021, AISC per ounce of gold sold was $1,111, a 3% increase compared to the first quarter of 2020, due to higher cash cost. Capital expenditures in the first quarter of 2021 related mainly to the replacement of drilling and haulage equipment.


SSR Mining Inc.			MD&A Q1 2021 \| 13

Puna, Argentina


	Three Months Ended March 31,
Operating Data	2021		2020		Change
Silver produced ('000 oz)	1,792		1,770		1	%
Silver sold ('000 oz)	2,038		1,834		11	%
Lead produced ('000 lb) (1)	6,164		5,536		11	%
Lead sold ('000 lb) (1)	6,432		6,407		—	%
Zinc produced ('000 lb) (1)	3,079		1,821		69	%
Zinc sold ('000 lb) (1)	956		2,166		(56)	%

Total material mined (kt)	2,234		1,953		14	%
Waste removed (kt)	1,994		1,674		19	%
Strip ratio	8.3		6.0		38	%

Ore milled (kt)	383		340		13	%
Silver mill feed grade (g/t)	154		170		(9)	%
Lead mill feed grade (%)	0.83		0.81		2	%
Zinc mill feed grade (%)	0.61		0.44		39	%
Silver recovery (%)	94.6		95.3		(1)	%
Lead recovery (%)	87.8		91.4		(4)	%
Zinc recovery (%)	59.4		55.0		8	%





Average realized silver price ($/oz)	$	26.02	$	17.47	49	%

Cash costs ($/oz silver sold) (2)	$	10.65	$	15.55	(32)	%
AISC ($/oz silver sold) (2)	$	13.10	$	17.98	(27)	%

Financial Data ($000s)
Revenue	$	53,282	$	27,685	92	%
Production costs	$	25,174	$	31,803	(21)	%
Depletion, depreciation and amortization	$	4,670	$	5,081	(8)	%
Exploration, evaluation, and reclamation costs	$	429	$	593	(28)	%
Operating income	$	21,928	$	(11,326)	(294)	%
Capital expenditures	$	3,276	$	2,088	57	%

(1)Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate.

(2)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna. For further information, please refer to “Non-GAAP Financial Measures” in Section 11.

First Quarter 2021 Operating and Financial Results

Production

During the first quarter of 2021, Puna produced 1.8 million ounces of silver, a 1% increase compared to the first quarter of 2020, due to higher tonnage milled at lower grades. Lead and zinc production increased 11% and 69% respectively, due to higher metal feed grades, with a significant increase in zinc recovery due to grinding circuit improvements. Ore milled was 0.4 million tonnes, a 13% increase compared to the first quarter of 2020 due to an increase in throughput and shorter shutdowns for scheduled maintenance. Processed ore contained an average silver grade of 154 g/t, a 9% decrease compared to the first quarter of 2020, which was generally in-line with the mine plan. The mill averaged approximately 4,511 tonnes per day during the first quarter of 2021, demonstrating steady improved plant performance.


SSR Mining Inc.			MD&A Q1 2021 \| 14

Revenue

Revenue increased by 92% in the first quarter of 2021 compared to the first quarter of 2020, due to a 49% increase in the average realized silver price and an 11% increase in silver ounces sold. Silver ounces sold in the first quarter of 2021 were higher than production due to the timing of concentrate shipments at December 31, 2020.

Operating Costs

Cash costs and AISC per ounce of silver sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

In the first quarter of 2021, cash costs per ounce of silver sold were $10.65, a decrease of 32% compared to the first quarter of 2020 due to lower costs and higher silver sales. In addition, during 2021, no inventory write-downs to net realizable value occurred in the first quarter as compared to the first quarter of 2020, where lower silver prices resulted in a $7.2 million write-down.

AISC per ounce of silver sold was $13.10, a decrease of 27% compared to the first quarter of 2020 due to the lower cash costs and higher sales, partially offset by higher capital expenditures, driven by higher production cost during the first quarter of 2021.

Operational Excellence (OE)

The Company continues to build on its operational excellence foundation in a pragmatic and effective manner, with two streams of focus, Continuous Improvement and Innovation. The Operational Excellence program is coordinated and supported by the corporate Operational Excellence and Innovation (OE&I) group, allowing the Company to leverage skills internally and take a consistent approach to challenges common to all sites.

Continuous Improvement (CI)

CI is the foundation of OE and includes the application of and leveraging continuous improvement tools and processes across the group. This includes lean, Six Sigma, Management Operating Systems and value stream mapping. A baseline diagnostic assessment, aided by experienced consultancies, commenced in the second quarter of 2021 for key assets. This assessment will update the performance baseline for the Company post-merger and identify opportunities that will be incorporated into site and corporate continuous improvement programs.

Innovation

The innovation program aims to improve the business, with a current focus on Advanced Analytics (AA), Artificial Intelligence (AI) and simulation. The OE&I group is leading and supporting several projects, including leveraging the successful AA/AI project at Çöpler (acidulation) and across to the Çöpler and Puna flotation circuits. A digital twin is also being constructed for Marigold to provide an environment for simulation to test and tune mine optimization opportunities. The Company continues to evaluate innovation opportunities to improve and potentially create step change in the business.


SSR Mining Inc.			MD&A Q1 2021 \| 15

7.FINANCIAL RESULTS

The following table sets out selected financial results and data for each of the eight most recently completed quarters, expressed in millions of US dollars, except for per share, per ounce and Turkish lira ("TRY"), Argentine peso ("ARS") and Canadian dollar ("CAD") rate amounts:


	Q1 2021			Q4 2020			Q3 2020 (5)			Q2 2020 (5)			Q1 2020 (5)
Revenue	$	366.5		$	370.7		$	225.4		$	92.5		$	164.5
Operating Income	$	129.2		$	123.9		$	49.7		$	(6.0)		$	20.6
Gross margin (1)	35		%	33		%	22		%	(6)		%	13		%
Net Income	$	127.5		$	86.9		$	47.7		$	16.4		$	6.2
Attributable net income (loss) to equity holders of SSR Mining	$	108.9		$	83.2		$	45.8		$	16.4		$	6.2

Basic attributable net income (loss) per share	$	0.50		$	0.50		$	0.33		$	0.13		$	0.05

Gold equivalent ounces sold (2)	201,494			194,862			115,312			51,559			104,715

Average realized gold price ($/oz) (3)	$	1,798		$	1,880		$	1,914		$	1,722		$	1,597
Average realized silver price ($/oz) (3)	$	26.02		$	24.78		$	26.69		$	15.45		$	17.47

Average FX rate TRY per 1 USD	7.36			7.89			7.21			6.85			6.09
Average FX rate ARS per 1 USD	88.60			80.05			73.33			67.68			61.50
Average FX rate CAD per 1 USD	1.27			1.30			1.33			1.39			1.34

Cash and cash equivalents	$	866.0		$	860.6		$	733.6		$	461.7		$	398.4
Total assets	$	5,203.0		$	5,177.3		$	5,008.8		$	1,570.3		$	1,558.7
Working capital (4)	$	1,205.2		$	1,174.5		$	1,011.4		$	673.4		$	657.9
Non-current liabilities	$	1,023.2		$	1,077.6		$	1,037.3		$	413.2		$	412.4

(1)Gross margin is defined as operating income divided by revenue.

(2)Gold equivalent ounces have been established using the average realized metal prices per ounce of precious metals sold in the period and applied to the recovered silver metal content produced by the mines. Zinc and lead production are not included in gold equivalent ounces produced.

(3)The Company reports the non-GAAP financial measures of average realized metal prices per ounce of precious metals sold to manage and evaluate operating performance at its mines. For a better understanding of these measures, please refer to “Non-GAAP Financial Measures” in Section 11.

(4)Working capital is defined as current assets less current liabilities.

(5)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

The volatility in revenue over the past five quarters has resulted from variable precious metals prices, which are not under the Company's control, sales volumes and the acquisition of Çöpler. There are no significant seasonal fluctuations in the results for the presented periods. Over the past five quarters, average realized gold prices have ranged between $1,597 and $1,914 per ounce and average realized silver prices have ranged between $15.45 and $26.69 per ounce. Sales volumes have benefited from generally increasing production at Seabee and normal production variations at Marigold due to its nature as a run-of-mine heap leach operation. During the second quarter of 2020, as a result of the temporary suspensions at Seabee and Puna in response to the COVID-19 pandemic, sales volumes decreased significantly, negatively impacting revenue. During the third and fourth quarters of 2020, revenue was positively impacted by the acquisition of Alacer Gold Corp. which added gold sales at Çöpler.


SSR Mining Inc.			MD&A Q1 2021 \| 16

REVIEW OF FIRST QUARTER FINANCIAL RESULTS

Three months ended March 31, 2021 compared to the three months ended March 31, 2020

(expressed in thousands of USD, except for per share amounts)

Net income attributable to SSR Mining shareholders for the three months ended March 31, 2021 was $108.9 million ($0.50 per share), compared to net income of $6.2 million ($0.05 per share) for the three months ended March 31, 2020. The following is a summary and discussion of the significant components of income and expenses recognized during the three months ended March 31, 2021 compared to the same period in the prior year.


	Three Months Ended March 31,
	2021		2020 (1)
Revenue	$	366,484	$	164,463
Operating Costs and Expenses:
Production costs	161,863		109,428
Depreciation, depletion, and amortization	53,779		23,433
General and administrative expense	7,759		2,124
Exploration, evaluation, and reclamation costs	9,408		7,531
Care and maintenance expense	—		1,330
Transaction and integration expense	4,492		—
Operating income (loss)	129,183		20,617
Other income (expense):
Interest expense	(4,944)		(3,194)
Other income (expense)	(1,611)		(15,650)
Foreign exchange gain (loss)	(379)		753
Total other income (expense)	(6,934)		(18,091)
Income before income and mining taxes	122,249		2,526
Income and mining tax benefit (expense)	6,380		3,711
Equity income (loss) of affiliates	(1,178)		—
Net income	$	127,451	$	6,237
Net loss (income) attributable to non-controlling interest	(18,590)		—
Net income attributable to SSR Mining shareholders	$	108,861	$	6,237

(1)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

Revenue

Revenue increased by $202.0 million, or 123%, to $366.5 million for the three months ended March 31, 2021, compared to $164.5 million in the comparative period of 2020. The increase was mainly due to $151.5 million in gold sales at Çöpler for the first quarter of 2021, in addition to higher gold sales at Marigold and higher silver sales at Puna. Gold sales at Marigold were $23.9 million, or 26%, higher due to a 13% increase in the average realized gold price and a 12% increase in the volume of gold ounces sold. Silver sales at Puna were $25.6 million, or 92% higher due to a 49% increase in the average realized silver price and an 11% increase in the volume of silver ounces sold.


SSR Mining Inc.			MD&A Q1 2021 \| 17

Production costs

Production costs increased by $52.4 million, or 48%, to $161.9 million for the three months ended March 31, 2021, compared to $109.4 million in the comparative period of 2020. The increase in production costs was mainly due to $66.4 million in production costs at Çöpler, which includes $16.1 million of fair value adjustments on inventories acquired that were subsequently processed and sold. Production costs were 10% lower at Marigold mainly due to 12% higher gold sales volumes. Production costs were 7% lower at Seabee mainly due to lower gold production. Production costs were 21% lower at Puna mainly due to lower unit costs, driven by higher plant throughput and lower mine maintenance costs.

Depreciation, depletion, and amortization


Three Months Ended March 31,	2021		2020 (1)		Change
Depreciation, depletion, and amortization	$	53,779	$	23,433	130	%
Gold equivalent ounces sold	201,494		104,715		92	%
Depletion, depreciation, and amortization per gold equivalent ounce sold	$	267	$	224	19	%

(1)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

Depletion, depreciation, and amortization increased by $30.3 million, or 130%, to $53.8 million for the three months ended March 31, 2021 compared to $23.4 million for the comparative period of 2020. The increase in depreciation, depletion, and amortization was mainly due to $30.6 million in depletion, depreciation, and amortization at Çöpler.

General and administrative expense

General and administrative expense for the three months ended March 31, 2021 was $7.8 million compared to $2.1 million for the comparative period of 2020. The increase in general and administrative expense is primarily related to a larger combined organization following the acquisition of Alacer, that covers more locations and jurisdictions. Further, the insurance market has hardened this year and the Company is experiencing increased rates as a result of the pricing change in the market.

Exploration, evaluation, and reclamation costs

Exploration, evaluation, and reclamation costs for the three months ended March 31, 2021 were $9.4 million compared to $7.5 million for the comparative period of 2020. The expenditures incurred during the first quarter of 2021 mainly related to greenfield exploration work at Çöpler, Marigold and Seabee. The expenditures incurred during the first quarter of 2020 mainly related to greenfield exploration work performed at Trenton Canyon and Seabee.

Transaction and integration expense

Transaction and integration expense for the three months ended March 31, 2021 was $4.5 million compared to nil for the comparative period of 2020. These costs are associated with the acquisition of Alacer.

Interest expense

Interest expense and other finance costs for the three months ended March 31, 2021 were $4.9 million compared to $3.2 million for the comparative period of 2020. The increase in interest expense is mainly due to interest on the Air Liquide oxygen plant lease at Çöpler as the increase in interest expense associated with the Term Loan after the acquisition of Alacer was mostly offset by the decrease in interest expense associated with the redemption of the Company's 2013 convertible notes in the first quarter of 2020.

Foreign exchange gain (loss)

Foreign exchange loss for the three months ended March 31, 2021 was $0.4 million compared to a foreign exchange gain of $0.8 million for the comparative period of 2020. The Company's main foreign exchange exposures are related to net monetary assets and liabilities denominated in ARS, CAD and TRY. During the three months ended March 31, 2021, the foreign exchange loss was mainly due to a weakening of the ARS against the USD and its impact on ARS-denominated assets at Puna, partially offset by a weakening of the TRY against the USD and its impact on TRY-denominated liabilities at Çöpler. During the three months ended March 31, 2020, the foreign exchange gain was mainly due to a weakening of the CAD against the USD and its impact on CAD-denominated liabilities at Seabee.


SSR Mining Inc.			MD&A Q1 2021 \| 18

Other income (expense)

Other expense for the three months ended March 31, 2021 was $1.6 million compared to $15.7 million for the comparative period of 2020. The change is mainly due to the change in fair value of the Company's marketable securities.

Income and mining tax benefit (expense)

Income tax benefit for the three months ended March 31, 2021 was $6.4 million compared to $3.7 million for the comparative period of 2020. Income tax benefit for the three months ended March 31, 2021 includes deferred tax benefit of $32.0 million related to remeasurement gain on monetary assets and liabilities denominated in non-functional currencies, primarily in Turkey.

The income tax benefit for the three months ended March 31, 2020 was a result of reduced overall profitability offset by tax depletion and remeasurement gain on monetary assets and liabilities denominated in non-functional currencies.


SSR Mining Inc.			MD&A Q1 2021 \| 19

8.LIQUIDITY AND CAPITAL RESOURCES

The following table summarizes the Company's cash flow activity:

(expressed in thousands of USD, except for per share amounts)


	Three Months Ended March 31,
	2021		2020 (1)
Cash generated by operating activities	$	127,503	$	42,788
Cash (used in) generated by investing activities	(55,734)		(33,566)
Cash (used in) generated by financing activities	(66,407)		(113,895)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	22		(535)
Net increase (decrease) in cash, cash equivalents, and restricted cash	5,384		(105,208)
Cash, cash equivalents, and restricted cash beginning of year	895,921		505,985
Cash, cash equivalents, and restricted cash end of year	$	901,305	$	400,777

(1)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

Cash generated by operating activities

In the first quarter of 2021, cash generated by operating activities was $127.5 million compared to cash generated by operating activities of $42.8 million in the first quarter of 2020. The increase in cash generated by operating activities compared to the comparative period of 2020 is mainly due to higher operating income at Çöpler, Marigold and Puna. This increase was offset partially by increases in trade receivables at Puna in the first quarter of 2021 due to the timing of concentrate sales at December 31, 2020 and increases in prepaid expenses in the first quarter of 2021 related to payments made by Seabee for purchases of equipment and supplies for delivery over the ice road.

Cash used in investing activities

In the first quarter of 2021, cash used in investing activities was $55.7 million compared to cash used in investing activities of $33.6 million in the first quarter of 2020. The increase in cash used in investing activities compared to the comparative period of 2020 is mainly due to an $8.8 million increase in plant and equipment purchases, driven by the purchase of two haul trucks at Marigold compared to one in the comparative period of 2020, as well as $4.1 million more spent on capital exploration and $2.4 million more spent on underground mine development at Seabee due to planned increase in development rates.

Cash (used in) generated by financing activities

In the first quarter of 2021, cash used in financing activities was $66.4 million compared to cash used in financing activities of $113.9 million for the first quarter of 2020. In the three months ended March 31, 2021, cash used in financing activities was primarily related to $38.1 million of dividends paid to the Çöpler non-controlling interest, $17.5 million of principal repaid on the Term Loan and $11.0 million of dividends paid to equity holders of SSR Mining. In the three months ended March 31, 2020, cash used in financing activities was primarily related to the redemption of $115.0 million of convertible notes.

Liquidity

Liquidity risk is the risk that the Company will not be able to meet its obligations associated with financial liabilities as they fall due. The Company manages its liquidity risk through a rigorous planning, budgeting and forecasting process, which is reviewed and updated on a regular basis, to help determine the funding requirements to support its current operations, expansion and development plans, and by managing its capital structure. The Company's objective is to ensure that there are sufficient committed financial resources to meet its business requirements for a minimum of twelve months.

On a longer-term basis, the Company continues to focus on capital allocation and its cost reduction strategy, while also implementing various optimization activities at its operations to improve the cash generating capacity of each operation.

At March 31, 2021, the Company had $901.3 million of cash, cash equivalents and restricted cash, an increase of $5.4 million from December 31, 2020, mainly due to positive operating income generated at each of the Company's operations, offset partially by financing and investing cash outflows.


SSR Mining Inc.			MD&A Q1 2021 \| 20

At March 31, 2021, the Company's working capital position was $1,205.2 million, an increase of $30.7 million from $1,174.5 million at December 31, 2020. At March 31, 2021, the Company held $856.9 million of its cash and cash equivalents balance in USD. Additionally, $1.9 million of cash and cash equivalents was held in TRY and $0.1 million was held in ARS. All cash equivalents are invested in short-term investments or high interest savings accounts under the Company's investment policy with maturities of 90 days or less, providing the Company with sufficient liquidity to meet its foreseeable needs.

The Company periodically enters into contracts in the normal course of business that give rise to commitments for future minimum payments. There were no new significant commitments subsequent to December 31, 2020.

The Company's working capital at March 31, 2021, together with future cash flows from operations, are expected to be sufficient to fund planned activities and commitments over the next twelve months from the date of this MD&A.

Capital Resources

The Company's objectives when managing capital are to:

•safeguard its ability to continue as a going concern in order to develop and operate its current projects and pursue strategic growth initiatives; and

•maintain a flexible capital structure which lowers its cost of capital.

In assessing capital structure, the Company includes the components of shareholders’ equity, the 2019 Notes, the Term Loan and the Credit Facility. In order to facilitate the management of capital requirements, the Company prepares annual budgets and continuously monitors and reviews actual and forecasted cash flows. The annual budget is monitored and approved by the Company's Board of Directors. To maintain or adjust the capital structure, the Company may, from time to time, issue new shares or debt, repay debt or dispose of non-core assets. The Company expects its current capital resources will be sufficient to meet its business requirements for a minimum of twelve months.

As of March 31, 2021, the Company was in compliance with its externally-imposed financial covenants in relation to the Term Loan and Credit Facility. The Company does not have any financial covenants in relation to the 2019 Notes.

The Company is evaluating renewal and extension options for the Credit Facility, which is set to expire in June 2021.

Many interbank offer rates (IBORs) are expected to be replaced by new alternative benchmark rates in the next few years. The Company's Term Loan, Credit Facility and interest rate swap contracts are indexed to London interbank offered rates ("LIBOR") that have not yet transitioned to alternative benchmark rates at the end of the current reporting period. For the Term Loan, the Company is currently working with the syndicate of lenders to assess the potential alternatives to the use of LIBOR. For the Credit Facility and interest rate swap contracts, considering the short term to maturity of the Credit Facility, as well as the current expected timing of changes to alternative benchmark rates, the Company does not expect to transition to an alternative benchmark rate.

Outstanding share data

As at March 31, 2021, the Company had 220,062,873 common shares and 1,041,826 stock options outstanding which are exercisable into common shares at exercise prices ranging between C$7.27 and C$29.09 per share.

The Company's authorized capital consists of an unlimited number of common shares without par value. As at May 4, 2021, the following common shares and options were outstanding:


	Number of shares	Exercise price	Remaining life
		CAD $	(years)
Capital stock	220,213,692
Stock options	1,018,547	7.27 - 29.09	0.08 - 6.06
Other share-based compensation awards	1,221,222		1.29 - 8.66
Fully diluted	222,453,461


SSR Mining Inc.			MD&A Q1 2021 \| 21

9.FINANCIAL INSTRUMENTS

The Company is exposed to a variety of financial risks as a result of its operations, including market risk (which includes price risk, currency risk and interest rate risk), credit risk, liquidity risk and capital risk. The Company's overall risk management strategy seeks to reduce potential adverse effects on its financial performance. Risk management is carried out under policies approved by the Company's Board of Directors.

The Company may, from time to time, use foreign exchange contracts, commodity price contracts, equity hedges and interest rate swaps to manage its exposure to fluctuations in foreign currency, metal and energy prices, marketable securities values and interest rates. The Company does not have a practice of trading derivatives. The Company's use of derivatives is limited to specific programs to manage fluctuations in foreign exchange, diesel prices, interest rates and marketable securities risks, which are subject to the oversight of its Board of Directors.

The risks associated with the Company's financial instruments, and the policies on how the Company mitigates those risks are set out below. This is not intended to be a comprehensive discussion of all risks. There were no significant changes to the Company's exposures to these risks or the management of its exposures during the three months ended March 31, 2021.

a)Market Risk

This is the risk that the fair values of financial instruments will fluctuate due to changes in market prices. The significant market risks to which the Company is exposed are price risk, currency risk and interest rate risk.

(i)Price Risk

This is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market prices. Income from mine operations depends on the metal prices for gold, silver, lead and zinc, and also prices of input commodities such as diesel. These prices are affected by numerous factors that are outside of the Company's control.

The Company has not hedged the price of any metal as part of its overall corporate strategy.

As the Company does not have trade receivables relating to gold sales, changes in gold prices do not impact the value of any financial instruments.

The costs relating to the Company's production activities vary depending on market prices of consumables, including diesel fuel and electricity. The Company hedges a portion of its future cash flows relating to diesel consumption through swap and option contracts within limits set under a risk management policy approved by the Board of Directors to manage exposure to fluctuations in diesel prices. In addition, due to the ice road supply at Seabee, the Company purchases annual consumable supplies in advance at prices which are generally fixed at the time of purchase, and not during the period of use.

During the first quarter of 2021, the Company did not enter into any additional diesel hedges at Marigold and Seabee. As at March 31, 2021, the Company has not hedged future anticipated diesel consumption at Çöpler or Puna. If and when it is determined to be favorable, the Company may execute additional diesel fuel hedges under its risk management policy.

(ii)Currency Risk

Currency risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in foreign exchange rates. Exchange rate fluctuations affect the costs the Company incurs at its operations. Gold, silver, lead and zinc are sold in USD and the Company's costs are principally in USD, TRY, CAD and ARS. The appreciation or depreciation of foreign currencies against the USD can increase or decrease the cost of metal production and capital expenditures in USD terms. The Company is also exposed to currency risk arising from cash, cash equivalents and restricted cash held in foreign currencies, marketable securities, accounts receivable and other financial assets, trade and other payables, lease liabilities, other financial liabilities, and income and other taxes receivable (payable) denominated in foreign currencies. Further, the Company is exposed to currency risk through non-monetary assets and liabilities and tax bases of assets, liabilities and losses of entities whose taxable profit or tax loss are denominated in foreign currencies. Changes in exchange rates give rise to temporary differences resulting in a deferred tax liability or asset with the resulting deferred tax charged or credited to income tax expense, respectively.

Effective September 2, 2019, Argentina introduced new Central Bank regulations which require export proceeds to be converted into ARS within five business days of such proceeds entering the country. These provisions were intended to be temporary until December 31, 2019, however, the provisions remained in effect as at March 31, 2021. While these provisions remain in effect, the Company is unable to hold funds in Argentina in USD, which may increase its exposure to the ARS, depending on the overall cash position within the country, which is currently minimal.


SSR Mining Inc.			MD&A Q1 2021 \| 22

(iii)Interest Rate Risk

Interest rate risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company manages interest rate risk by maintaining an investment policy for short-term investments and cash held in banks, which focuses on preservation of capital and liquidity. As at March 31, 2021, the Company is exposed to interest rate cash flow risk arising from its cash and restricted cash in bank accounts that earn variable interest rates, and interest expense on variable rate borrowings. The Company's variable rate borrowings are comprised of the Term Loan, which is subject to a variable interest rate of LIBOR plus 3.50% to 3.70%, and the Credit Facility, which is subject to a variable interest rate of LIBOR plus 2.25% to 3.75%.

The Company holds interest rate swaps to limit exposure to the impact of the variable LIBOR interest rate volatility. As at March 31, 2021, approximately 33% of the outstanding Term Loan balance is covered through interest rate swap contracts through the duration of the interest rate hedge program, ending in December 2021.

As at March 31, 2021, the Company is exposed to interest rate fair value risk on the 2019 Notes which is subject to a fixed interest rate. A change in interest rates would impact the fair value of the 2019 Notes. However, as the 2019 Notes are measured at amortized cost, there would be no impact on the Company's financial results.

b)Credit Risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations under the terms of the financial contract. The Company's credit risk is limited to the following instruments:

(i)Credit risk related to financial institutions and cash deposits

Credit risk related to financial institutions and cash deposits is managed by diversifying cash and cash equivalents and restricted cash holdings among various financial institutions and by investing those holdings in diverse investment types including short term investment grade securities and money market fund holdings, including bankers’ acceptances, guaranteed investment contracts, corporate commercial paper, and United States treasury bills and notes in accordance with the Company’s investment policy. Investment objectives are primarily directed towards preservation of capital and liquidity. The investment policy provides limitations on concentrations of credit risk, credit quality, and the duration of investments, as well as minimum rating requirements for banks and financial institutions that hold the Company’s cash and cash equivalents and restricted cash.

(ii)Credit risk related to trade receivables

The Company is exposed to credit risk through its trade receivables on concentrate sales, which are principally with internationally-recognized counterparties. Payments of receivables are scheduled, routine and received within a contractually agreed time frame. The Company manages this risk through provisional payments of approximately 75% of the value of the concentrate shipped and through transacting with multiple counterparties.


SSR Mining Inc.			MD&A Q1 2021 \| 23

(iii)Credit risk related to other financial assets and VAT receivables

The Company is exposed to credit risk through its value-added tax ("VAT") receivables and other receivables that are collectible from the governments of Turkey and Argentina. With respect to VAT in Turkey, the balance is expected to be recoverable in full. With respect to VAT in Argentina, the balance is expected to be recoverable in full; however, due to legislative rules and the complex collection process, a portion of the asset is classified as non-current until government approval of the recovery claim is approved. Management monitors its exposure to credit risk on a continual basis.

At March 31, 2021, no amounts were held as collateral except those discussed above related to other financial assets.

10.RISKS AND UNCERTAINTIES

The mining industry involves many risks which are inherent to the nature of the business, global economic trends and economic, environmental and social conditions in the geographical areas of operation. As a result, the Company is subject to a number of risks and uncertainties, each of which could have an adverse effect on its operating results, business prospects or financial position. The Company continuously assess and evaluates these risks, seek to minimize them by implementing high operating standards and processes to identify, assess, report and monitor risk across the organization.

For a comprehensive list of other known risks and uncertainties affecting the business, please refer to the section entitled “Risk Factors” in the Company's most recent Annual Information Form, which is available at www.sedar.com, and the Company's most recent Annual Report on Form 40-F, which is available on the EDGAR section of the SEC website at www.sec.gov.


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11.NON-GAAP FINANCIAL MEASURES

The Company has included certain non-GAAP performance measures throughout this document. These performance measures are employed by the Company to measure its operating and economic performance internally and to assist in decision-making, as well as to provide key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with U.S. GAAP, certain investors and other stakeholders also use this information to evaluate its operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. These non-GAAP measures should be read in conjunction with the Company's consolidated financial statements.

Non-GAAP Measure - Cash Costs Per Ounce Sold

The Company uses cash costs per ounce of precious metals sold, a non-GAAP financial measure, to monitor its operating performance internally, including operating cash costs, and for internal decision making. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations and the impact of by-product credits on its cost structure. The Company also believes it is a relevant metric used to understand its operating profitability and ability to generate cash flow. When deriving the production costs associated with an ounce of precious metal, the Company includes the by-product credits as it considers the cost to produce the gold or silver is reduced as a result of the by-product sales incidental to the gold and silver production process, thereby allowing management and other stakeholders to assess the net costs of gold and silver production. In calculating cash costs per ounce, the Company also excludes the impact of specific items that are significant, but not reflective of its underlying operations, including the impact of measuring inventories at fair value in connection with business combinations. When deriving the number of ounces of precious metal sold, the Company considers the physical ounces available for sale after the treatment and refining process, commonly referred to as payable metal, as this is what is sold to third parties.

The following tables provide a reconciliation of cash costs per ounce sold to the consolidated financial statements:


	Three Months Ended March 31, 2021
(in thousands of USD, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Total
Production costs	$	66,417	$	53,711	$	16,561	$	25,174	$	161,863
By-product credits	(1,789)		(36)		(31)		(6,848)		(8,704)
Treatment and refining charges	—		194		188		3,321		3,703
Incremental COVID-19 related costs (1)	—		(332)		(852)		(893)		(2,077)
Fair value adjustment on acquired inventories	(16,069)		—		—		—		(16,069)
Cash costs	$	48,559	$	53,537	$	15,866	$	20,754	$	138,716

Gold sold (oz)	82,502		65,012		25,766		—		173,280
Silver sold (oz)	—		—		—		1,949,086		1,949,086
Gold equivalent sold (oz) (2, 3)	82,502		65,012		25,766		28,214		201,494

Cash cost per gold ounce sold	$	589	$	823	$	616	N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		N/A		$	10.65	N/A
Cash cost per gold equivalent ounce sold	$	589	$	823	$	616	$	736	$	688


SSR Mining Inc.			MD&A Q1 2021 \| 25


	Three Months Ended March 31, 2020 (4)
(in thousands of USD, unless otherwise noted)	Marigold		Seabee		Puna		Total
Production costs	$	59,869	$	17,756	$	31,803	$	109,428
By-product credits	(10)		(8)		(6,834)		(6,852)
Treatment and refining charges	28		38		2,059		2,125
Cash costs	$	59,887	$	17,786	$	27,028	$	104,701

Gold sold (oz)	58,000		27,700		—		85,700
Silver sold (oz)	—		—		1,738,201		1,738,201
Gold equivalent sold (oz) (2, 3)	58,000		27,700		19,015		104,715

Cash cost per gold ounce sold	$	1,033	$	642	N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		$	15.55	N/A
Cash cost per gold equivalent ounce sold	$	1,033	$	642	$	1,421	$	1,000

(1)COVID-19 related costs include direct, incremental costs associated with COVID-19.

(2)Gold equivalent ounces have been established using realized metal prices per ounce of precious metal sold in the period and applied to the recovered metal content of the gold and silver sold by Çöpler, Marigold, Seabee and Puna. The Company has not included lead and zinc as they are considered a by-product.

(3)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.

(4)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.


SSR Mining Inc.			MD&A Q1 2021 \| 26

Non-GAAP Measure - AISC Per Ounce Sold

AISC includes total production costs incurred at the Company's mining operations, which forms the basis of its by-product cash costs. Additionally, the Company includes sustaining capital expenditures, sustaining mine-site exploration and evaluation costs, reclamation cost accretion and amortization and general and administrative expenses. This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, expansionary capital and non-sustaining expenditures are excluded. Certain other cash expenditures, including tax payments and financing costs are also excluded.

The Company believes that this measure represents the total costs of producing gold and silver from current operations and provides the Company and other stakeholders with additional information about its operating performance and ability to generate cash flows. It allows the Company to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows.

As described above, AISC includes total production costs incurred at the Company's mining operations, which forms the basis of its cash costs and which are reconciled to reported production costs in the tables above.

The following tables provide a reconciliation of total AISC per ounce to the consolidated financial statements:


	Three Months Ended March 31, 2021
(in thousands of USD, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Corporate		Total
Cash costs	$	48,559	$	53,537	$	15,866	$	20,754	$	—	$	138,716
Sustaining capital expenditures	7,264		23,413		12,746		3,276		—		46,699
Sustaining exploration and evaluation expense	164		154		—		19		—		337
Reclamation cost accretion and amortization	826		661		116		406		—		2,009
General and administrative expense and share-based compensation expense	4,095		(103)		(91)		1,084		2,775		7,760
Total AISC	$	60,908	$	77,662	$	28,637	$	25,539	$	2,775	$	195,521

Gold sold (oz)	82,502		65,012		25,766		—		—		173,280
Silver sold (oz)	—		—		—		1,949,086		—		1,949,086
Gold equivalent sold (oz) (1, 2)	82,502		65,012		25,766		28,214		—		201,494

AISC per gold ounce sold	$	738	$	1,195	$	1,111	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		N/A		$	13.10	N/A		N/A
AISC per gold equivalent ounce sold	$	738	$	1,195	$	1,111	$	905	N/A		$	970


SSR Mining Inc.			MD&A Q1 2021 \| 27


	Three Months Ended March 31, 2020 (3)
(in thousands of USD, unless otherwise noted)	Marigold		Seabee		Puna		Corporate		Total
Cash costs	$	59,887	$	17,786	$	27,028	$	—	$	104,701
Sustaining capital expenditures	14,264		12,094		2,088		—		28,446
Sustaining exploration and evaluation expense	732		—		150		—		882
Care and maintenance	—		—		1,330		—		1,330
Reclamation cost accretion and amortization	472		71		443		—		986
General and administrative expense and share-based compensation expense	(627)		(208)		208		2,750		2,123
Total AISC	$	74,728	$	29,743	$	31,247	$	2,750	$	138,468

Gold sold (oz)	58,000		27,700		—		—		85,700
Silver sold (oz)	—		—		1,738,201		—		1,738,201
Gold equivalent sold (oz) (1, 2)	58,000		27,700		19,015		—		104,715

AISC per gold ounce sold	$	1,288	$	1,074	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		$	17.98	N/A		N/A
AISC per gold equivalent ounce sold	$	1,288	$	1,074	$	1,643	N/A		$	1,322

(1)Gold equivalent ounces have been established using realized metal prices per ounce of precious metal sold in the period and applied to the recovered metal content of the gold and silver sold by Çöpler, Marigold, Seabee and Puna. The Company has not included lead and zinc as they are considered a by-product.

(2)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.

(3)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.


SSR Mining Inc.			MD&A Q1 2021 \| 28

Non-GAAP Measure - Adjusted Attributable Net Income

Adjusted attributable net income and adjusted attributable net income per share are used by management and investors to measure the Company's underlying operating performance. Adjusted attributable net income is defined as net income adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the Company's underlying operations, including the impact of measuring inventories and mineral properties at fair value in connection with business combinations; impairment adjustments and reversals; foreign exchange gains (losses), including those related to deferred tax balances; transaction and integration expenses; changes in tax rates and other non-recurring items.

Prior to the third quarter of 2020, adjusted attributable net income was also adjusted to exclude non-cash finance expense, net of non-cash finance income and any write-downs of inventories to net realizable value. These items are no longer excluded as they are considered to occur from time to time in the normal course of operations. In addition, in prior periods, adjustments to net income were not individually tax-effected. The Company's calculation of adjusted attributable net income now tax effects each adjusting item within the "income tax impact related to above adjustments" line item. The calculations of adjusted attributable net income and adjusted attributable net income per share for prior periods conform with the presentation in the current period.

The following table provides a reconciliation of adjusted attributable net income to the consolidated financial statements:


	Three Months Ended March 31,
(in thousands of USD, unless otherwise noted)	2021		2020
Net income attributable to SSR Mining shareholders	$	108,861	$	6,237
Adjustments:
Fair value adjustment on acquired assets (1)	25,225		—
COVID-19 related costs (2)	2,077		—
Foreign exchange loss (gain)	379		(753)
Transaction and integration expense	4,492		—
Changes in fair value of investments	586		15,879
Loss (gain) on sale of mineral properties, plant and equipment	22		1,057
Income tax impact related to above adjustments	(6,643)		(2,449)
Foreign exchange gain and inflationary impacts on tax balances (3)	(24,264)		(3,909)
Adjusted net income attributable to equity holders of SSR Mining	$	110,735	$	16,062

Weighted average shares outstanding ('000s)	219,792		123,228
Adjusted basic attributable income per share to equity holders of SSR Mining	$	0.50	$	0.13

(1)Fair value adjustments on acquired assets relate to the acquisition of Alacer's inventories and mineral properties.

(2)COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations.

(3)Foreign exchange loss on tax balances relates mainly to the impact of foreign exchange rate changes on foreign currency denominated tax balances principally at Çöpler and Puna.


SSR Mining Inc.			MD&A Q1 2021 \| 29

Non-GAAP Measure - Free Cash Flow

The Company uses free cash flow, a non-GAAP financial measure, to supplement information in its consolidated financial statements. The Company believes that in addition to conventional measures prepared in accordance with US GAAP, certain investors and analysts use this information to evaluate the ability of the Company to generate cash flow after capital investments and build the Company's cash resources. The Company calculates free cash flow by deducting cash capital spending from cash generated by operating activities.

Free cash flow is reconciled to the amounts included in the consolidated statements of cash flows as follows:


	Three Months Ended March 31,
(in thousands of USD, unless otherwise noted)	2021			2020
Cash generated by operating activities		$	127,503		$	42,788
Additions to mineral property, plant and equipment		(55,711)			(36,324)
Free cash flow		$	71,792		$	6,464

Non-GAAP Measure - Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA

EBITDA represents net income before interest, taxes, depreciation, and amortization. EBITDA is an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.

Adjusted EBITDA represents net income before interest, taxes, depreciation, and amortization, adjusted to exclude the impact of specific items that are significant, but not reflective of the Company's underlying operations, including the impact of measuring inventories at fair value in connection with business combinations; impairment adjustments and reversals; foreign exchange gains (losses); transaction and integration expenses; unrealized gains (losses) on derivatives; and other non-recurring items.

The following is a reconciliation of EBITDA and adjusted EBITDA to the consolidated financial statements:


	Three Months Ended March 31,
(in thousands of USD, unless otherwise noted)	2021		2020
Net income attributable to equity holders of SSR Mining	$	108,861	$	6,237
Net loss (income) attributable to non-controlling interest		18,590		—
Depletion, depreciation and amortization		53,779		23,433
Interest expense		4,944		3,194
Income and mining tax benefit (expense)		(6,380)		(3,711)
EBITDA	$	179,794	$	29,153
Fair value adjustment on acquired inventories		16,069		—
COVID-19 related costs(1)		2,077		—
Foreign exchange loss (gain)		379		(753)
Transaction and integration expense		4,492		—
Changes in fair value of investments		586		15,879
Loss (gain) on sale of mineral properties, plant and equipment		22		1,057
Adjusted EBITDA	$	203,419	$	45,336

(1)COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations.


SSR Mining Inc.			MD&A Q1 2021 \| 30

12.CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Basis of preparation and accounting policies

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Previously, the Company prepared its consolidated financial statements under International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board, as permitted by securities regulators in Canada, as well as in the United States under the status of a Foreign Private Issuer as defined by the United States Securities and Exchange Commission ("SEC").

As of June 30, 2021, the Company determined that it no longer qualified as a Foreign Private Issuer under the SEC rules. As a result, beginning January 1, 2022 the Company is required to report with the SEC on domestic forms and comply with domestic company rules in the United States. The transition to U.S. GAAP was made retrospectively for all periods from the Company’s inception. New accounting standards implemented subsequent to January 1, 2019 were adopted on their required adoption date.

Critical accounting estimates and judgments

The preparation of financial statements in conformity with U.S. GAAP requires the use of judgments and/or estimates that affect the amounts reported and disclosed in the condensed consolidated interim financial statements and related notes. Critical accounting estimates represent estimates that are uncertain and for which changes in those estimates could materially impact the consolidated financial statements. The critical judgments and key sources of estimation uncertainty that have the most significant effect in the preparation of the condensed consolidated interim financial statements for the three months ended March 31, 2021 are consistent with those included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 22, 2022.

13.INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES

The Company's management, with the participation of the Chief Executive Officer and Chief Financial Officer, are responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Following an evaluation by management, during the three months ended March 31, 2021, there were no changes in internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

14.CAUTIONARY NOTES REGARDING FORWARD-LOOKING INFORMATION AND MINERAL RESERVES AND MINERAL RESOURCES ESTIMATES

Cautionary Note Regarding Forward-Looking Information

Except for statements of historical fact relating to the Company, certain statements contained in this MD&A 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.


SSR Mining Inc.			MD&A Q1 2021 \| 31

MD&A. 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 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 the Company’s reports filed with the Canadian securities regulatory authorities.

Forward-looking information in this MD&A includes 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 and the amount thereof; statements regarding plans or expectations for the declaration of future dividends and the amount thereof; future cash costs and 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 is 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 and potential transactions, including 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 work force; 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 information. You should not place undue reliance on forward-looking information. Forward-looking information is only a prediction based on the Company’s current expectations and the Company’s 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 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 ASX at www.asx.com.au and other unforeseen events or circumstances. Other than as required by law, the Company does not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events.

Qualified Persons


SSR Mining Inc.			MD&A Q1 2021 \| 32

Exploration. The scientific and technical information contained in this MD&A relating to Marigold has been reviewed and approved by Greg Gibson and James N. Carver, each of whom is a SME Registered Member and a qualified person under NI 43-101. Mr. Gibson is the Company's General Manager at Marigold and Mr. Carver is the Company's Resource Development Manager, USA. The scientific and technical information contained in this MD&A relating to Seabee has been reviewed and approved by Samuel Mah, P.Eng., and Jeffrey Kulas, P.Geo., each of whom is a qualified person under NI 43-101. Mr. Mah is the Company's Director, Mine Planning (North America), and Mr. Kulas is the Company's Resource Development Manager, Canada. The scientific and technical information contained in this MD&A relating to Puna has been reviewed and approved by Robert Gill, P.Eng., and Karthik Rathnam, MAusIMM (CP), each of whom is a qualified person under NI 43-101. Mr. Gill is the Company's General Manager at Puna. and Mr. Rathnam is the Company's Resource Manager, Corporate.

Cautionary Note Regarding Mineral Reserves and Mineral Resources Estimates

This MD&A includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the SEC set out in the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this MD&A 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.


SSR Mining Inc.			MD&A Q1 2021 \| 33

Exhibit 99.3

SSR Mining Inc.

Condensed Consolidated Statements of Operations

(unaudited, in thousands except per share)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Revenue	$	376,950	$	92,485	$	743,434	$	256,948
Operating Costs and Expenses:
Production costs		166,946		50,606		328,809		158,180
Depreciation, depletion, and amortization		55,993		8,966		109,772		32,417
General and administrative expense		15,208		13,364		22,967		15,488
Exploration, evaluation, and reclamation costs		11,848		4,772		21,252		12,317
Care and maintenance expense		—		17,937		—		21,086
Impairment of long-lived and other assets		22,345		—		22,349		—
Transaction and integration expense		894		2,805		5,386		2,805
Operating income		103,716		(5,965)		232,899		14,655
Other income (expense):
Interest expense		(4,891)		(2,062)		(9,835)		(5,256)
Other income (expense)		(182)		23,574		(1,793)		7,922
Foreign exchange gain (loss)		(930)		83		(1,309)		836
Total other income (expense)		(6,003)		21,595		(12,937)		3,502
Income before income and mining taxes		97,713		15,630		219,962		18,157
Income and mining tax benefit (expense)		(19,578)		724		(13,198)		4,435
Equity income (loss) of affiliates		(343)		—		(1,521)		—
Net income		77,792		16,354		205,243		22,592
Net loss (income) attributable to non-controlling interest		(3,073)		—		(21,664)		—
Net income attributable to SSR Mining shareholders	$	74,719	$	16,354	$	183,579	$	22,592

Net income per share attributable to SSR Mining shareholders
Basic	$	0.34	$	0.13	$	0.84	$	0.18
Diluted	$	0.33	$	0.13	$	0.81	$	0.18

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Six Months Ended June 30,
	2021		2020
Operating activities
Net income	$	205,243	$	22,592
Adjustments for:
Depreciation, depletion, and amortization		109,772		32,417
Amortization of debt discount		461		466
Reclamation costs		2,410		1,908
Deferred income taxes		(35,818)		(9,168)
Stock-based compensation		3,231		6,681
Equity pickup on investments in joint ventures		1,521		—
Unrealized loss (gain) on derivative instruments		(4,687)		7,258
Change in fair value of marketable securities		1,947		(5,868)
Non-cash fair value adjustment on acquired inventories		32,044		—
Loss (gain) on sale of mineral properties, plant and equipment		(1,614)		1,680
Impairment of long-lived and other assets		22,349		—
Net change in operating assets and liabilities		(73,603)		(2,279)
Net cash provided by operating activities		263,256		55,687

Investing activities
Additions to mineral properties, plant and equipment		(93,247)		(52,947)
Purchases of marketable securities		—		(29,550)
Net proceeds from sales of marketable securities		4,592		95,897
Proceeds from sale of mineral properties, plant and equipment		2,500		1,783
Other investing activities		(295)		—
Net cash provided by (used in) investing activities		(86,450)		15,183

Financing activities
Repayment of debt, principal		(35,000)		—
Redemption of convertible notes		—		(114,994)
Repurchase of common shares		(70,254)		—
Proceeds from exercise of stock options		3,600		2,208
Principal payments on finance leases		(4,017)		(337)
Non-controlling interest dividend		(38,084)		—
Dividends paid		(21,966)		—
Other financing activities		(1,114)		(20)
Net cash used in financing activities		(166,835)		(113,143)
Effect of foreign exchange rate changes on cash and cash equivalents		(247)		342
Net increase (decrease) in cash, cash equivalents, and restricted cash		9,724		(41,931)
Cash, cash equivalents, and restricted cash beginning of year		895,921		505,985
Cash, cash equivalents, and restricted cash end of year	$	905,645	$	464,054

SSR Mining Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Six Months Ended June 30,
	2021		2020
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	870,352	$	461,716
Restricted cash		35,293		2,338
Total cash, cash equivalents, and restricted cash	$	905,645	$	464,054

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Balance Sheets

(unaudited, in thousands)


	June 30, 2021		December 31, 2020
ASSETS
Cash and cash equivalents	$	870,352	$	860,633
Marketable securities		20,749		26,748
Trade and other receivables		115,810		83,218
Inventories		426,803		437,034
Prepaids and other current assets		18,471		16,162
Total current assets		1,452,185		1,423,795

Mineral properties, plant and equipment, net		3,384,131		3,469,739
Inventories		177,860		135,200
Restricted cash		35,293		35,288
Equity method investments		5,991		7,782
Goodwill		49,786		49,786
Deferred income tax assets		8,939		15,072
Other non-current assets		39,724		40,682
Total assets	$	5,153,909	$	5,177,344

LIABILITIES
Accounts payable	$	34,719	$	42,923
Accrued liabilities and other		107,218		131,781
Finance lease liabilities		13,170		3,568
Current portion of debt		72,042		71,025
Total current liabilities		227,149		249,297

Debt		330,030		366,612
Lease liabilities		107,854		109,544
Reclamation liabilities		105,622		102,721
Deferred income tax liabilities		431,075		473,027
Other non-current liabilities		11,446		25,655
Total liabilities		1,213,176		1,326,856

Contingently redeemable shares		—		3,311

EQUITY
Common shares – unlimited authorized common shares with no par value; 216,299 and 219,607 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		3,203,006		3,242,821
Retained earnings		241,869		92,077
SSR Mining’s shareholders’ equity		3,444,875		3,334,898
Non-controlling interest		495,858		512,279
Total equity		3,940,733		3,847,177
Total liabilities and equity	$	5,153,909	$	5,177,344

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Statement of Changes in Equity

(unaudited, in thousands except per share)


	Common shares
	Number of shares	Amount		Retained earnings (Accumulated Deficit)		Total equity attributable to equity holders of SSR Mining		Non-controlling interest		Total equity		Contingently redeemable shares
Balance December 31, 2020	219,607	$	3,242,821	$	92,077	$	3,334,898	$	512,279	$	3,847,177	$	3,311
Exercise of stock options	364		2,750		—		2,750		—		2,750		—
Settlement of RSUs and PSUs	92		89		—		89		—		89		—
Equity-settled stock-based compensation	—		1,037		—		1,037		—		1,037		—
Transfer of cash-settled RSUs	—		8,802		—		8,802		—		8,802		—
Reclassification of contingently redeemable shares	—		3,311		—		3,311		—		3,311		(3,311)
Dividends paid to equity holders of SSR Mining	—		—		(10,992)		(10,992)		—		(10,992)		—
Dividends paid to non-controlling interest	—		—		—		—		(38,084)		(38,084)		—
Other	—		—		(18)		(18)		—		(18)		—
Net income (loss)	—		—		108,861		108,861		18,590		127,451		—
Balance March 31, 2021	220,063	$	3,258,810	$	189,928	$	3,448,738	$	492,785	$	3,941,523	$	—
Repurchase of common shares	(4,000)		(58,654)		(11,600)		(70,254)		—		(70,254)		—
Exercise of stock options	79		850		—		850		—		850		—
Settlement of RSUs	157		406		—		406		—		406		—
Equity-settled stock-based compensation	—		1,594		—		1,594		—		1,594		—
Dividends paid to equity holders of SSR Mining	—		—		(10,974)		(10,974)		—		(10,974)		—
Other	—		—		(204)		(204)		—		(204)		—
Net income (loss)	—		—		74,719		74,719		3,073		77,792		—
Balance June 30, 2021	216,299	$	3,203,006	$	241,869	$	3,444,875	$	495,858	$	3,940,733	$	—

SSR Mining Inc.

Condensed Consolidated Statement of Changes in Equity

(unaudited, in thousands except per share)


	Common shares
	Number of shares	Amount		Retained earnings (Accumulated Deficit)		Total equity attributable to equity holders of SSR Mining		Non-controlling interest		Total equity		Contingently redeemable shares
Balance December 31, 2019	123,084	$	1,103,591	$	(60,415)	$	1,043,176	$	—	$	1,043,176	$	3,599
Exercise of stock options	157		1,387		—		1,387		—		1,387		—
Equity-settled stock-based compensation	—		1,223		—		1,223		—		1,223		—
Reclassification to contingently redeemable shares	—		(729)		—		(729)		—		(729)		729
Other	—		(17)		7		(10)		—		(10)		—
Net income (loss)	—		—		6,237		6,237		—		6,237		—
Balance March 31, 2020	123,241	$	1,105,455	$	(54,171)	$	1,051,284	$	—	$	1,051,284	$	4,328
Exercise of stock options	79		821		—		821		—		821		—
Settlement of RSUs	5		55		—		55		—		55		—
Equity-settled stock-based compensation	—		1,252		—		1,252		—		1,252		—
Reclassification to contingently redeemable shares	—		(711)		—		(711)		—		(711)		711
Other	—		775		(1,081)		(306)		—		(306)		—
Net income (loss)	—		—		16,354		16,354		—		16,354		—
Balance June 30, 2020	123,325	$	1,107,647	$	(38,898)	$	1,068,749	$	—	$	1,068,749	$	5,039

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

1.THE COMPANY

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and Uncertainties

As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment, net; Inventories; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets

COVID-19

During the period ended June 30, 2021, the COVID-19 pandemic continued to impact global economic and financial markets, disrupting global supply chains and workforce participation. Many industries and businesses, including SSR Mining, continue to be impacted by the COVID-19 pandemic and face operating challenges associated with the regulations and guidelines resulting from efforts to contain COVID-19.

Basis of preparation

The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Previously, the Company prepared its consolidated financial statements under International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, as permitted by securities regulators in Canada, as well as in the U.S. under the status of a Foreign Private Issuer as defined by the United States Securities and Exchange Commission (“SEC”). As of June 30, 2021, the Company determined that it no longer qualified as a Foreign Private Issuer under the SEC rules. As a result, beginning January 1, 2022 the Company is required to report with the SEC on domestic forms and comply with domestic company rules in the United States. The transition to U.S. GAAP was made retrospectively for all periods from the Company’s inception. New accounting standards implemented subsequent to January 1, 2019 were adopted on their required adoption date. These interim statements should be read in conjunction with the

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

Company’s Consolidated Financial Statements for the year ended December 31, 2021 filed on February 22, 2022 on Form 10-K.

3.OPERATING SEGMENTS

The following tables provide a summary of financial information related to the Company's segments (in thousands)


	Three Months Ended June 30, 2021
	Çöpler		Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	140,654	$	109,533	$	67,127	$	59,636	$	—	$	—	$	376,950
Production costs	$	69,737	$	51,590	$	15,467	$	30,152	$	—	$	—	$	166,946
Depletion, depreciation, and amortization	$	29,365	$	8,481	$	12,525	$	5,622	$	—	$	—	$	55,993
Exploration, evaluation, and reclamation costs	$	3,589	$	935	$	3,483	$	441	$	3,238	$	162	$	11,848
Transaction and integration expense	$	—	$	—	$	—	$	—	$	—	$	894	$	894
Impairment of long-lived and other assets	$	—	$	—	$	—	$	—	$	22,345	$	—	$	22,345
Operating income	$	37,108	$	48,527	$	35,534	$	22,884	$	(25,587)	$	(14,750)	$	103,716
Capital expenditures	$	10,719	$	11,873	$	9,128	$	2,245	$	—	$	—	$	33,965
Total assets as of June 30, 2021	$	2,305,611	$	523,421	$	458,067	$	270,705	$	999,930	$	596,175	$	5,153,909

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements


	Three Months Ended June 30, 2020
	Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	79,786	$	—	$	12,699	$	—	$	—	$	92,485
Production costs	$	42,166	$	—	$	8,440	$	—	$	—	$	50,606
Depletion, depreciation, and amortization	$	7,323	$	—	$	1,643	$	—	$	—	$	8,966
Exploration, evaluation, and reclamation costs	$	935	$	546	$	447	$	2,808	$	36	$	4,772
Care and maintenance expense (2)	$	—	$	9,256	$	8,681	$	—	$	—	$	17,937
Transaction and integration expense	$	—	$	—	$	—	$	—	$	2,805	$	2,805
Operating income	$	28,271	$	(10,126)	$	(6,661)	$	(2,808)	$	(14,641)	$	(5,965)
Capital expenditures	$	13,867	$	3,022	$	1,772	$	—	$	—	$	18,661
Total assets as of June 30, 2020	$	517,573	$	423,483	$	189,919	$	108,966	$	333,859	$	1,573,800

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements


	Six Months Ended June 30, 2021
	Çöpler		Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	292,176	$	225,506	$	112,834	$	112,918	$	—	$	—	$	743,434
Production costs	$	136,154	$	105,301	$	32,028	$	55,326	$	—	$	—	$	328,809
Depletion, depreciation, and amortization	$	59,943	$	17,415	$	22,122	$	10,292	$	—	$	—	$	109,772
Exploration, evaluation, and reclamation costs	$	6,657	$	1,693	$	6,356	$	866	$	5,276	$	404	$	21,252
Transaction and integration expense	$	—	$	—	$	—	$	—	$	—	$	5,386	$	5,386
Impairment of long-lived and other assets	$	—	$	—	$	—	$	—	$	22,349	$	—	$	22,349
Operating income (loss)	$	84,866	$	101,200	$	52,301	$	44,812	$	(27,625)	$	(22,655)	$	232,899
Capital expenditures	$	19,754	$	35,286	$	22,567	$	5,521	$	—	$	—	$	83,128
Total assets as of June 30, 2021	$	2,305,611	$	523,421	$	458,067	$	270,705	$	999,930	$	596,175	$	5,153,909

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.


	Six Months Ended June 30, 2020
	Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	171,867	$	44,697	$	40,384	$	—	$	—	$	256,948
Production costs	$	102,035	$	15,902	$	40,243	$	—	$	—	$	158,180
Depletion, depreciation, and amortization	$	15,789	$	9,904	$	6,724	$	—	$	—	$	32,417
Exploration, evaluation, and reclamation costs	$	1,987	$	3,068	$	1,040	$	5,924	$	298	$	12,317
Care and maintenance expense (2)	$	—	$	11,076	$	10,010	$	—	$	—	$	21,086
Transaction and integration expense	$	—	$	—	$	—	$	—	$	2,805	$	2,805
Operating income (loss)	$	51,593	$	4,629	$	(17,987)	$	(5,924)	$	(17,656)	$	14,655
Capital expenditures	$	28,136	$	15,031	$	3,861					$	47,028
Total assets as of June 30, 2020	$	517,573	$	423,483	$	189,919	$	108,966	$	333,859	$	1,573,800

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

Geographic Area

The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes, by location as of June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021		December 31, 2020
Turkey	$	2,832,887	$	2,899,724
Canada		309,835		306,253
United States		298,923		271,894
Argentina		117,235		126,386
Mexico		48,271		48,619
Peru		555		527
Total	$	3,607,706	$	3,653,403

The following is revenue information by geographic area based on the location for the three and six months ended June 30 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Turkey	$	140,654	$	—	$	292,176	$	—
Canada		67,127		—		112,834		44,697
United States		109,533		79,786		225,506		171,867
Argentina		59,636		12,699		112,918		40,384
Total	$	376,950	$	92,485	$	743,434	$	256,948

4.REVENUE

The following table represents revenues by product (in thousands):


	Three Months Ended June 30,
	2021		2020
Gold doré sales
Çöpler	$	140,654	$	—
Marigold		109,509		79,777
Seabee		67,097		—
Concentrate sales
Puna		58,979		17,589
Other (1)
Çöpler		—		—
Marigold		24		9
Seabee		30		—
Puna		657		(4,890)
Total	$	376,950	$	92,485

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements


	Six Months Ended June 30,
	2021		2020
Gold doré sales
Çöpler	$	292,176	$	—
Marigold		225,446		171,848
Seabee		112,772		44,676
Concentrate sales
Puna		112,907		45,280
Other (1)
Çöpler		—		—
Marigold		60		19
Seabee		62		21
Puna		11		(4,896)
Total	$	743,434	$	256,948

Revenue by metal

Revenue by metal type for the three and six months ended June 30 are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Gold	$	317,260	$	79,777	$	630,394	$	216,524
Silver		47,327		10,102		95,340		40,104
Lead		8,170		6,999		13,340		3,890
Zinc		3,482		488		4,227		1,286
Other		711		(4,881)		133		(4,856)
Total	$	376,950	$	92,485	$	743,434	$	256,948

Provisional metal sales

For the six months ended June 30, 2021 and June 30, 2020, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase (decrease) of $0.3 million $(1.0) million, respectively, which has been recorded in Revenue.

At June 30, 2021, the Company had silver sales of 3.28 million ounces at an average price of $26.39 per ounces, zinc sales of 3.15 million pounds at an average price of $1.28 per pound, and lead sales of 12.17 million pounds at an average price of $0.97 per pound, subject to final pricing over the next several months.

5.STOCK-BASED COMPENSATION

The Company has awards outstanding under its 2017, 2020 and 2021 Share Compensation Plans which include stock options, Deferred Share Units (“DSUs”) and DSU Replacement Units, Restricted Stock Units (“RSUs”) and RSU Replacement Units, and Performance Stock Units (“PSUs”) and PSU Replacement Units up to an aggregate total of 4.5% of the Company’s issued and outstanding common stock. The replacement units were issued in connection with the acquisition of Alacer. There are 7,643,458 shares available for issuance under the Share Compensation Plans.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

Repurchase of common shares

On April 16, 2021, the Company received approval of its Normal Course Issuer Bid (the "NCIB") to purchase for cancellation up to 10.0 million of its common shares through the facilities of the TSX, NASDAQ or other Canadian and U.S. marketplaces over a twelve-month period beginning April 21, 2021 and ending April 30, 2022.

During the three and six months ended June 30, 2021, the Company purchased 4.0 million of its outstanding common shares pursuant to the NCIB at an average share price of $17.55 per share for total consideration of $70.3 million. All shares were canceled upon purchase. The difference of $11.6 million between the total amount paid and the amount deducted from common shares of $58.7 million was recorded as a direct charge to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date.

6.INCOME AND MINING TAXES

SSR’s consolidated effective income tax rate was 6% for the first six months of 2021 compared to (24)% for the first six months of 2020. The primary driver of the change in the effective rate is foreign currency fluctuations as well as changes in book income in foreign jurisdictions with varying tax rates. The Company’s statutory tax rate for the period is 27%, and the effective rate differs from the statutory rate primarily due to foreign exchange and jurisdictional mix of earnings with different tax rates.

7.OTHER INCOME (EXPENSE)

The following table includes the components of Other income (expense):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Interest income	$	495	$	942	$	965	$	3,342
Gain (loss) on marketable securities		(1,362)		21,746		(1,947)		5,868
Gain (loss) on derivative instruments		—		383		—		383
Gain (loss) on sale of mineral properties, plant, and equipment		1,636		(623)		1,614		(1,680)
Other		(951)		1,126		(2,425)		9
Total	$	(182)	$	23,574	$	(1,793)	$	7,922

8.INCOME PER SHARE

Potential dilutive common shares include stock options, PSUs and PSU Replacement Units, RSUs and RSU Replacement Units, and convertible notes for periods in which the Company has reported net income.

The calculations of basic and diluted net income per share attributable to stockholders of the Company for the three and six months ended June 30 are based on the following (in thousands):

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net Income	$	77,792	$	16,354	$	205,243	$	22,592
Net (income) loss attributable to non-controlling interest		(3,073)		—		(21,664)		—
Net income attributable to shareholders of SSR Mining		74,719		16,354		183,579		22,592
Interest saving on convertible notes, net of tax		1,259		1,671		3,136		—
Net income used in the calculation of diluted net income per share	$	75,978	$	18,025	$	186,715	$	22,592

Weighted average number of common shares issued		219,030		123,275		219,409		123,252
Adjustments for dilutive instruments:
Stock options		133		1,067		130		723
Performance share units		—		77		—		58
Restricted share units		62		—		59		—
Convertible notes		12,164		12,114		12,152		—
Diluted weighted average number of shares outstanding		231,389		136,533		231,750		124,033

Net income per share attributable to common shareholders
Basic	$	0.34	$	0.13	$	0.84	$	0.18
Diluted	$	0.33	$	0.13	$	0.81	$	0.18

For the three months ended June 30, 2021 and 2020, nil shares were excluded from the diluted income per common share calculation because the effect would have been antidilutive. For the six months ended June, 2021 and 2020, nil and 12,101,183 shares issuable in connection with convertible notes were excluded, respectively.

9.FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements


	Fair value at June 30, 2021
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Assets:
Cash	$	870,352	$	—	$	—	$	870,352
Restricted cash		35,293		—		—		35,293
Marketable securities		20,749		—		—		20,749
Trade receivables		—		66,533		—		66,533
Derivative asset		—		3,539				3,539
Deferred consideration		—		—		22,346		22,346
	$	926,394	$	70,072	$	22,346	$	1,018,812
Liabilities:
Derivative liabilities		—		(690)		—		(690)
	$	—	$	(690)	$	—	$	(690)


	Fair value at December 31, 2020
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Assets:
Cash	$	860,633	$	—	$	—	$	860,633
Restricted cash		35,288		—		—		35,288
Marketable securities		26,748		—		—		26,748
Trade receivables		—		36,856		—		36,856
Derivative asset		—		1,243		—		1,243
Deferred consideration		—		—		21,460		21,460
	$	922,669	$	38,099	$	21,460	$	982,228
Liabilities:
Derivative liabilities		—		(3,881)		—		(3,881)
	$	—	$	(3,881)	$	—	$	(3,881)

1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges.

2)The Company manages its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges. The Company’s derivative asset and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s provisional metal sales contracts, included in Trade and other receivables in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

3)Certain items of deferred consideration are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. Deferred consideration is included in Other non-current assets in the Consolidated Balance Sheets.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements


	Six Months Ended June 30,
	2021		2020
Beginning balance as of January 1	$	21,460	$	13,984
Revaluations		406		631
Acquisition of deferred consideration		480		—
Ending balance as of June 30	$	22,346	$	14,615

Fair values of financial assets and liabilities not already measured at fair value

The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands):


		June 30, 2021				December 31, 2020
	Level	Carrying amount		Fair value		Carrying amount		Fair value
2019 Notes (1)	1	$	225,047	$	278,024	$	224,586	$	317,538
Term Loan (2)	2		175,000		182,711		210,000		221,943
Total borrowings		$	400,047	$	460,735	$	434,586	$	539,481

(1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market.

(2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source.

10.TRADE AND OTHER RECEIVABLES

Trade and other receivables was composed of the following (in thousands):


	June 30, 2021		December 31, 2020
Trade receivables	$	67,733	$	38,456
Value added tax receivables		29,808		24,189
Income tax receivable		11,806		14,130
Other taxes receivable		2,631		4,249
Other		3,832		2,194
Total	$	115,810	$	83,218

No provision for credit loss was recognized as of June 30, 2021 or December 31, 2020. All trade receivables are expected to be settled within twelve months.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

11.INVENTORIES

The components of Inventories for the periods ended June 30, 2021 and December 31, 2020 are as follows (in thousands):


	June 30, 2021		December 31, 2020
Materials and supplies	$	88,779	$	85,766
Stockpiled ore		25,382		25,582
Leach pad inventory		272,822		282,793
Work-in-process		5,285		4,368
Finished goods		34,535		38,525
Total current inventories	$	426,803	$	437,034

Stockpiled ore		176,329		133,500
Materials and supplies		1,531		1,700
Total non-current inventories	$	177,860	$	135,200

12.MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET

The components of Mineral properties, plant and equipment, net are as follows (in thousands):


	June 30, 2021		December 31, 2020
Plant and equipment (1)	$	1,694,760	$	1,640,705
Construction in process		51,431		40,290
Mineral properties subject to depletion		1,308,429		1,282,208
Mineral properties not yet subject to depletion		203,798		222,938
Exploration and evaluation assets		925,726		930,606
Total mineral properties, plant, and equipment		4,184,144		4,116,747
Accumulated depreciation, plant and equipment		(473,127)		(423,326)
Accumulated depreciation, mineral properties		(326,886)		(223,682)
Mineral properties, plant, and equipment, net	$	3,384,131	$	3,469,739

(1) As of June 30, 2021 and December 31, 2020, plant and equipment includes finance lease right-of-use assets with a carrying amount of $119.1 million and $112.8 million, respectively.

At June 30, 2021, the Company recognized an impairment loss of $22.3 million as a result of the agreement entered into subsequent to June 30, 2021 to sell a portfolio of royalty interests and deferred payments (the “Royalty Sales Agreement”) to EMX Royalty Corporation (“EMX”). For the purposes of impairment assessment and measuring the impairment loss, all of the assets within the portfolio have been grouped as one disposal group (the “Royalty Portfolio”). The impairment loss recognized was calculated based on the difference between the estimated the fair value of the Royalty Portfolio and its carrying amount prior to the impairment. The carrying amount of the Royalty Portfolio prior to impairment was $107.4 million.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

13.ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other are comprised of the following items (in thousands):


	June 30, 2021		December 31, 2020
Accrued liabilities	$	43,234	$	44,503
Royalties payable		24,442		36,019
Stock-based compensation liabilities		19,034		30,050
Derivative liabilities		690		3,764
Income taxes payable		12,484		9,194
Lease liabilities		2,181		1,954
Other		5,153		6,297
Total accrued liabilities and other	$	107,218	$	131,781

14.DEBT

The following tables summarize the Company’s debt balances (in thousands):


	June 30, 2021		December 31, 2020
2019 Notes (1)	$	225,047		$	224,586
Term Loan		175,000			210,000
Other		2,025			3,051
Total carrying amount	$	402,072		$	437,637

Current Portion		72,042			71,025
Non-Current Portion	$	330,030		$	366,612

(1) Amount is net of discount and debt issuance costs of $5.0 million and $5.4 million, respectively.

Convertible Debt

2019 Notes

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

Term Loan

Restricted cash accounts must be maintained while the Term Loan is outstanding. As of June 30, 2021 and December 31, 2020, $32.9 million and $32.9 million of restricted cash relates to the Term Loan, respectively. Restricted cash is not available for use within one year and is classified as a non-current asset in the Consolidated Balance Sheets.

Under the terms of the Term Loan, the Company is required to comply with the following financial covenants:

▪historic and forecast debt service cover ratio greater than or equal to 1.20:1;

▪loan life cover ratio greater than or equal to 1.30:1; and

▪minimum tail reserves as a percentage of total reserves greater than or equal to 30%.

As of June 30, 2021, the Company was in compliance with its externally imposed financial covenants in relation to the Term Loan and Credit Facility. The Company does not have any financial covenants in relation to the 2019 Notes.

Amended Credit Facility

On June 7, 2021, the Company amended its existing credit agreement to extend the maturity of the Credit Facility to June 8, 2025 and increase the Credit Facility to $200.0 million with a $100.0 million accordion feature (the "Amended Credit Facility"). Amounts drawn under the Amended Credit Facility are subject to variable interest rates at LIBOR plus an applicable margin ranging from 2% to 3%, based on the Company's net leverage ratio. The Amended Credit Facility contains fallback language that replaces LIBOR with an alternative benchmark rate based on either SOFR or another alternative benchmark rate when LIBOR ceases to exist. Undrawn amounts are subject to a standby fee ranging from 0.4% to 0.6%, based on the Company's net leverage ratio.

All debts, liabilities and obligations under the Credit Facility are guaranteed by the Company's material subsidiaries and secured by certain of the Company's assets and material subsidiaries, and pledges of the securities of the Company's material subsidiaries, excluding Alacer entities. In connection with the Credit Facility, the Company must also maintain certain net tangible worth and ratios for interest coverage and net leverage. As of December 31, 2021, the Company was in compliance with these covenants.

As of June 30, 2021 and 2020, the amount outstanding on the Credit Facility, included in Accrued liabilities and other, was $ 0.9 million and $0.7 million, respectively.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

Scheduled minimum debt repayments are as follows (in thousands):


2021 (for the remainder)	$	35,548
2022	$	71,093
2023	$	70,918
2024	$	—
2025	$	—
Thereafter	$	230,000

15.SUPPLEMENTAL CASH FLOW INFORMATION

Net change in operating assets and liabilities during the six months ended June 30 were as follows (in thousands):


	Six Months Ended June 30,
	2021		2020
Decrease (increase) in operating assets:
Trade and other receivables	$	(32,592)	$	36,208
Inventories		(16,278)		(10,501)
Other operating assets		19,817		11,394
Increase (decrease) in operating liabilities:
Accounts payable		(4,647)		(14,545)
Accrued liabilities		(26,011)		(1,059)
Reclamation liabilities		(70)		(1,706)
Other operating liabilities		(13,822)		(22,070)
	$	(73,603)	$	(2,279)

Other cash information during the six months ended June 30 were as follows (in thousands):


	Six Months Ended June 30,
	2021		2020
Interest paid	$	(6,658)	$	(5,788)
Interest received	$	1,114	$	2,744
Income taxes paid	$	(41,538)	$	(17,867)

16.COMMITMENTS AND CONTINGENCIES

General

Environmental matters

The Company uses surety bonds to support certain environmental bonding obligations. As of June 30, 2021 and December 31, 2020, the Company had surety bonds totaling $117.1 million and $117.5 million outstanding, respectively.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

Other Commitments and Contingencies

17.SUBSEQUENT EVENTS

On July 29, 2021, the Company announced that it had entered into a Royalty Sales Agreementhe “RPA”) to sell a portfolio of royalty interests and deferred consideration to EMX. The total consideration received included cash, EMX common shares, and deferred consideration in the form of contingent payments of cash payable upon completion of certain project milestones related to one of the royalties totaling approximately $85.1 million. The Transaction is expected to close by the fourth quarter of 2021. As a result, the Company recognized an impairment loss at June 30, 2021 in the amount of the difference between the carrying amount of the assets within the Royalty Portfolio, and the estimated fair value of consideration received. Impairment is further discussed in Note 12.

Exhibit 99.4

MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021


CONTENTS

1			Second Quarter 2021 Highlights
2			Business Overview and Strategy
3			Business Developments
4			Outlook
5			Financial and Operating Highlights
6			Results of Operations
7			Financial Results
8			Liquidity and Capital Resources
9			Financial Instruments
10			Risks and Uncertainties
11			Non-GAAP Financial Measures
12			Critical Accounting Policies and Estimates
13			Internal Control over Financial Reporting and Disclosure Controls and Procedures
14			Cautionary Notes Regarding Forward-Looking Information and Mineral Reserves and Mineral Resources Estimates

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL POSITION AND RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021

This Management's Discussion and Analysis ("MD&A") is intended to supplement the unaudited condensed consolidated interim financial statements of SSR Mining Inc., ("SSR Mining", or the "Company") for the three and six months ended June 30, 2021, and the related notes thereto, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as issued by the Financial Accounting Standards Board (FASB), applicable to the preparation of interim financial statements. Additionally, this MD&A should be read in conjunction with Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations and the Consolidated Financial Statements included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on February 23, 2022.

Additional information is available on SEDAR at www.sedar.com, on the EDGAR section of the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, and on the ASX at www.asx.com.au.

This MD&A contains "forward-looking information" that are subject to risk factors set out in a cautionary note contained in Section 15 herein. The Company uses certain non-GAAP financial measures in this MD&A; for a description of each of these measures, please see the discussion under "Non-GAAP Financial Measures" in Section 12. The Company uses Mineral Reserves and Mineral Resources classifications in this MD&A, which differ significantly from the classifications required by the SEC, as set out in the cautionary note contained in Section 15.

1.SECOND QUARTER 2021 HIGHLIGHTS

▪Outstanding performance across all four operations: Delivered second quarter production of 199,673 gold equivalent ounces at AISC of $938 per gold equivalent ounce.1 Year-to-date production of 395,750 gold equivalent ounces at AISC of $954 per gold equivalent ounce on track to meet full-year guidance ranges.1

▪Strong financial results and free cash flow: Generated year-to-date cash flows from operating activities of $263.3 million and free cash flow of $170.0 million.1 Reported second quarter attributable net income of $74.7 million, or $0.34 per share, and adjusted attributable net income of $107.3 million, or $0.49 per share.1

▪Execution of peer-leading capital returns program: At the end of Q2, dividends and share repurchases represented $92.2 million of shareholder returns. The Company continues to execute on the previously announced Normal Course Issuer Bid (“NCIB”). From inception of the program on April 19, 2021 to the end of the quarter, the Company purchased 4,000,000 common shares for cancellation at an average share price of $17.55 per share. In addition, the Board declared the second quarterly cash dividend of $0.05 per share on August 4, 2021.

▪Balance sheet continues to strengthen: Cash and cash equivalents balances remained strong at $870.4 million, following $70.3 million in share buybacks, $11.0 million in dividend payments to equity shareholders, while also reducing debt balances $17.5 million during the quarter.

▪Çöpler delivered solid margins and progressed growth initiatives: Delivered gold production of 75,754 ounces in the second quarter, reporting AISC of $824 per ounce, driving robust margins.1 Çöpler flotation plant construction was substantially completed on time and on budget in June 2021.

▪Marigold achieves record material movement and improved grades drive performance: Delivered gold production of 57,892 ounces for the second quarter as the mine moved a record 25.0 million tonnes of material, due to shorter haulage


SSR Mining Inc.			MD&A Q2 2021 \| 2

cycles and stronger haul truck utilization rates. Stacked grades improved to 0.44 g/t in the quarter, driven by the planned mining of the higher-grade portions at Mackay 4 and Mackay 8.

▪Seabee sets record for both quarterly and half-year production: Produced a quarterly record of 36,994 ounces of gold as head grades improved to 13.19 g/t. The higher-grade production resulted in cash costs of $383 per ounce and AISC of $580 per ounce in the quarter.1

▪Puna continues to deliver record production year-to-date: Produced 2.0 million ounces of silver at cash costs of $11.50 per ounce in the second quarter and AISC of $13.19 per ounce.1 First-half production of 3.8 million ounces of silver represents an all-time record for the operation.

▪Amended Credit Facility providing additional liquidity: On June 8, 2021, SSR Mining announced it amended its existing undrawn revolving credit facility (the “Facility”) with a syndicate of lenders on favorable terms, increasing the Facility size from $75 million to $200 million. The new Facility includes an upsized accordion feature from $25 million to $100 million and the term of the Facility has been extended by 4 years to June 8, 2025.

▪Announced the sale of a non-core royalty portfolio: On July 29, 2021, the Company announced it had entered into a definitive agreement to sell a portfolio of royalty interests and deferred payments to EMX Royalty Corp. (“EMX”) for total consideration of $100 million. This consideration includes $33 million in cash, $33 million in EMX shares, and $34 million in deferred compensation payments to be delivered upon achievement of clearly defined project development milestones.

2.BUSINESS OVERVIEW AND STRATEGY

Business overview

The Company has a strong balance sheet, with $870.4 million in cash and cash equivalents as at June 30, 2021, to support its growth pipeline. The Company intends to leverage its balance sheet strength 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 and Nasdaq Global Select Market (NASDAQ) and SSR on the Australian Securities Exchange.

Strategy


SSR Mining Inc.			MD&A Q2 2021 \| 3

SSR Mining's four producing assets are described below:

Çöpler Gold Mine, Turkey

Marigold Mine, USA

Seabee Gold Operation, Canada

Puna Operations, Argentina

3.BUSINESS DEVELOPMENTS

Amended Credit Facility

On June 8, 2021, the Company announced it amended its existing undrawn revolving credit facility (the "Facility") with a syndicate of lenders, increasing the Facility size from $75 million to $200 million. The new Facility includes an upsized accordion feature from $25 million to $100 million and the term of the Facility has been extended by four years to June 8, 2025. The Facility may be used by the Company for working capital, reclamation bonding and other general corporate purposes.

Amounts drawn under the Facility are subject to variable interest rates at the London Interbank Offered Rate (or Secured Overnight Financing Rate or another alternative benchmark rate on a fallback basis) plus an applicable margin ranging from 2.00% to 3.00% and undrawn amounts are subject to a standby fee ranging from 0.40% to 0.60%, both of which are based on the Company's net leverage ratio. All debts, liabilities and obligations under the Facility are guaranteed by the Company's North American subsidiaries and secured by certain of the Company's assets and material subsidiaries, excluding Alacer entities and the Puna operating entity, and pledges of material subsidiaries.

Pursuant to the Facility, the Company must meet minimum tangible net worth, interest coverage and net leverage ratio requirements. As at June 30, 2021, the Company was in compliance with all applicable covenants related to the Facility.

Payment of dividends

During the three and six months ended June 30, 2021, the Company paid quarterly cash dividends of $0.05 and $0.10 per common share, respectively, to equity holders of SSR Mining for total dividends of $11.0 million and $22.0 million, respectively.

Subsequent to June 30, 2021, the Board of Directors declared a quarterly cash dividend of $0.05 per common share, payable on September 13, 2021 to holders of record at the close of business on August 16, 2021.

COVID-19 Response and Impact on Operations


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During the six months ended June 30, 2021, the COVID-19 pandemic continued to impact global economic and financial markets, disrupting global supply chains and workforce participation. Many industries and businesses, including SSR Mining, continue to be impacted by the COVID-19 pandemic and face operating challenges associated with the regulations and guidelines resulting from efforts to contain COVID-19.

The Company's mine sites remain operational with carefully managed COVID-19 based restrictions designed to protect communities and employees, including quarantining, testing, ensuring physical distancing and providing additional protective equipment. In Turkey, COVID-19 continues to slow government processes including permitting, with considerable effort being expended to attain permits and land access for continued growth and operations.

Royalty Portfolio sale

On July 29, 2021, the Company announced that it had entered into a definitive agreement to sell a portfolio of royalty interests and deferred payments (the "Royalty Portfolio") to EMX royalty Corp. (“EMX”) for total consideration of $100 million (the “Transaction”). The total consideration is comprised of $33 million in cash, $33 million in EMX common shares, and $34 million in deferred compensation payments to be delivered upon achievement of clearly defined project development milestones. The Transaction is expected to close by the fourth quarter of 2021. The Company recognized a $22.3 million impairment loss related to the Royalty Portfolio, based on the difference between the carrying amount of the assets within the Royalty Portfolio, prior to the impairment loss, and the estimated net transaction price.

4.OUTLOOK


Operating Guidance (100%) (1)(7)(8)		Çöpler (2)	Marigold	Seabee	Puna	Other	Consolidated
Gold Production	koz	310 - 340	235 - 265	95 - 105	—	—	640 - 710
Silver Production	Moz	—	—	—	6.0 - 7.0	—	6.0 - 7.0
Gold Equivalent Production	koz	310 - 340	235 - 265	95 - 105	80 - 90	—	720 - 800
Cash Cost per Ounce (3)	$/oz	550 - 600	810 - 860	525 - 575	10.00 - 11.50	—	660 - 715
Sustaining Capital Expenditures (4)	$M	52	53	11	19	—	135
Sustaining Exploration Expenditures	$M	2	7	1	1	—	11
General & Administrative (5)	$M	—	—	—	—	30 - 35	30 - 35
Share-based Compensation (5)	$M	—	—	—	—	15 - 20	15 - 20
All-In Sustaining Cost per Ounce (3)	$/oz	760 - 810	1,250 - 1,290	860 - 910	16.00 - 17.50	—	1,050 - 1,110
Growth Capital Expenditures	$M	26	—	7	—	—	33
Growth Exploration and Development Expenditures (6)	$M	31	11	7	—	5	54
Total Growth Capital	$M	57	11	14	—	5	87

(2)Figures are reported on a 100% basis. Çöpler is 80% owned by SSR Mining.


SSR Mining Inc.			MD&A Q2 2021 \| 5

(4)Excludes sustaining exploration expenditures. Includes $9.5 million oxygen plant lease payment at Çöpler.

(5)In the US GAAP financial statements share-based compensation is included in General and administrative expense.

(6)Growth exploration and development expenditures are shown on a 100% basis, of which SSR Mining's attributable amount totals $46 million.

(8)Figures may not add due to rounding.

The Company continues to expect free cash flow generation in 2021 to be more heavily weighted to the second half of the year due to the timing of the ramp-up and commissioning of the flotation circuit at Çöpler, working capital seasonality at Seabee, tax and royalty payments and dividend payments to non-controlling interest that were paid in the first half of the year.

Capital Returns

On June 14, 2021, the Company paid its quarterly dividend payment of $0.05 per common share to shareholders of record on May 17, 2021. The declaration and payment of future dividends will be at the discretion of the Board of Directors and will be made based on the Company’s financial position and other factors relevant at the time.


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5.FINANCIAL AND OPERATING HIGHLIGHTS

A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2021 and 2020 are presented below:


(in thousands of US dollars, except per share data)	Three months ended June 30,						Six months ended June 30,
	2021			2020 (6)			2021			2020 (6)
Financial Results
Revenue	$	376,950		$	92,485		$	743,434		$	256,948
Operating income	$	103,716		$	(5,965)		232,899			$	14,655
Gross margin (2)	28		%	(6)		%	31		%	6		%
Net income	$	77,792		$	16,354		$	205,243		$	22,592
Net income attributable to equity holders of SSR Mining	$	74,719		$	16,354		$	183,579		$	22,592
Basic attributable net income per share	$	0.34		$	0.13		$	0.84		$	0.18
Adjusted attributable net income (1)	$	107,328		$	3,430		$	220,819		$	20,274
Adjusted basic attributable net income per share (1)	$	0.49		$	0.03		$	1.01		$	0.16

Cash generated by operating activities							$	263,256		$	55,687
Cash (used in) generated by investing activities							$	(86,450)		$	15,183
Cash (used in) generated by financing activities							$	(166,835)		$	(113,143)

Operating Results
Gold produced (oz)	170,640			49,918			340,789			137,886
Gold sold (oz)	173,620			46,387			346,990			132,129
Silver produced ('000 oz)	1,990			366			3,782			2,136
Silver sold ('000 oz)	2,021			624			4,059			2,458
Lead produced ('000 lb) (4)	9,642			1,176			15,806			6,712
Lead sold ('000 lb) (4)	8,097			1,683			14,529			8,090
Zinc produced ('000 lb) (4)	3,935			359			7,014			2,181
Zinc sold ('000 lb) (4)	3,705			418			4,661			2,584

Gold equivalent produced (oz) (5)	199,673			53,202			395,750			159,973
Gold equivalent sold (oz) (5)	201,504			51,559			402,994			156,025

Average realized gold price ($/oz sold)	$	1,820		$	1,722		$	1,809		$	1,640
Average realized silver price ($/oz sold)	$	26.56		$	15.45		$	26.29		$	16.96

Cash cost per gold equivalent ounce sold (1, 5)	$	695		$	995		$	692		$	987
AISC per gold equivalent ounce sold (1, 5)	$	938		$	2,016		$	954		$	1,539

Financial Position	June 30, 2021						December 31, 2020
Cash and cash equivalents	$	870,352					$	860,633
Current assets	$	1,452,185					$	1,423,795
Total assets	$	5,153,909					$	5,177,344
Current liabilities	$	227,149					$	249,297
Total liabilities	$	1,213,176					$	1,326,856
Working capital (3)	$	1,225,036					$	1,174,498

(2)Gross margin is defined as operating income divided by revenue.

(3)Working capital is defined as current assets less current liabilities.

(4)Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate.


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6.RESULTS OF OPERATIONS

Çöpler, Turkey

(amounts presented on 100% basis)


	Three Months Ended June 30,		Six Months Ended June 30,
Operating Data (4)	2021		2021
Gold produced - oxide (oz)	20,627		45,372
Gold produced - sulfide (oz)	55,127		108,860
Total gold produced (oz)	75,754		154,232
Gold sold (oz)	76,872		159,374

Ore mined - oxide (kt)	311		1,129
Ore mined - sulfide (kt)	1,968		4,157
Total material mined (kt)	5,422		12,111
Waste removed (kt)	3,143		6,826
Strip ratio	1.4		1.3

Ore stacked - oxide (kt)	417		1,358
Gold grade stacked - oxide (g/t)	1.45		1.34

Ore processed - sulfide (kt)	523		1,103
Gold grade processed - sulfide (g/t)	3.55		3.43
Gold recovery - sulfide (%)	91.6		91.2

Average realized gold price ($/oz sold)	$	1,809	$	1,810

Cash costs ($/oz gold sold) (1, 2, 3)	$	684	$	634
AISC ($/oz gold sold) (1, 2, 3)	$	824	$	780

Financial Data ($000s)
Revenue	$	140,654	$	292,176
Production costs	$	69,737	$	136,154
Depletion, depreciation and amortization	$	29,365	$	59,943
Exploration, evaluation, and reclamation costs	$	3,589	$	6,657
Operating income	$	37,108	$	84,866
Capital expenditures	$	10,719	$	19,754

(1)The operating data presented in this column includes operating results for Çöpler for the three and six months ended June 30, 2020. As the Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

(2)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Çöpler. For further information, please refer to “Non-GAAP Financial Measures” in Section 11.

(3)Cash costs and AISC per ounce of gold sold exclude the impact of any fair value adjustment on acquired inventories as at the date of the Company's acquisition of Alacer.

(4)The data presented excludes operating results for Çöpler. As the Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.


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Second Quarter 2021 Operating and Financial Results

Production

Çöpler produced 75,754 and 154,232 ounces of gold, respectively, in the three and six months ended June 30, 2021.

For the six months ended June 30, 2021, 1.1 million tonnes of oxide ore were mined. 4.2 million tonnes of sulfide ore and 6.8 million waste tonnes were mined.

For the three and six months ended June 30, 2021, the sulfide plant treated 0.5 million and 1.1 million tonnes of sulfide ore, respectively. Plant gold recovery averaged 92% and 91% for the three and six months ended June 30, 2021. Recovery improvement projects and operational readiness activities remain a focus for the third quarter of 2021.The scheduled major maintenance shutdown of Autoclave 1, which was deferred from the first quarter of 2021, was completed in the period. The shutdown was completed as planned with no significant issues arising. There are no further major shutdowns scheduled for 2021.

Çöpler flotation plant construction was substantially completed on time and on budget in June 2021. Commissioning activities for water runs and equipment testing began in July 2021. Receipt of required permits for the flotation circuit have been delayed, presumably due to COVID-19, and are expected imminently.

Revenue

Revenue for the second quarter of 2021 was $140.7 million as 76,872 ounces of gold were sold at an average realized gold price of $1,809 per ounce. Gold ounces sold in the second quarter of 2021 were slightly higher than production due to a draw down in finished goods inventory balances.

Revenue for the six months ended June 30, 2021 was $292.2 million as 159,374 ounces of gold were sold at an average realized gold price of $1,810 per ounce.

Operating Costs

Cash costs and AISC per ounce of gold sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

In the second quarter of 2021, cash costs per ounce of gold sold were $684. AISC per ounce of gold sold was $824. Construction of the tailings storage facility phases 3 and 4 is advancing ahead of operational requirements using suitable mined waste rock and stockpiled material. Permits allowing completion of stage 4 have been delayed, in part due to COVID-19, and are being actively pursued by the Company.

For the six months ended June 30, 2021, cash costs per ounce of gold sold were $634 and AISC per ounce of gold sold was $780.


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Marigold, USA


	Three Months Ended June 30,						Six Months Ended June 30,
Operating Data	2021		2020		Change		2021		2020		Change
Gold produced (oz)	57,892		49,918		16	%	125,828		108,366		16	%
Gold sold (oz)	60,030		46,387		29	%	125,120		104,415		20	%

Total material mined (kt)	25,024		22,054		13	%	48,787		42,313		15	%
Waste removed (kt)	19,267		16,947		14	%	37,318		32,202		16	%
Total ore stacked (kt)	5,758		5,107		13	%	11,469		10,111		13	%
Gold stacked grade (g/t)	0.44		0.30		47	%	0.42		0.30		40	%
Strip ratio	3.3		3.3		—	%	3.3		3.2		3	%





Average realized gold price ($/oz sold)	$	1,826	$	1,722	6	%	$	1,806	$	1,640	10	%

Cash costs ($/oz gold sold) (1)	$	856	$	910	(6)	%	$	839	$	978	(14)	%
AISC ($/oz gold sold) (1)	$	1,091	$	1,257	(13)	%	$	1,145	$	1,274	(10)	%

Financial Data ($000s)
Revenue	$	109,533	$	79,786	37	%	$	225,506	$	171,867	31	%
Production costs	$	51,590	$	42,166	22	%	$	105,301	$	102,035	3	%
Depletion, depreciation and amortization	$	8,481	$	7,323	16	%	$	17,415	$	15,789	10	%
Exploration, evaluation, and reclamation costs	$	935	$	935	—	%	$	1,693	$	1,987	(15)	%
Operating income	$	48,527	$	28,271	72	%	$	101,200	$	51,593	96	%
Capital expenditures	$	11,873	$	13,867	(14)	%	$	35,286	$	28,136	25	%

Second Quarter 2021 Operating and Financial Results

Production

Mined tonnes for the first half of 2021 was a record for Marigold and gold production nearly reached the previous half-year record.

In the second quarter of 2021, 25.0 million tonnes of material were mined, a 13% increase compared to the second quarter of 2020. The increases are attributable to shorter haulage cycles, coupled with stronger haul truck utilization and increased loading fleet capacities. Marigold produced 57,892 ounces of gold, an increase of 16% compared to the second quarter of 2020. This increase is directly correlated with a 61% increase in stacked recoverable ounces in the first quarter of 2021 compared to the first quarter of 2020. 5.8 million tonnes of ore was stacked at a gold grade of 0.44 g/t. This compares to 5.1 million tonnes of ore stacked at a gold grade of 0.30 g/t in the second quarter of 2020. The higher grades delivered in the second quarter of 2021 as compared to the second quarter 2020 are associated with the planned mining of the higher-grade portions of Mackay 4 and Mackay 8. In the second quarter of 2020, mining activities focused on the lower grade portions of Mackay 4 and stripping of Mackay 6 and Mackay 8.

For the six months ended June 30, 2021, 11.5 million tonnes of ore were stacked at a gold grade of 0.42 g/t compared to 10.1 million tonnes of ore stacked at a gold grade of 0.30 g/t for the six months ended June 20, 2020. The increase in both ore tonnage and gold grade as compared to the first half of the prior year are driven by the planned mining of the higher grade portions of Mackay 4 and Mackay 8. For the six months ended June 30, 2021, 125,828 ounces of gold were produced compared to 108,366 ounces of gold produced over the same period of 2020. This is the result of a 65% increase in stacked recoverable ounces during six months ended 2021 compared to the same period in 2020.


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Revenue

Revenue increased by 37% to $109.5 million in the second quarter of 2021 compared to the second quarter of 2020, due to 29% more ounces sold and a 6% increase in the average realized gold price. Gold ounces sold in the second quarter of 2021 were higher than production due to drawing down finished goods inventory from the first quarter.

Revenue increased by 31% for the six months ended June 30, 2021 as compared to the same period in the prior year, due to 20% more ounces sold and a 10% increase in the average realized gold price.

Operating Costs

Cash costs and AISC per ounce of gold sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

Cash costs per ounce of gold sold for the second quarter of 2021 were $856, a 6% decrease compared to the second quarter of 2020, primarily due to higher gold grade and more tonnes stacked at similar operating costs during the current quarter.

AISC per ounce of gold sold was $1,091, a 13% decrease compared to the second quarter of 2020, primarily due to 4% lower capital spend and 29% more ounces sold. Capital expenditures were lower in 2021 compared to the same quarter of 2020 due to receiving a replacement haul truck in the second quarter of 2020 with no equivalent replacement in 2021, partially offset by increased dewatering construction spend in the second quarter of 2021.

Cash costs per ounce of gold sold for the six months ended June 30, 2021 were $839, a 14% decrease compared to the same period of 2020, primarily due to higher gold grade and more ore tonnes stacked at similar operating costs.

AISC per ounce of gold sold for the six months ended June 30, 2021 was $1,145, a 10% decrease compared to the same period of 2020 primarily due to 20% more gold ounces sold in the quarter which offset 25% higher capital expenditures year-to-date. Capital expenditures were higher compared to the six months ended June 30, 2020, primarily due to planned capitalized maintenance components on the electric shovel and dewatering construction costs occurring in 2021.


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Seabee, Canada


	Three Months Ended June 30,						Six Months Ended June 30,
Operating Data	2021		2020		Change		2021		2020		Change
Gold produced (oz)	36,994		—		100	%	60,729		29,520		106	%
Gold sold (oz)	36,718		—		100	%	62,496		27,714		126	%

Total ore milled (t)	88,491		—		100	%	178,135		89,282		100	%
Ore milled per day (t/day)	972		—		100	%	984		981		—	%
Gold mill feed grade (g/t)	13.19		—		100	%	10.81		10.34		5	%
Gold recovery (%)	98.7		—		100	%	98.6		98.1		1	%





Average realized gold price ($/oz sold)	$	1,830	$	—	100	%	$	1,810	$	1,615	12	%

Cash costs ($/oz sold) (1)	$	383	$	—	100	%	$	479	$	575	(17)	%
AISC ($/oz sold) (1)	$	580	$	—	100	%	$	799	$	1,502	(47)	%

Financial Data ($000s)
Revenue	$	67,127	$	—	100	%	$	112,834	$	44,697	152	%
Production costs	$	15,467	$	—	100	%	$	32,028	$	15,902	101	%
Depletion, depreciation and amortization	$	12,525	$	—	100	%	$	22,122	$	9,904	123	%
Exploration, evaluation, and reclamation costs	$	3,483	$	546	538	%	$	6,356	$	3,068	107	%
Operating income (loss)	$	35,534	$	(10,126)	(451)	%	$	52,301	$	4,629	1,030	%
Capital expenditures	$	9,128	$	3,022	202	%	$	22,567	$	15,031	50	%

Second Quarter 2021 Operating and Financial Results

Production

Production for the first half of 2021 was a record half-year for Seabee.

In the second quarter of 2021, Seabee produced 36,994 ounces of gold as the mill was fully operational. In the second quarter of 2020, production was nil as the mill was temporarily suspended in response to COVID-19.

For the six months ended June 30, 2021, Seabee produced 60,729 ounces of gold, a 106% increase compared to the same period in the prior year, reflecting that the mill was fully operational in 2021 while in 2020 production was temporarily suspended in response to COVID-19.

During the second quarter of 2021, gold mill feed grade was 13.19 g/t. For the six months ended June 30, 2021, gold mill feed grade was 10.81 g/t compared to 10.34 g/t, a 5% increase compared to the same period in the prior year. A very high grade area was encountered at the bottom of Santoy Lower 9 zone. Access drives were started to allow drilling to test continuation of this very high grade zone beyond the current mine design.

Revenue

In the second quarter of 2021, revenue was $67.1 million as 36,718 ounces of gold were sold at an average realized gold price of $1,830 per ounce. Gold ounces sold in the second quarter of 2021 were in line with gold production.

Revenue increased by 152% for the six months ended June 30, 2021 as compared to the same period in the prior year, due to 126% more ounces sold and a 12% increase in the average realized gold price. The increase in sales volume was due to higher production associated with full operations throughout the second quarter of 2021 compared to the shutdown in 2020.


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Operating Costs

Cash costs and AISC per ounce of gold sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

In the second quarter of 2021, cash costs per ounce of gold sold were $383 and AISC per ounce of gold sold was $580. Certain operating costs incurred during the second quarter of 2020 were classified as care and maintenance due to the COVID-19 related shutdown of operations.

For the six months ended June 30, 2021, cash costs per ounce of gold sold were $479, a 17% decrease compared to the same period in the prior year, due to lower unit mining costs driven by 106% higher gold production.

For the six months ended June 30, 2021, AISC per ounce of gold sold was $799, a 47% decrease compared to the same period in 2020, due to lower cash costs and a decrease in capital expenditures per gold ounce sold.

Puna, Argentina


SSR Mining Inc.			MD&A Q2 2021 \| 13


	Three Months Ended June 30,						Six Months Ended June 30,
Operating Data	2021		2020		Change		2021		2020		Change
Silver produced ('000 oz)	1,990		366		444	%	3,782		2,136		77	%
Silver sold ('000 oz)	2,021		624		224	%	4,059		2,458		65	%
Lead produced ('000 lb) (1)	9,642		1,176		720	%	15,806		6,712		135	%
Lead sold ('000 lb) (1)	8,097		1,683		381	%	14,529		8,090		80	%
Zinc produced ('000 lb) (1)	3,935		359		996	%	7,014		2,181		222	%
Zinc sold ('000 lb) (1)	3,705		418		786	%	4,661		2,584		80	%

Total material mined (kt)	3,026		91		3225	%	5,260		2,044		157	%
Waste removed (kt)	2,652		43		6067	%	4,646		1,717		171	%
Strip ratio	7.1		0.9		689	%	7.6		5.3		43	%

Ore milled (kt)	409		78		424	%	792		418		89	%
Silver mill feed grade (g/t)	158		159		(1)	%	156		168		(7)	%
Lead mill feed grade (%)	1.15		0.78		47	%	0.99		0.80		24	%
Zinc mill feed grade (%)	0.65		0.54		20	%	0.63		0.46		37	%
Silver recovery (%)	95.9		91.6		5	%	95.3		94.6		1	%
Lead recovery (%)	93.3		87.0		7	%	91.1		90.6		1	%
Zinc recovery (%)	67.3		38.5		75	%	63.6		51.4		24	%





Average realized silver price ($/oz)	$	26.56	$	15.45	72	%	$	26.29	$	16.96	55	%

Cash costs ($/oz silver sold) (2)	$	11.50	$	15.72	(27)	%	$	11.07	$	15.59	(29)	%
AISC ($/oz silver sold) (2)	$	13.19	$	34.75	(62)	%	$	13.14	$	22.18	(41)	%

Financial Data ($000s)
Revenue	$	59,636	$	12,699	370	%	$	112,918	$	40,384	180	%
Production costs	$	30,152	$	8,440	257	%	$	55,326	$	40,243	37	%
Depletion, depreciation and amortization	$	5,622	$	1,643	242	%	$	10,292	$	6,724	53	%
Exploration, evaluation, and reclamation costs	$	441	$	447	(1)	%	$	866	$	1,040	(17)	%
Operating income	$	22,884	$	(6,661)	(444)	%	$	44,812	$	(17,987)	(349)	%
Capital expenditures	$	2,245	$	1,772	27	%	$	5,521	$	3,861	43	%

(1)Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate.

Second Quarter 2021 Operating and Financial Results

Production

Production for the first half of 2021 was a record half-year for Puna.

During the second quarter of 2021, Puna produced 2.0 million ounces of silver, a 444% increase compared to the second quarter of 2020 as the mill was fully operational and ramped up in 2021 while in 2020 production was temporarily suspended in response to COVID-19. Lead and zinc production were significantly higher than the second quarter of 2020 for the same reason. Processed ore contained an average silver grade of 158 g/t which was in-line with the second quarter of 2020. The mill averaged approximately 4,755 tonnes per day during the second quarter of 2021, demonstrating steadily improved plant performance and well above the mine plan.


SSR Mining Inc.			MD&A Q2 2021 \| 14

For the six months ended June 30, 2021, Puna produced 3.8 million ounces of silver, a 77% increase compared to the same period in prior year as the mill was fully operational in 2021 while in 2020 production was temporarily suspended in response to COVID-19. Processed ore contained an average silver grade of 156 g/t, a 7% decrease compared to the same period in the prior year, but in-line with the mine plan.

Revenue

Revenue increased by 370% in the second quarter of 2021 compared to the second quarter of 2020, due to a 224% increase in silver ounces sold and a 72% increase in the average realized silver price. Silver ounces sold in the second quarter of 2021 were in-line with production.

Revenue for the six months ended June 30, 2021 increased by 180% compared to the same period in the prior year due to a 65% increase in silver ounces sold and a 55% increase in the average realized silver price.

Operating Costs

Cash costs and AISC per ounce of silver sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

In the second quarter of 2021, cash costs per ounce of silver sold were $11.50, a decrease of 27% compared to the second quarter of 2020 due to lower mining and processing unit costs as a result of higher average daily throughput and lower ore transportation costs as a result of transitioning to an in-house haulage fleet.

AISC per ounce of silver sold was $13.19, a decrease of 62% compared to the second quarter of 2020 due to the lower cash costs and higher sales, as well as care and maintenance costs that were incurred in 2020 but not in 2021.

For the six months ended June 30, 2021, cash costs per ounce of silver sold were $11.07, a decrease of 29% compared to the same period in the prior year due to lower mining and processing unit costs as a result of higher average daily throughput.

For the six months ended June 30, 2021, AISC per ounce of silver sold was $13.14, a decrease of 41% compared to the same period in the prior year due to lower cash costs, as well as care and maintenance costs that were incurred in 2020 but not in 2021.


SSR Mining Inc.			MD&A Q2 2021 \| 15

Operational Excellence (OE)

Continuous Improvement (CI)

Innovation


SSR Mining Inc.			MD&A Q2 2021 \| 16

7.FINANCIAL RESULTS


	Q2 2021			Q1 2021			Q4 2020			Q3 2020 (5)			Q2 2020 (5)			Q1 2020 (5)
Revenue	$	377.0		$	366.5		$	370.7		$	225.4		$	92.5		$	164.5
Operating Income	$	103.7		$	129.2		$	123.9		$	49.7		$	(6.0)		$	20.6
Gross margin (1)	28		%	35		%	33		%	22		%	(6)		%	13		%
Net Income	$	77.8		$	127.5		$	86.9		$	47.7		$	16.4		$	6.2
Attributable net income (loss) to equity holders of SSR Mining	$	74.7		$	108.9		$	83.2		$	45.8		$	16.4		$	6.2

Basic attributable net income (loss) per share	$	0.34		$	0.50		$	0.50		$	0.33		$	0.13		$	0.05

Gold equivalent ounces sold (2)	201,504			201,494			194,862			115,312			51,559			104,715

Average realized gold price ($/oz) (3)	$	1,820		$	1,798		$	1,880		$	1,914		$	1,722		$	1,597
Average realized silver price ($/oz) (3)	$	26.56		$	26.02		$	24.78		$	26.69		$	15.45		$	17.47

Average FX rate TRY per 1 USD	8.36			7.36			7.89			7.21			6.85			6.09
Average FX rate ARS per 1 USD	94.01			88.60			80.05			73.33			67.68			61.50
Average FX rate CAD per 1 USD	1.23			1.27			1.30			1.33			1.39			1.34

Cash and cash equivalents	$	870.4		$	866.0		$	860.6		$	733.6		$	461.7		$	398.4
Total assets	$	5,153.9		$	5,203.0		$	5,177.3		$	5,008.8		$	1,570.3		$	1,558.7
Working capital (4)	$	1,225.0		$	1,205.2		$	1,174.5		$	1,011.4		$	673.4		$	657.9
Non-current liabilities	$	986.0		$	1,023.2		$	1,077.6		$	1,037.3		$	413.2		$	412.4

(1)Gross margin is defined as operating income divided by revenue.

(4)Working capital is defined as current assets less current liabilities.

(5)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

The volatility in revenue over the past eight quarters has resulted from variable precious metals prices, which are not under the Company's control, sales volumes and the acquisition of Çöpler. There are no significant seasonal fluctuations in the results for the presented periods. Over the past six quarters, average realized gold prices have ranged between $1,597 and $1,914 per ounce and average realized silver prices have ranged between $15.45 and $26.69 per ounce. Sales volumes have benefited from the acquisition of Çöpler, generally increasing production at Seabee and Puna, as well as normal production variations at Marigold due to its nature as a run-of-mine heap leach operation. During the second quarter of 2020, as a result of the temporary suspensions at Seabee and Puna in response to the COVID-19 pandemic, sales volumes decreased significantly, negatively impacting revenue. During the third and fourth quarters of 2020, revenue was positively impacted by the acquisition of Alacer Gold Corp. which added gold sales at Çöpler.


SSR Mining Inc.			MD&A Q2 2021 \| 17

REVIEW OF SECOND QUARTER FINANCIAL RESULTS

Three months ended June 30, 2021, compared to the three months ended June 30, 2020

(expressed in thousands of USD, except for per share amounts)

Net income attributable to SSR Mining shareholders for the three months ended June 30, 2021 was $74.7 million ($0.34 per share), compared to net income of $16.4 million ($0.13 per share) for the three months ended June 30, 2020. The following is a summary and discussion of the significant components of income and expenses recognized during the three months ended June 30, 2021 compared to the same period in the prior year.


	Three Months Ended June 30,
	2021		2020 (1)
Revenue	$	376,950	$	92,485
Operating Costs and Expenses:
Production costs	166,946		50,606
Depreciation, depletion, and amortization	55,993		8,966
General and administrative expense	15,208		13,364
Exploration, evaluation, and reclamation costs	11,848		4,772
Care and maintenance expense	—		17,937
Impairment of long-lived and other assets	22,345		—
Transaction and integration expense	894		2,805
Operating income (loss)	103,716		(5,965)
Other income (expense):
Interest expense	(4,891)		(2,062)
Other income (expense)	(182)		23,574
Foreign exchange gain (loss)	(930)		83
Total other income (expense)	(6,003)		21,595
Income before income and mining taxes	97,713		15,630
Income and mining tax benefit (expense)	(19,578)		724
Equity income (loss) of affiliates	(343)		—
Net income	$	77,792	$	16,354
Net loss (income) attributable to non-controlling interest	(3,073)		—
Net income attributable to SSR Mining shareholders	$	74,719	$	16,354

(1)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

Revenue

Revenue increased by $284.5 million, or 308%, to $376.9 million for the three months ended June 30, 2021, compared to $92.5 million in the comparative period of 2020. The increase was mainly due to $140.7 million in gold sales at Çöpler for the second quarter of 2021, as well as higher gold sales at Seabee and Marigold and higher silver sales at Puna. Gold sales at Seabee were $67.1 million compared to nil in the comparative period of 2020 due to the temporary suspension of operations in response to COVID-19. Gold sales at Marigold were $ 29.7 million, or 37%, higher than the comparative period of 2020 due to a 29% increase in the volume of gold ounces sold and a 6% increase in the average realized gold price. Silver sales at Puna were $46.9 million, or 370%, higher than the comparative period of 2020 due to a 224% increase in the volume of silver ounces sold and a 72% increase in the average realized silver price.


SSR Mining Inc.			MD&A Q2 2021 \| 18

Production costs

Production costs increased by $116.3 million, or 230%, to $166.9 million for the three months ended June 30, 2021, compared to $50.6 million in the comparative period of 2020. The increase in production costs was mainly due to $69.7 million in production costs at Çöpler, which includes $16.0 million of fair value adjustments on inventories held at the time of the acquisition that were subsequently processed and sold. Production costs at Seabee were higher mainly due to the temporary suspension of operations in response to COVID-19 in the second quarter of 2020. Production costs were 22% higher at Marigold mainly due to 29% higher gold sales volumes, offset partially by lower unit production costs. Production costs were 257% higher at Puna mainly due to 224% higher silver sales volumes, driven by higher plant throughput.

Depreciation, depletion, and amortization


Three Months Ended June 30,	2021		2020		Change
Depreciation, depletion, and amortization	$	55,993	$	8,966	525	%
Gold equivalent ounces sold	201,504		51,559		291	%
Depletion, depreciation, and amortization per gold equivalent ounce sold	$	278	$	174	60	%

(1)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

Depreciation, depletion, and amortization increased by $47.0 million, or 525%, to $56.0 million for the three months ended June 30, 2021 compared to $9.0 million for the comparative period of 2020. The increase in depreciation, depletion, and amortization was mainly due to $29.4 million in depreciation, depletion, and amortization at Çöpler. In addition, at Seabee, depreciation, depletion and amortization was $12.5 million compared to nil in the comparative period of 2020 due to the temporary suspension of operations in response to COVID-19 in the second quarter of 2020.

General and administrative expense

General and administrative expense for the three months ended June 30, 2021 was $15.2 million compared to $13.4 million for the comparative period of 2020. The increase in general and administrative expense was primarily related to a larger combined organization following the acquisition of Alacer, covering more locations and jurisdictions. Further, the insurance market has hardened this year across almost all insurance policy types and the Company is therefore experiencing increased rates as a result of the pricing change in the market.

Exploration, evaluation, and reclamation costs

Exploration, evaluation, and reclamation costs for the three months ended June 30, 2021 was $11.8 million compared to $4.8 million for the comparative period of 2020. Exploration and evaluation work in the second quarter of 2020 was severely restricted by COVID-19. The expenditures incurred during the second quarter of 2021 mainly relate to greenfield exploration work at Çöpler, particularly around the Saddle target and Ardich, Marigold's Trenton Canyon and work at Seabee. The expenditures incurred during the second quarter of 2020 mainly related to greenfield exploration work performed at Trenton Canyon and Seabee.

Impairment of long-lived and other assets

Impairment of long-lived and other assets for the three months ended June 30, 2021 was $22.3 million compared to nil for the comparative period of 2020. The Company recognized an impairment loss related to the Royalty Portfolio, based on the difference between the carrying amount of the assets within the Royalty Portfolio, prior to the impairment loss, and the estimated net transaction price.

Transaction and integration expense

Transaction and integration expense for the three months ended June 30, 2021 was $0.9 million compared to $2.8 million for the comparative period of 2020. These costs are associated with one-time integration costs related to the Alacer merger.


SSR Mining Inc.			MD&A Q2 2021 \| 19

Interest expense

Interest expense and other finance costs for the three months ended June 30, 2021 were $4.9 million compared to $2.1 million for the comparative period of 2020. The increase in interest expense is mainly due to an increase in interest expense associated with the Term Loan and interest expense on the Air Liquide oxygen plant lease at Çöpler following the acquisition of Alacer.

Foreign exchange gain (loss)

Foreign exchange loss for the three months ended June 30, 2021 was $0.9 million compared to a foreign exchange gain of $0.1 million for the comparative period of 2020. The Company's main foreign exchange exposures are related to net monetary and non-monetary assets and liabilities denominated in ARS, CAD and TRY. During the three months ended June 30, 2021, the foreign exchange loss was mainly due to a weakening of the ARS against the USD and its impact on ARS-denominated assets at Puna, offset partially by a weakening of the TRY against the USD and its impact on TRY-denominated liabilities at Çöpler. During the three months ended June 30, 2020, the foreign exchange loss was mainly due to a weakening of the ARS against the USD and its impact on ARS-denominated assets, partially offset by a decrease in ARS-denominated liabilities, and partially due to a strengthening of the CAD against the USD and its impact on CAD-denominated assets.

Other income (expense)

Other income (expense) for the three months ended June 30, 2021 was an expense of $0.2 million compared to other income of $23.6 million for the comparative period of 2020. The change is mainly due to change in fair value of the Company's marketable securities.

Income and mining tax benefit (expense)

Income tax expense for the three months ended June 30, 2021 was $19.6 million compared to an income tax benefit of $0.7 million for the comparative period of 2020. The tax expense in the second quarter of 2021 was a result of profitable operations at all of the Company's mines, as well as gold and metal concentrate sales activities in Canada, partially offset by the impact of general and administrative expenses deductible in Canada.

The tax benefit for the three months ended June 30, 2020 is a result of the care and maintenance expenses incurred during the temporary suspension of operations at Seabee and Puna, as well as the impact of the general and administrative expenses incurred in Canada, partially offset by profitable operations at Marigold.


SSR Mining Inc.			MD&A Q2 2021 \| 20

Six months ended June 30, 2021, compared to the six months ended June 30, 2020

(expressed in thousands of USD, except for per share amounts)

Net income attributable to SSR Mining shareholders for the six months ended June 30, 2021 was $183.6 million ($0.84 per share), compared to net income of $22.6 million ($0.18 per share) for the six months ended June 30, 2020. The following is a summary and discussion of the significant components of income and expenses recognized during the six months ended June 30, 2021 compared to the same period in the prior year.


	Six Months Ended June 30,
	2021		2020 (1)
Revenue	$	743,434	$	256,948
Operating Costs and Expenses:
Production costs	328,809		158,180
Depreciation, depletion, and amortization	109,772		32,417
General and administrative expense	22,967		15,488
Exploration, evaluation, and reclamation costs	21,252		12,317
Care and maintenance expense	—		21,086
Impairment of long-lived and other assets	22,349		—
Transaction and integration expense	5,386		2,805
Operating income	232,899		14,655
Other income (expense):
Interest expense and other finance costs	(9,835)		(5,256)
Other income (expense)	(1,793)		7,922
Foreign exchange (loss) gain	(1,309)		836
Total other income (expense)	(12,937)		3,502
Income before income and mining taxes	219,962		18,157
Income and mining tax benefit (expense)	(13,198)		4,435
Equity income (loss) of affiliates	$	(1,521)	$	—
Net income	$	205,243	$	22,592
Net loss (income) attributable to non-controlling interest	(21,664)		—
Net income attributable to SSR Mining shareholders	183,579		22,592

(1)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

Revenue

Revenue increased by $486.5 million, or 189%, to $743.4 million for the six months ended June 30, 2021, compared to $256.9 million in the comparative period of 2020. The increase was mainly due to $292.2 million in gold sales at Çöpler for the six months ended June 30, 2021, in addition to higher gold sales at Seabee and Marigold and higher silver sales at Puna. Gold sales at Seabee were $68.1 million, or 152%, higher than the comparative period of 2020 due to a 126% increase in the volume of gold ounces sold, driven by higher production as a result of no COVID-19 related shutdowns in 2021, and a 12% increase in the average realized gold price. Gold sales at Marigold were $53.6 million, or 31%, higher than the comparative period of 2020 due to a 20% increase in the volume of gold ounces sold and a 10% increase in the average realized gold price. Silver sales at Puna were $72.5 million, or 180% higher than the comparative period of 2020 due to a 65% increase in the volume of silver ounces sold, driven by higher production as a result of no COVID-19 related shutdowns in 2021, and a 55% increase in the average realized silver price.


SSR Mining Inc.			MD&A Q2 2021 \| 21

Production costs

Production costs increased by $170.6 million, or 108%, to $328.8 million for the six months ended June 30, 2021, compared to $158.2 million in the comparative period of 2020. The increase in production costs was mainly due to $136.2 million in production costs at Çöpler, which includes $32.0 million of fair value adjustments on inventories held at the time of the acquisition that were subsequently processed and sold. Production costs were 3% higher at Marigold mainly due to 20% higher gold sales volumes, offset partially by lower unit production costs. Production costs were 101% higher at Seabee mainly due to 126% higher gold sales volumes, driven by higher production as a result of no COVID-19 related shutdowns in 2021. Production costs were 37% higher at Puna mainly due to 65% higher silver sales volumes, offset partially by lower unit production costs.

Depreciation, depletion, and amortization


Six Months Ended June 30,	2021		2020 (1)		Change
Depreciation, depletion, and amortization	$	109,772	$	32,417	239	%
Gold equivalent ounces sold	402,994		156,025		158	%
Depletion, depreciation, and amortization per gold equivalent ounce sold	$	272	$	208	31	%

(1)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

Depreciation, depletion, and amortization increased by $77.4 million, or 239%, to $109.8 million for the six months ended June 30, 2021 compared to $32.4 million for the comparative period of 2020. The increase in depreciation, depletion, and amortization was mainly due to $59.9 million in depreciation, depletion, and amortization at Çöpler. In addition, at Seabee, depreciation, depletion, and amortization increased by $12.2 million, or 123% due to the temporary suspension of operations in response to COVID-19 in the second quarter of 2020.

General and administrative expense

General and administrative expense for the six months ended June 30, 2021 was $23.0 million compared to $15.5 million for the comparative period of 2020. The increase in general and administrative expense is primarily related to a larger combined organization following the acquisition of Alacer that covers more locations and jurisdictions. Further, the insurance market has hardened this year across almost all insurance policy types and the Company is experiencing increased rates as a result of the pricing change in the market.

Exploration, evaluation, and reclamation costs

Exploration, evaluation, and reclamation costs for the six months ended June 30, 2021 was $21.3 million compared to $12.3 million for the comparative period of 2020. Exploration and evaluation work in the six months ended June 30, 2020 was severely restricted by COVID-19. The expenditures incurred during the six months ended June 30, 2021 mainly relate to greenfield exploration work at Çöpler, particularly around the Saddle target and Ardich, Trenton Canyon and work at Seabee. The expenditures incurred during the six months ended June 30, 2020 mainly related to greenfield exploration work performed at Trenton Canyon and Seabee.

Impairment of long-lived and other assets

Impairment loss for the six months ended June 30, 2021 was $22.3 million compared to nil for the comparative period of 2020. The Company recognized an impairment loss related to the Royalty Portfolio, based on the difference between the carrying amount of the assets within the Royalty Portfolio, prior to the impairment loss, and the estimated net transaction price.

Transaction and integration expense

Transaction and integration expense for the six months ended June 30, 2021 was $5.4 million compared to $2.8 million for the comparative period of 2020. These costs are associated with the acquisition and integration activities related to the merger with Alacer.


SSR Mining Inc.			MD&A Q2 2021 \| 22

Interest expense

Interest expense for the six months ended June 30, 2021 were $9.8 million compared to $5.3 million for the comparative period of 2020. The increase in interest expense is mainly due to an increase in interest expense associated with the Term Loan and interest expense on the Air Liquide oxygen plant lease following the acquisition of Alacer.

Other income (expense)

Other income (expense) for the six months ended June 30, 2021 was an expense of $1.8 million compared to other income of $7.9 million for the comparative period of 2020. The change is mainly due to the change in fair value of the the Company's marketable securities.

Foreign exchange gain (loss)

Foreign exchange loss for the six months ended June 30, 2021 was $1.3 million compared to a foreign exchange gain of $0.8 million for the comparative period of 2020. The Company's main foreign exchange exposures are related to net monetary assets and liabilities denominated in ARS, CAD and TRY. During the six months ended June 30, 2021, the foreign exchange loss was mainly due to a weakening of the ARS against the USD and its impact on ARS-denominated assets at Puna, offset partially by a weakening of the TRY against the USD and its impact on TRY-denominated liabilities at Çöpler. During the six months ended June 30, 2020, the foreign exchange gain was mainly due to a weakening of the CAD against the USD and its impact on CAD-denominated liabilities at Seabee and Corporate.

Income and mining tax benefit (expense)

Income tax expense for the six months ended June 30, 2021 was $13.2 million compared to a benefit of $4.4 million for the comparative period of 2020. . The tax expense in the first six months of 2021 was a result of profitable operations at all of the Company's mines, as well as gold and metal concentrate sales activities in Canada, partially offset by the impact of general and administrative expenses deductible in Canada. Income tax expense for the six months ended June 30, 2021 includes deferred tax benefit of $49.7 million related to the impact of foreign exchange rate changes on foreign currency denominated deferred tax balances principally at Çöpler and Puna.

The tax expense for the six months ended June 30, 2020 is a result of profitable operations at Marigold and Seabee, the metal concentrate and gold sales activities in Canada, offset partially by the impact of care and maintenance expenses related to the temporary suspension of operations at the Seabee and Puna, as well as the impact of the general and administrative expenses incurred in Canada. This increase in tax expense is offset by tax benefits associated with foreign rate differentials and depletion benefits.

8.LIQUIDITY AND CAPITAL RESOURCES

The following table summarizes the Company's cash flow activity:

(expressed in thousands of USD, except for per share amounts)


	Six Months Ended June 30,
	2021		2020 (1)
Cash generated by operating activities	$	263,256	$	55,687
Cash (used in) generated by investing activities	(86,450)		15,183
Cash used in by financing activities	(166,835)		(113,143)
Effect of foreign exchange rate changes on cash and cash equivalents	(247)		342
Increase (decrease) in cash and cash equivalents	9,724		(41,931)
Cash, cash equivalents, and restricted cash, beginning of period	895,921		505,985
Cash, cash equivalents, and restricted cash, end of period	$	905,645	$	464,054

(1)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

Cash generated by operating activities


SSR Mining Inc.			MD&A Q2 2021 \| 23

For the six months ended June 30, 2021, cash generated by operating activities was $263.3 million compared to cash generated by operating activities of $55.7 million in the comparative period of 2020. The increase in cash generated by operating activities compared to the comparative period of 2020 is mainly due to higher operating income across all mine operations. Çöpler generated operating income of $84.9 million, while operating income increased by $62.8 million, $47.7 million and $49.6 million at Puna, Seabee and Marigold, respectively, compared to the comparative period of 2020. This increase was offset partially by increases in trade receivables at Puna in the second quarter of 2021 due to timing of concentrate sales during the first half of 2021 and decreases in accounts payable and accrued liabilities from payment of royalties particularly related to Çöpler.

Cash (used in) generated by investing activities

For the six months ended June 30, 2021, cash used in investing activities was $86.5 million compared to cash generated by investing activities of $15.2 million in the comparative period of 2020. The increase in cash used in investing activities compared to the comparative period of 2020 is mainly due to a decrease of $29.6 million proceeds received on the sale of marketable securities as the Company divested its equity position in SilverCrest in the second quarter of 2020. The increase in cash used in investing activities is also due to a $40.3 million increase in plant and equipment purchases, driven by expenditures at Çöpler, as well as $7.1 million more spent on underground mine development at Seabee due to planned increases in development rates.

Cash used in by financing activities

For the six months ended June 30, 2021, cash used in financing activities was $166.8 million compared to cash used in financing activities of $113.1 million in the comparative period of 2020. For the six months ended June 30, 2021, cash used in financing activities was primarily related to $70.3 million of common shares repurchased under the Company's share re-purchase program, $35.0 million of principal repaid on the Term Loan, $38.1 million of dividends paid to the non-controlling interest in Çöpler and $22.0 million of dividends paid to equity holders of SSR Mining. For the six months ended June 30, 2020, cash used in financing activities was primarily related to the redemption of $115.0 million of convertible notes.

Liquidity

At June 30, 2021, the Company had $905.6 million of cash, cash equivalents, and restricted cash, an increase of $9.7 million from December 31, 2020, mainly due to positive income from mine operations generated at each of the Company's operations, offset partially by financing and investing cash outflows.

At June 30, 2021, the Company's working capital position was $1,225.0 million, an increase of $50.5 million from $1,174.5 million at December 31, 2020. At June 30, 2021, the Company held $831.6 million of its cash and cash equivalents balance in USD. Additionally, $2.0 million of cash and cash equivalents was held in TRY and $24.2 million was held in ARS. All cash equivalents are invested in short-term investments or high interest savings accounts under the Company's investment policy with maturities of 90 days or less, providing the Company with sufficient liquidity to meet its foreseeable needs.


SSR Mining Inc.			MD&A Q2 2021 \| 24

8.LIQUIDITY AND CAPITAL RESOURCES (continued)

Capital Resources

The Company's objectives when managing capital are to:

▪safeguard its ability to continue as a going concern in order to develop and operate its current projects and pursue strategic growth initiatives; and

▪maintain a flexible capital structure which lowers its cost of capital.

On June 7, 2021, the Company amended its previous revolving credit facility which expired on June 8, 2021, increasing the facility size from $75 million to $200 million and extending the maturity by four years to June 8, 2025. The Amended Credit Facility also includes an accordion feature that increased from $25 million to $100 million.

The Amended Credit Facility may be used by the Company for working capital, reclamation bonding and other general corporate purposes. Amounts drawn under the Amended Credit Facility are subject to variable interest rates at LIBOR plus an applicable margin ranging from 2.00% to 3.00%, based on the Company's net leverage ratio. Undrawn amounts are subject to a standby fee ranging from 0.40% to 0.60%, based on the Company's net leverage ratio. As of June 30, 2021, the amended credit facility is undrawn.

As of June 30, 2021, the Company was in compliance with its externally-imposed financial covenants in relation to the Term Loan and Credit Facility. The Company does not have any financial covenants in relation to the 2019 Notes.

Many interbank offer rates (IBORs) are expected to be replaced by new alternative benchmark rates in the next few years. The Company's Term Loan, Credit Facility and interest rate swap contracts are indexed to London interbank offered rates ("LIBOR") that have not yet transitioned to alternative benchmark rates at the end of the current reporting period. For the Credit Facility, the Company has implemented fallback language in the loan agreements to allow for a transition from LIBOR to either the Secured Overnight Financing Rate ("SOFR") or an alternative benchmark reference rate as agreed upon by the Company and respective syndicate of lenders. For the Term Loan, the Company is currently working with the syndicate of lenders to assess the potential alternatives to the use of LIBOR. For the interest rate swap contracts, considering the short term to maturity, as well as the current expected timing of changes to alternative benchmark rates, the Company does not expect to transition to an alternative benchmark rate.

Outstanding share data

As at June 30, 2021, the Company had 216,298,819 common shares and 936,793 stock options outstanding. The stock options outstanding are exercisable into common shares at exercise prices ranging between C$7.27 and C$29.09 per share.

The Company's authorized capital consists of an unlimited number of common shares without par value. As at August 4, 2021, the following common shares and options were outstanding:


	Number of shares	Exercise price	Remaining life
		CAD $	(years)
Capital stock	214,301,882
Stock options	930,011	7.27 - 29.09	0.49 - 5.83
Other share-based compensation awards	1,141,886		0.16 - 8.43
Fully diluted	216,373,779


SSR Mining Inc.			MD&A Q2 2021 \| 25

9.FINANCIAL INSTRUMENTS

a)Market Risk

(i)Price Risk

This is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market prices.

The Company has not hedged the price of any metal as part of its overall corporate strategy.

As the Company does not have trade receivables relating to gold sales, changes in gold prices do not impact the value of any financial instruments. The Company does have price risk related to provisionally priced receivables related to its concentrate sales.

During the second quarter of 2021, the Company did not enter into any additional diesel hedges at Marigold and Seabee. As at June 30, 2021, the Company has not hedged future anticipated diesel consumption at Çöpler or Puna. If and when it is determined to be favorable, the Company may execute additional diesel fuel hedges under its risk management policy.

(ii)Currency Risk

Effective September 2, 2019, Argentina introduced new Central Bank regulations which require export proceeds to be converted into ARS within five business days of such proceeds entering the country. These provisions were intended to be temporary until December 31, 2019, however, the provisions remained in effect as at June 30, 2021. While these provisions remain in effect, the Company is unable to hold funds in Argentina in USD, which may increase its exposure to the ARS.


SSR Mining Inc.			MD&A Q2 2021 \| 26

9.FINANCIAL INSTRUMENTS (continued)

a)Market Risk (continued)

(iii)Interest Rate Risk

Interest rate risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company manages interest rate risk by maintaining an investment policy for short-term investments and cash held in banks, which focuses on preservation of capital and liquidity. As at June 30, 2021, the Company is exposed to interest rate cash flow risk arising from its cash and restricted cash in bank accounts that earn variable interest rates, and interest expense on variable rate borrowings. The Company's variable rate borrowings are comprised of the Term Loan, which is subject to a variable interest rate of LIBOR plus 3.50% to 3.70%, and the Credit Facility, which is subject to a variable interest rate of LIBOR plus 2.00% to 3.00%. The Company has not drawn on the Credit Facility as at June 30, 2021.

Future net cash flows from interest income on cash, restricted cash, and interest expense on variable rate borrowings will be affected by interest rate fluctuations. To mitigate exposures to interest rate risk, the Company may purchase short-term investments at market interest rates that result in fixed yields to maturity. The Company holds interest rate swaps to limit exposure to the impact of the variable LIBOR interest rate volatility. As at June 30, 2021, approximately 30% of the outstanding Term Loan balance is covered through interest rate swap contracts through the duration of the interest rate hedge program, ending in December 2021.

As at June 30, 2021, the Company is exposed to interest rate fair value risk on the 2019 Notes which is subject to a fixed interest rate. A change in interest rates would impact the fair value of the 2019 Notes. However, as the 2019 Notes are measured at amortized cost, there would be no impact on the Company's financial results.

a)Credit Risk

(i)Credit risk related to financial institutions and cash deposits

(ii)Credit risk related to trade receivables

The Company is exposed to credit risk through its trade receivables on concentrate sales, which are principally with internationally-recognized counterparties. Payments of receivables are scheduled, routine and received within a contractually agreed time frame, typically up to 90 days. The Company manages this risk through provisional payments of approximately 90% of the value of the concentrate shipped and through transacting with multiple counterparties.

(iii)Credit risk related to other financial assets and VAT receivables


SSR Mining Inc.			MD&A Q2 2021 \| 27

10.RISKS AND UNCERTAINTIES

The mining industry involves many risks including global pandemics which are inherent to the nature of the business, global economic trends and economic, environmental and social conditions in the geographical areas of operation. As a result, the Company is subject to a number of risks and uncertainties, each of which could have an adverse effect on its operating results, business prospects or financial position. The Company continuously assesses and evaluates these risks, seeking to minimize them by implementing high operating standards and processes to identify, assess, report and monitor risk across the organization.

11.NON-GAAP FINANCIAL MEASURES

The Company has included certain non-GAAP performance measures throughout this document. These performance measures are employed by the Company to measure its operating and economic performance internally and to assist in decision-making, as well as to provide key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with US GAAP, certain investors and other stakeholders also use this information to evaluate its operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with US GAAP. These non-GAAP measures should be read in conjunction with the Company's consolidated financial statements.

Non-GAAP Measure - Cash Costs Per Ounce Sold

The following tables provide a reconciliation of cash costs per ounce sold to the consolidated financial statements:


SSR Mining Inc.			MD&A Q2 2021 \| 28


	Three Months Ended June 30, 2021
(in thousands of USD, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Total
Production costs	$	69,737	$	51,590	$	15,467	$	30,152	$	166,946
By-product credits	(1,218)		(24)		(30)		(11,433)		(12,705)
Treatment and refining charges	—		67		71		4,159		4,297
Incremental COVID-19 related costs (1)	—		(272)		(1,470)		(861)		(2,603)
Fair value adjustment on acquired inventories	(15,975)		—		—		—		(15,975)
Cash costs	$	52,544	$	51,361	$	14,038	$	22,017	$	139,960

Gold sold (oz)	76,872		60,000		36,700		—		173,572
Silver sold (oz)	—		—		—		1,914,030		1,914,030
Gold equivalent sold (oz) (2, 3)	76,872		60,000		36,700		27,932		201,504

Cash cost per gold ounce sold	$	684	$	856	$	383	N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		N/A		$	11.50	N/A
Cash cost per gold equivalent ounce sold	$	684	$	856	$	383	$	788	$	695


SSR Mining Inc.			MD&A Q2 2021 \| 29

11.NON-GAAP FINANCIAL MEASURES (continued)


	Three Months Ended June 30, 2020 (4)
(in thousands of USD, unless otherwise noted)	Marigold		Seabee		Puna		Total
Production costs	$	42,166	$	—	$	8,440	$	50,606
By-product credits	(9)		—		51		42
Treatment and refining charges	41		—		635		676
Cash costs	$	42,198	$	—	$	9,126	$	51,324

Gold sold (oz)	46,350		—		—		46,350
Silver sold (oz)	—		—		580,590		580,590
Gold equivalent sold (oz) (2, 3)	46,350		—		5,209		51,559

Cash cost per gold ounce sold	$	910	$	—	N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		$	15.72	N/A
Cash cost per gold equivalent ounce sold	$	910	$	—	$	1,752	$	995


	Six Months Ended June 30, 2021
(in thousands of USD, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Total
Production costs	$	136,154	$	105,301	$	32,028	$	55,326	$	328,809
By-product credits	(3,007)		(60)		(62)		(18,282)		(21,411)
Treatment and refining charges	—		261		259		7,480		8,000
Incremental COVID-19 related costs (1)	—		(603)		(2,322)		(1,755)		(4,680)
Fair value adjustment on acquired inventories	(32,044)		—		—		—		(32,044)
Cash costs	$	101,103	$	104,899	$	29,903	$	42,769	$	278,674

Gold sold (oz)	159,374		125,012		62,466		—		346,852
Silver sold (oz)	—		—		—		3,863,116		3,863,116
Gold equivalent sold (oz) (2, 3)	159,374		125,012		62,466		56,142		402,994

Cash cost per gold ounce sold	$	634	$	839	$	479	N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		N/A		$	11.07	N/A
Cash cost per gold equivalent ounce sold	$	634	$	839	$	479	$	762	$	692


SSR Mining Inc.			MD&A Q2 2021 \| 30

11.NON-GAAP FINANCIAL MEASURES (continued)


	Six Months Ended June 30, 2020 (4)
(in thousands of USD, unless otherwise noted)	Marigold		Seabee		Puna		Total
Production costs	$	102,035	$	15,902	$	40,243	$	158,180
By-product credits	(19)		(8)		(6,783)		(6,810)
Treatment and refining charges	70		38		2,693		2,801
Cash costs	$	102,086	$	15,932	$	36,153	$	154,171

Gold sold (oz)	104,350		27,700		—		132,050
Silver sold (oz)	—		—		2,318,791		2,318,791
Gold equivalent sold (oz) (2, 3)	104,350		27,700		24,224		156,274

Cash cost per gold ounce sold	$	978	$	575	N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		$	15.59	N/A
Cash cost per gold equivalent ounce sold	$	978	$	575	$	1,492	$	987

(1)COVID-19 related costs include direct, incremental costs associated with COVID-19.

(3)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.

(4)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

Non-GAAP Measure - AISC Per Ounce Sold


SSR Mining Inc.			MD&A Q2 2021 \| 31

11.NON-GAAP FINANCIAL MEASURES (continued)

The following tables provide a reconciliation of total AISC per ounce to the consolidated financial statements:


	Three Months Ended June 30, 2021
(in thousands of USD, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Corporate		Total
Cash costs	$	52,544	$	51,361	$	14,038	$	22,017	$	—	$	139,960
Sustaining capital expenditures	9,308		12,493		—		2,245		—		24,046
Sustaining exploration and evaluation expense	57		835		6,916		35		—		7,843
Reclamation cost accretion and amortization	559		779		201		406		—		1,945
General and administrative expense and share-based compensation expense	894		—		118		538		13,657		15,207
Total AISC	$	63,362	$	65,468	$	21,273	$	25,241	$	13,657	$	189,001

Gold sold (oz)	76,872		60,000		36,700		—		—		173,572
Silver sold (oz)	—		—		—		1,914,030		—		1,914,030
Gold equivalent sold (oz) (1, 2)	76,872		60,000		36,700		27,932		—		201,504

AISC per gold ounce sold	$	824	$	1,091	$	580	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		N/A		$	13.19	N/A		N/A
AISC per gold equivalent ounce sold	$	824	$	1,091	$	580	$	904	N/A		$	938


	Three Months Ended June 30, 2020 (3)
(in thousands of USD, unless otherwise noted)	Marigold		Seabee		Puna		Corporate		Total
Cash costs	$	42,198	$	—	$	9,126	$	—	$	51,324
Sustaining capital expenditures	13,867		2,251		1,773		—		17,891
Sustaining exploration and evaluation expense	616		—		5		—		621
Care and maintenance	—		11,076		8,680		—		19,756
Reclamation cost accretion and amortization	473		71		443		—		987
General and administrative expense and share-based compensation expense	1,090		323		150		11,802		13,365
Total AISC	$	58,244	$	13,721	$	20,177	$	11,802	$	103,944

Gold sold (oz)	46,350		—		—		—		46,350
Silver sold (oz)	—		—		580,590		—		580,590
Gold equivalent sold (oz) (1, 2)	46,350		—		5,209		—		51,559

AISC per gold ounce sold	$	1,257	$	—	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		$	34.75	N/A		N/A
AISC per gold equivalent ounce sold	$	1,257	$	—	$	3,873	N/A		$	2,016


SSR Mining Inc.			MD&A Q2 2021 \| 32

11.NON-GAAP FINANCIAL MEASURES (continued)


	Six Months Ended June 30, 2021
(in thousands of USD, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Corporate		Total
Cash costs	$	101,103	$	104,899	$	29,903	$	42,769	$	—	$	278,674
Sustaining capital expenditures	16,572		35,906		19,662		5,521		—		77,661
Sustaining exploration and evaluation expense	220		989				54		—		1,263
Reclamation cost accretion and amortization	1,384		1,440		317		812		—		3,953
General and administrative expense and share-based compensation expense	4,989		(103)		27		1,622		16,432		22,967
Total AISC	$	124,268	$	143,131	$	49,909	$	50,778	$	16,432	$	384,518

Gold sold (oz)	159,374		125,012		62,466		—		—		346,852
Silver sold (oz)	—		—		—		3,863,116		—		3,863,116
Gold equivalent sold (oz) (1, 2)	159,374		125,012		62,466		56,142		—		402,994

AISC per gold ounce sold	$	780	$	1,145	$	799	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		N/A		$	13.14	N/A		N/A
AISC per gold equivalent ounce sold	$	780	$	1,145	$	799	$	904	N/A		$	954


	Six Months Ended June 30, 2020 (3)
(in thousands of USD, unless otherwise noted)	Marigold		Seabee		Puna		Corporate		Total
Cash costs	$	102,086	$	15,932	$	36,153	$	—	$	154,171
Sustaining capital expenditures	28,132		14,345		3,861		—		46,338
Sustaining exploration and evaluation expense	1,348		—		155		—		1,503
Care and maintenance	—		11,076		10,010		—		21,086
Reclamation cost accretion and amortization	945		142		885		—		1,972
General and administrative expense and share-based compensation expense	463		116		358		14,552		15,489
Total AISC	$	132,974	$	41,611	$	51,422	$	14,552	$	240,559

Gold sold (oz)	104,350		27,700		—		—		132,050
Silver sold (oz)	—		—		2,318,791		—		2,318,791
Gold equivalent sold (oz) (1, 2)	104,350		27,700		24,224		—		156,274

AISC per gold ounce sold	$	1,274	$	1,502	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		$	22.18	N/A		N/A
AISC per gold equivalent ounce sold	$	1,274	$	1,502	$	2,123	N/A		$	1,539

(2)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.

(3)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.


SSR Mining Inc.			MD&A Q2 2021 \| 33

11.NON-GAAP FINANCIAL MEASURES (continued)

Non-GAAP Measure - Adjusted Attributable Net Income

The following table provides a reconciliation of adjusted attributable net income to the consolidated financial statements:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands of USD, unless otherwise noted)	2021		2020		2021		2020
Net income attributable to SSR Mining shareholders	$	74,719	$	16,354	$	183,579	$	22,592
Adjustments:
Fair value adjustment on acquired assets (1)	24,254		—		49,479		—
COVID-19 related costs (2)	2,603		—		4,680		—
Foreign exchange loss (gain)	930		(83)		1,309		(836)
Transaction and integration expense	894		2,805		5,386		2,805
Impairment of long-lived and other assets	22,345		—		22,349
Changes in fair value of investments	1,362		(21,746)		1,947		(5,868)
Loss (gain) on sale of mineral properties, plant and equipment	(1,636)		623		(1,614)		1,680
Income tax impact related to above adjustments	(10,198)		1,469		(16,841)		(980)
Foreign exchange (gain) loss and inflationary impacts on tax balances (3)	(12,558)		2,759		(37,637)		(1,150)
Impact of tax rate change on fair value adjustments	4,608		—		4,608		—
Adjusted net income attributable to equity holders of SSR Mining	$	107,323	$	2,181	$	217,245	$	18,243

Weighted average shares outstanding ('000s)	219,030		123,275		219,409		123,252
Adjusted basic attributable income per share to equity holders of SSR Mining	0.49		0.02		0.99		0.15

(1)Fair value adjustments on acquired assets relate to the acquisition of Alacer's inventories and mineral properties.

(2)COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations.

(3)Foreign exchange loss on tax balances relates mainly to the impact of foreign exchange rate changes on foreign currency denominated tax balances principally at Çöpler and Puna.


SSR Mining Inc.			MD&A Q2 2021 \| 34

11.NON-GAAP FINANCIAL MEASURES (continued)

Non-GAAP Measure - Free Cash Flow

Free cash flow is reconciled to the amounts included in the consolidated statements of cash flows as follows:


	Six Months Ended June 30,
(in thousands of USD, unless otherwise noted)	2021		2020
Cash generated by operating activities	$	263,256	$	55,687
Additions to mineral property, plant and equipment	(93,247)		(52,947)
Free cash flow	$	170,009	$	2,740

Non-GAAP Measure - Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA

The following is a reconciliation of EBITDA and adjusted EBITDA to the consolidated financial statements:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands of USD, unless otherwise noted)	2021		2020		2021		2020
Net income attributable to equity holders of SSR Mining	$	74,719	$	16,354	$	183,579	$	22,592
Net income (loss) attributable to non-controlling interests	3,073		—		21,664		—
Depletion, depreciation and amortization	55,993		8,966		109,772		32,417
Interest expense	4,891		2,062		9,835		5,256
Income and mining tax expense (benefit)	19,578		(724)		13,198		(4,435)
EBITDA	$	158,254	$	26,658	$	338,048	$	55,830
Fair value adjustment on acquired inventories	15,975		—		32,044		—
COVID-19 related costs (2)	2,603		—		4,680		—
Foreign exchange loss (gain)	930		(83)		1,309		(836)
Transaction and integration expense	894		2,805		5,386		2,805
Impairment of long-lived and other assets	22,345		—		22,349		—
Changes in fair value of investments	$	1,362	(21,746)		1,947		(5,868)
Loss (gain) on sale of mineral properties, plant and equipment	(1,636)		623		(1,614)		1,680
Adjusted EBITDA	$	200,727	$	8,257	$	404,149	$	53,611

(1)COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations.


SSR Mining Inc.			MD&A Q2 2021 \| 35

12.CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Basis of preparation and accounting policies

Critical accounting estimates and judgments

The preparation of financial statements in conformity with U.S. GAAP requires the use of judgments and/or estimates that affect the amounts reported and disclosed in the condensed consolidated interim financial statements and related notes. Critical accounting estimates represent estimates that are uncertain and for which changes in those estimates could materially impact the consolidated financial statements. The critical judgments and key sources of estimation uncertainty that have the most significant effect in the preparation of the condensed consolidated interim financial statements for the three and six months ended June 30, 2021 are consistent with those included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 22, 2022 estimates.


SSR Mining Inc.			MD&A Q2 2021 \| 36

13.INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES

Following an evaluation by management, during the three and six months ended June 30, 2021, there were no changes in internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

14.CAUTIONARY NOTES REGARDING FORWARD-LOOKING INFORMATION AND MINERAL RESERVES AND MINERAL RESOURCES ESTIMATES

Cautionary Note Regarding Forward-Looking Information

Forward-looking information in this MD&A is 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 information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking information is 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 MD&A. 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 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 the Company’s reports filed with the Canadian securities regulatory authorities.


SSR Mining Inc.			MD&A Q2 2021 \| 37

Cautionary Note Regarding Forward-Looking Information (continued)

Qualified Persons

Except as otherwise set out herein, the scientific and technical information contained in this MD&A relating to Çöpler has been reviewed and approved by Robert L. Clifford, BS (Mine Eng), SME Registered Member, and Dr. Cengiz Y. Demirci, AIPG (CPG), each of whom is a qualified person under NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Clifford is the Company's Director, Mine Planning (Turkey, Argentina), and Dr. Demirci is the Company's Vice President, Exploration. The scientific and technical information contained in this MD&A relating to Marigold has been reviewed and approved by Greg Gibson and James N. Carver, each of whom is a SME Registered Member and a qualified person under NI 43-101. Mr. Gibson is the Company's General Manager at Marigold and Mr. Carver is the Company's Resource Development Manager, USA. The scientific and technical information contained in this MD&A relating to Seabee has been reviewed and approved by Graeme Baker, B. Eng. (Mining), FAusIMM (200051), and Jeffrey Kulas, P.Geo., each of whom is a qualified person under NI 43-101. Mr. Baker is employed by OreWin Pty Ltd as Principal Mining Consultant, and Mr. Kulas is the Company's Resource Development Manager, Canada. The scientific and technical information contained in this MD&A relating to Puna has been reviewed and approved by Robert Gill, P.Eng., and Karthik Rathnam, MAusIMM (CP), each of whom is a qualified person under NI 43-101. Mr. Gill is the Company's General Manager at Puna. and Mr. Rathnam is the Company's Resource Manager, Corporate.

Cautionary Note Regarding Mineral Reserves and Mineral Resources Estimates


SSR Mining Inc.			MD&A Q2 2021 \| 38

Exhibit 99.5

SSR Mining Inc.

Condensed Consolidated Statements of Operations

(unaudited, in thousands except per share)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenue	$	322,846	$	225,412	$	1,066,280	$	482,360
Operating Costs and Expenses:
Production costs		154,521		115,763		483,330		273,943
Depreciation, depletion, and amortization		51,958		28,299		161,731		60,716
General and administrative expense		11,970		2,103		34,936		17,591
Exploration, evaluation, and reclamation costs		11,058		7,244		32,310		19,561
Care and maintenance expense		—		6,611		—		27,697
Impairment of long-lived and other assets		5		—		22,354		—
Transaction, integration, and SEC conversion expense		675		15,674		6,060		18,479
Operating income		92,659		49,718		325,559		64,373
Other income (expense):
Interest expense		(4,732)		(3,983)		(14,567)		(9,239)
Other income (expense)		(6,853)		11,408		(8,646)		19,329
Foreign exchange gain (loss)		(1,595)		(1,621)		(2,904)		(785)
Total other income (expense)		(13,180)		5,804		(26,117)		9,305
Income before income and mining taxes		79,479		55,522		299,442		73,678
Income and mining tax benefit (expense)		(14,285)		(7,302)		(27,483)		(2,867)
Equity income (loss) of affiliates		(1,015)		(512)		(2,536)		(512)
Net income		64,179		47,708		269,423		70,299
Net loss (income) attributable to non-controlling interest		(7,119)		(1,942)		(28,782)		(1,942)
Net income attributable to SSR Mining shareholders	$	57,060	$	45,766	$	240,641	$	68,357

Net income per share attributable to SSR Mining shareholders
Basic	$	0.27	$	0.33	$	1.11	$	0.53
Diluted	$	0.26	$	0.31	$	1.06	$	0.52

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Nine Months Ended September 30,
	2021		2020
Operating activities
Net income	$	269,423	$	70,299
Adjustments for:
Depreciation, depletion, and amortization		161,731		60,716
Amortization of debt discount		703		701
Reclamation costs		3,616		2,861
Deferred income taxes		(34,410)		(11,507)
Stock-based compensation		4,831		8,821
Equity pickup on investments in joint ventures		2,536		512
Unrealized gain on derivative instruments		(4,936)		8,224
Change in fair value of marketable securities		6,472		(11,036)
Non-cash fair value adjustment on acquired inventories		49,205		23,670
Loss (gain) on sale of mineral properties, plant and equipment		(462)		1,197
Impairment of long-lived and other assets		22,354		—
Net change in operating assets and liabilities		(56,683)		(58,696)
Net cash provided by operating activities		424,380		95,762

Investing activities
Additions to mineral properties, plant and equipment		(128,924)		(79,882)
Purchases of marketable securities		(8,013)		(29,550)
Net proceeds from sales of marketable securities		4,592		97,073
Proceeds from sale of mineral properties, plant and equipment		2,500		2,699
Acquisition of Alacer cash, cash equivalents, and restricted cash		—		303,388
Other investing activities		(654)		(60)
Net cash provided by (used in) investing activities		(130,499)		293,668

Financing activities
Repayment of debt, principal		(52,500)		(17,500)
Redemption of convertible notes		—		(114,994)
Repurchase of common shares		(148,074)		—
Proceeds from exercise of stock options		7,476		3,567
Principal payments on finance leases		(7,677)		(1,138)
Non-controlling interest dividend		(55,464)		—
Dividends paid		(32,684)		—
Other financing activities		(1,466)		2,946
Net cash provided by (used in) financing activities		(290,389)		(127,119)
Effect of foreign exchange rate changes on cash and cash equivalents		(1,102)		557
Net increase (decrease) in cash, cash equivalents, and restricted cash		2,390		262,868
Cash, cash equivalents, and restricted cash beginning of year		895,921		505,985
Cash, cash equivalents, and restricted cash end of year	$	898,311	$	768,853

SSR Mining Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Nine Months Ended September 30,
	2021		2020
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	863,016	$	733,570
Restricted cash		35,295		35,283
Total cash, cash equivalents, and restricted cash	$	898,311	$	768,853

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Balance Sheets

(unaudited, in thousands)


	September 30, 2021		December 31, 2020
ASSETS
Cash and cash equivalents	$	863,016	$	860,633
Marketable securities		19,124		26,748
Trade and other receivables		95,326		83,218
Inventories		428,317		437,034
Prepaids and other current assets		18,445		16,162
Assets held for sale		83,914		—
Total current assets		1,508,142		1,423,795

Mineral properties, plant and equipment, net		3,278,379		3,469,739
Inventories		197,752		135,200
Restricted cash		35,295		35,288
Equity method investments		5,334		7,782
Goodwill		49,786		49,786
Deferred income tax assets		12,797		15,072
Other non-current assets		22,682		40,682
Total assets	$	5,110,167	$	5,177,344

LIABILITIES
Accounts payable	$	32,415	$	42,923
Accrued liabilities and other		114,017		131,781
Finance lease liabilities		12,744		3,568
Current portion of debt		71,770		71,025
Total current liabilities		230,946		249,297

Debt		312,760		366,612
Finance lease liabilities		106,924		109,544
Reclamation liabilities		106,989		102,721
Deferred income tax liabilities		436,342		473,027
Other non-current liabilities		11,815		25,655
Total liabilities		1,205,776		1,326,856

Contingently redeemable shares		—		3,311

EQUITY
Common shares – unlimited authorized common shares with no par value; 211,807 and 219,607 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		3,138,017		3,242,821
Retained earnings (deficit)		280,597		92,077
SSR Mining’s shareholders’ equity		3,418,614		3,334,898
Non-controlling interest		485,777		512,279
Total equity		3,904,391		3,847,177
Total liabilities and equity	$	5,110,167	$	5,177,344

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Statement of Changes in Equity

(unaudited, in thousands)


	Common shares
	Number of shares	Amount		Retained earnings (Accumulated Deficit)		Total equity attributable to equity holders of SSR Mining		Non-controlling interest		Total equity		Contingently redeemable shares
Balance December 31, 2020	219,607	$	3,242,821	$	92,077	$	3,334,898	$	512,279	$	3,847,177	$	3,311
Exercise of stock options	364		2,750		—		2,750		—		2,750		—
Settlement of RSUs and PSUs	92		89		—		89		—		89		—
Equity-settled stock-based compensation	—		1,037		—		1,037		—		1,037		—
Transfer of cash-settled RSUs	—		8,802		—		8,802		—		8,802		—
Reclassification of contingently redeemable shares	—		3,311		—		3,311		—		3,311		(3,311)
Dividends paid to equity holders of SSR Mining	—		—		(10,992)		(10,992)		—		(10,992)		—
Dividends paid to non-controlling interest	—		—		—		—		(38,084)		(38,084)		—
Other	—		—		(18)		(18)		—		(18)		—
Net income (loss)	—		—		108,861		108,861		18,590		127,451		—
Balance March 31, 2021	220,063	$	3,258,810	$	189,928	$	3,448,738	$	492,785	$	3,941,523	$	—
Repurchase of common shares	(4,000)		(58,654)		(11,600)		(70,254)		—		(70,254)		—
Exercise of stock options	79		850		—		850		—		850		—
Settlement of RSUs	157		406		—		406		—		406		—
Equity-settled stock-based compensation	—		1,594		—		1,594		—		1,594		—
Dividends paid to equity holders of SSR Mining	—		—		(10,974)		(10,974)		—		(10,974)		—
Other	—		—		(204)		(204)		—		(204)		—
Net income (loss)	—		—		74,719		74,719		3,073		77,792		—
Balance June 30, 2021	216,299	$	3,203,006	$	241,869	$	3,444,875	$	495,858	$	3,940,733	$	—
Repurchase of common shares	(4,801)		(70,398)		(7,422)		(77,820)		—		(77,820)		—
Exercise of stock options	309		3,877		—		3,877		—		3,877		—
Settlement of RSUs and PSUs	—		(78)		—		(78)		—		(78)		—
Transfer of equity-settled RSUs	—		—		—		—		—		—		—

SSR Mining Inc.

Condensed Consolidated Statement of Changes in Equity

(unaudited, in thousands)


Equity-settled share-based compensation	—		1,610		—		1,610		—		1,610		—
Dividends paid to equity holders of SSR Mining	—		—		(10,718)		(10,718)		—		(10,718)		—
Dividends paid to non-controlling interest	—		—		—		—		(17,380)		(17,380)		—
Other	—		—		(192)		(192)		180		(12)		—
Net income (loss)	—		—		57,060		57,060		7,119		64,179		—
Balance September 30, 2021	211,807	$	3,138,017	$	280,597	$	3,418,614	$	485,777	$	3,904,391	$	—

SSR Mining Inc.

Condensed Consolidated Statement of Changes in Equity

(unaudited, in thousands)


	Common shares
	Number of shares	Amount		Retained earnings (Accumulated Deficit)		Total equity attributable to equity holders of SSR Mining		Non-controlling interest		Total equity		Contingently redeemable shares
Balance December 31, 2019	123,084	$	1,103,591	$	(60,415)	$	1,043,176	$	—	$	1,043,176	$	3,599
Exercise of stock options	157		1,387		—		1,387		—		1,387		—
Equity-settled stock-based compensation	—		1,223		—		1,223		—		1,223		—
Reclassification to contingently redeemable shares	—		(729)		—		(729)		—		(729)		729
Other	—		(17)		7		(10)		—		(10)		—
Net income (loss)	—		—		6,237		6,237		—		6,237		—
Balance March 31, 2020	123,241	$	1,105,455	$	(54,171)	$	1,051,284	$	—	$	1,051,284	$	4,328
Exercise of stock options	79		821		—		821		—		821		—
Settlement of RSUs	5		55		—		55		—		55		—
Equity-settled stock-based compensation	—		1,252		—		1,252		—		1,252		—
Reclassification to contingently redeemable shares	—		(711)		—		(711)		—		(711)		711
Other	—		775		(1,081)		(306)		—		(306)		—
Net income (loss)	—		—		16,354		16,354		—		16,354		—
Balance June 30, 2020	123,325	$	1,107,647	$	(38,898)	$	1,068,749	$	—	$	1,068,749	$	5,039
Acquisition of Alacer	95,700		2,142,703		—		2,142,703		473,592		2,616,295		—
Exercise of Stock Options and settlement of PSUs	345		2,211		—		2,211		—		2,211		—
Equity-settled share-based compensation	—		(852)		—		(852)		—		(852)		—
Reclassification of contingently redeemable shares	—		(12,721)		—		(12,721)		—		(12,721)		12,721
Other	—		(42)		2		(40)		—		(40)		—
Net income (loss)	—		—		45,766		45,766		1,942		47,708		—
Balance September 30, 2020	219,370	$	3,238,946	$	6,870	$	3,245,816	$	475,534	$	3,721,350	$	17,760

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

1.THE COMPANY

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and Uncertainties

COVID-19

During the period ended September 30, 2021, the COVID-19 pandemic continued to impact global economic and financial markets, disrupting global supply chains and workforce participation. Many industries and businesses, including SSR Mining, continue to be impacted by the COVID-19 pandemic and face operating challenges associated with the regulations and guidelines resulting from efforts to contain COVID-19.

Basis of preparation

These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Previously, the Company prepared its consolidated financial statements under International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, as permitted by securities regulators in Canada, as well as in the U.S. under the status of a Foreign Private Issuer as defined by the United States Securities and Exchange Commission (SEC). As of June 30, 2021, the Company determined that it no longer qualified as a Foreign Private Issuer under the SEC rules. As a result, beginning January 1, 2022 the Company is required to report with the SEC on domestic forms and comply with domestic company rules in the United States. The transition to U.S. GAAP was made retrospectively for all periods from the Company’s inception. New accounting standards implemented subsequent to January 1, 2019 were adopted on their required adoption date. These interim statements should be read in

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2021 filed on February 22, 2022 on Form 10-K.

3.OPERATING SEGMENTS

The following tables provide a summary of financial information related to the Company's segments (in thousands):


	Three Months Ended September 30, 2021
	Çöpler			Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	145,217	$	95,607	$	40,966	$	41,056	$	—	$	—	$	322,846
Production costs	$	65,773	$	50,281	$	15,077	$	23,390	$	—	$	—	$	154,521
Depletion, depreciation, and amortization	$	29,442	$	8,023	$	10,023	$	4,470	$	—	$	—	$	51,958
Exploration, evaluation, and reclamation costs	$	2,575	$	569	$	3,621	$	442	$	3,476	$	375	$	11,058
Transaction, integration, and SEC conversion expense	$	—	$	—	$	—	$	—	$	—	$	675	$	675
Impairment of long-lived and other assets	$	—	$	—	$	—	$	—	$	5	$	—	$	5
Operating income	$	46,880	$	36,734	$	12,253	$	12,599	$	(3,481)	$	(12,326)	$	92,659
Capital expenditures	$	7,875	$	8,126	$	10,926	$	2,385	$	—	$	—	$	29,312
Total assets as of September 30, 2021	$	2,246,665	$	526,179	$	470,978	$	275,240	$	1,009,938	$	581,167	$	5,110,167

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements


	Three Months Ended September 30, 2020
	Çöpler			Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	53,566	$	98,748	$	38,035	$	35,063	$	—	$	—	$	225,412
Production costs	$	41,038	$	50,750	$	10,252	$	13,723	$	—	$	—	$	115,763
Depletion, depreciation, and amortization	$	8,983	$	8,037	$	7,282	$	3,997	$	—	$	—	$	28,299
Exploration, evaluation, and reclamation costs	$	1,044	$	1,008	$	1,161	$	485	$	3,386	$	160	$	7,244
Care and maintenance expense (2)	$	—	$	—	$	730	$	5,881	$	—	$	—	$	6,611
Transaction and integration expense	$	—	$	—	$	—	$	—	$	—	$	15,674	$	15,674
Operating income (loss)	$	4,062	$	39,057	$	18,616	$	10,996	$	(3,386)	$	(19,627)	$	49,718
Capital expenditures	$	4,420	$	14,248	$	9,616	$	4,221	$	—	$	—	$	32,505
Total assets as of September 30, 2020	$	2,554,260	$	556,226	$	438,155	$	215,364	$	848,625	$	399,636	$	5,012,266

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements


	Nine Months Ended September 30, 2021
	Çöpler			Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	437,393	$	321,113	$	153,800	$	153,974	$	—	$	—	$	1,066,280
Production costs	$	201,927	$	155,582	$	47,105	$	78,716	$	—	$	—	$	483,330
Depletion, depreciation, and amortization	$	89,385	$	25,438	$	32,145	$	14,763	$	—	$	—	$	161,731
Exploration, evaluation, and reclamation costs	$	9,232	$	2,262	$	9,977	$	1,308	$	8,752	$	779	$	32,310
Transaction, integration, and SEC conversion expense	$	—	$	—	$	—	$	—	$	—	$	6,060	$	6,060
Impairment of long-lived and other assets	$	—	$	—	$	—	$	—	$	22,354	$	—	$	22,354
Operating income (loss)	$	131,746	$	137,934	$	64,554	$	57,411	$	(31,106)	$	(34,980)	$	325,559
Capital expenditures	$	27,629	$	43,412	$	33,493	$	7,906	$	—	$	—	$	112,440
Total assets as of September 30, 2021	$	2,246,665	$	526,179	$	470,978	$	275,240	$	1,009,938	$	581,167	$	5,110,167

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.


	Nine Months Ended September 30, 2020
	Çöpler			Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	53,566	$	270,615	$	82,736	$	75,443	$	—	$	—	$	482,360
Production costs	$	41,038	$	152,785	$	26,154	$	53,966	$	—	$	—	$	273,943
Depletion, depreciation, and amortization	$	8,983	$	23,826	$	17,186	$	10,721	$	—	$	—	$	60,716
Exploration, evaluation, and reclamation costs	$	1,044	$	2,995	$	4,233	$	1,521	$	9,310	$	458	$	19,561
Care and maintenance expense (2)	$	—	$	—	$	11,806	$	15,891	$	—	$	—	$	27,697
Transaction and integration expense	$	—	$	—	$	—	$	—	$	—	$	18,479	$	18,479
Operating income (loss)	$	4,062	$	90,650	$	23,245	$	(6,991)	$	(9,310)	$	(37,283)	$	64,373
Capital expenditures	$	4,420	$	42,384	$	24,647	$	8,082	$	—	$	—	$	79,533
Total assets of September 30, 2020	$	2,554,260	$	556,226	$	438,155	$	215,364	$	848,625	$	399,636	$	5,012,266

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

Geographic Area

The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes, by location as of September 30, 2021 and December 31, 2020 (in thousands):


	September 30, 2021		December 31, 2020
Turkey	$	2,741,478	$	2,899,724
Canada		299,241		306,253
United States		296,902		271,894
Argentina		117,658		126,386
Mexico		48,333		48,619
Peru		535		527
Total	$	3,504,147	$	3,653,403

The following is revenue information by geographic area based on the location for the three and nine months ended September 30 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Turkey	$	145,217	$	53,566	$	437,393	$	53,566
Canada		40,966		38,035		153,800		82,736
United States		95,607		98,748		321,113		270,615
Argentina		41,056		35,063		153,974		75,443
Total	$	322,846	$	225,412	$	1,066,280	$	482,360

4.REVENUE

The following table represents revenues by product (in thousands):


	Three Months Ended September 30,
	2021		2020
Gold doré sales
Çöpler	$	139,895	$	53,566
Marigold		95,593		98,736
Seabee		40,948		38,035
Concentrate sales
Puna		43,930		36,592
Other (1)
Çöpler		5,322		—
Marigold		14		12
Seabee		18		—
Puna		(2,874)		(1,529)
Total	$	322,846	$	225,412

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements


	Nine Months Ended September 30,
	2021		2020
Gold doré sales
Çöpler	$	432,071	$	53,566
Marigold		321,039		270,584
Seabee		153,721		82,716
Concentrate sales
Puna		156,836		78,834
Other (1)
Çöpler		5,322		—
Marigold		74		31
Seabee		79		20
Puna		(2,862)		(3,391)
Total	$	1,066,280	$	482,360

Revenue by metal

Revenue by metal type for the three and nine months ended September 30 are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Gold	$	276,436	$	190,337	$	906,831	$	406,866
Silver		36,502		31,320		131,840		68,385
Lead		4,918		4,229		18,258		8,120
Zinc		2,510		1,043		6,738		2,329
Other		2,480		(1,517)		2,613		(3,340)
Total	$	322,846	$	225,412	$	1,066,280	$	482,360

Provisional metal sales

For the nine months ended September 30, 2021 and September 30, 2020, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase (decrease) of $(2.5) million $0.2 million, respectively, which has been recorded in Revenue.

At September 30, 2021, the Company had silver sales of 2.51 million ounces at an average price of $24.19 per ounces, zinc sales of 3.00 million pounds at an average price of $1.33 per pound, and lead sales of 11.21 million pounds at an average price of $1.01 per pound, subject to final pricing over the next several months.

5.INCOME AND MINING TAXES

SSR’s consolidated effective income tax rate was 9% for the first nine months of 2021 compared to 4% for the first nine months of 2020. The primary driver of the change in the effective rate is foreign currency fluctuations as well as changes in book income in foreign jurisdictions with varying tax rates. The Company’s statutory tax rate for the period is 27%, and the effective rate differs from the statutory rate primarily due to foreign exchange and jurisdictional mix of earnings with different tax rates.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

6.OTHER INCOME (EXPENSE)

The following table includes the components of Other income (expense):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest income	$	514	$	2,567	$	1,479	$	5,909
Gain (loss) on marketable securities		(4,524)		5,168		(6,472)		11,036
Gain (loss) on derivative instruments		(9)		—		(9)		383
Gain (loss) on sale of mineral properties, plant, and equipment		(1,152)		483		462		(1,197)
Other		(1,682)		3,190		(4,106)		3,198
Total	$	(6,853)	$	11,408	$	(8,646)	$	19,329

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

7.INCOME PER SHARE

Potential dilutive common shares include stock options, Performance Share Units (“PSUs”) and PSU Replacement Units, Restricted Share Units (“RSUs”) and RSU Replacement Units, and convertible notes for periods in which the Company has reported net income.

The calculations of basic and diluted net income per share attributable to stockholders of the Company for the three and nine months ended September 30, 2021 and 2020 are based on the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net Income	$	64,179	$	47,708	$	269,423	$	70,299
Net (income) loss attributable to non-controlling interest		(7,119)		(1,942)		(28,782)		(1,942)
Net income attributable to shareholders of SSR Mining		57,060		45,766		240,641		68,357
Interest saving on convertible notes, net of tax		1,226		1,417		3,662		4,809
Net income used in the calculation of diluted net income per share	$	58,286	$	47,183	$	244,303	$	73,166

Weighted average number of common shares issued		213,426		137,961		217,392		128,190
Adjustments for dilutive instruments:
Stock options		46		920		53		855
Performance share units		—		26		—		21
Restricted share units		40		127		55		28
Convertible notes		12,177		12,126		12,152		12,101
Diluted weighted average number of shares outstanding		225,689		151,160		229,652		141,195

Net income per share attributable to common shareholders
Basic	$	0.27	$	0.33	$	1.11	$	0.53
Diluted	$	0.26	$	0.31	$	1.06	$	0.52

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

8.FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).


	Fair value at September 30, 2021
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Assets:
Cash	$	863,016	$	—	$	—	$	863,016
Restricted cash		35,295		—		—		35,295
Marketable securities		22,959		—		—		22,959
Trade receivables		—		42,903		—		42,903
Derivative asset		—		2,663				2,663
Deferred consideration		—		—		1,547		1,547
	$	921,270	$	45,566	$	1,547	$	968,383
Liabilities:
Derivative liabilities	$	—	$	(343)	$	—	$	(343)
	$	—	$	(343)	$	—	$	(343)

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements


	Fair value at December 31, 2020
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Assets:
Cash	$	860,633	$	—	$	—	$	860,633
Restricted cash		35,288		—		—		35,288
Marketable securities		26,748		—		—		26,748
Trade receivables		—		36,856		—		36,856
Derivative asset		—		1,243		—		1,243
Deferred consideration		—		—		21,460		21,460
	$	922,669	$	38,099	$	21,460	$	982,228
Liabilities:
Derivative liabilities	$	—	$	(3,881)	$	—	$	(3,881)
	$	—	$	(3,881)	$	—	$	(3,881)


	Nine Months Ended September 30,
	2021		2020
Beginning balance as of January 1	$	21,460	$	13,984
Revaluations		297		1,935
Acquisition of deferred consideration		481		8,535
Deferred consideration moved to held for sale		(20,691)		—
Ending balance as of September 30	$	1,547	$	24,454

Fair values of financial assets and liabilities not already measured at fair value

The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands):


		September 30, 2021				December 31, 2020
	Level	Carrying amount		Fair value		Carrying amount		Fair value
2019 Notes (1)	1	$	225,260	$	262,345	$	224,586	$	317,538
Term Loan (2)	2		157,500		163,762		210,000		221,943
Total borrowings		$	382,760	$	426,107	$	434,586	$	539,481

(1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market.

(2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

9.TRADE AND OTHER RECEIVABLES

Trade and other receivables was composed of the following (in thousands):


	September 30, 2021		December 31, 2020
Trade receivables	$	52,308	$	38,456
Value added tax receivables		26,804		24,189
Income tax receivable		9,610		14,130
Other taxes receivable		1,682		4,249
Other		4,922		2,194
Total	$	95,326	$	83,218

No provision for credit loss was recognized as of September 30, 2021 or December 31, 2020. All trade receivables are expected to be settled within twelve months.

10.INVENTORIES

The components of Inventories for the periods ended September 30, 2021 and December 31, 2020 are as follows (in thousands):


	September 30, 2021		December 31, 2020
Materials and supplies	$	86,674	$	85,766
Stockpiled ore		26,730		25,582
Leach pad inventory		265,548		282,793
Work-in-process		6,032		4,368
Finished goods		43,333		38,525
Total current inventories	$	428,317	$	437,034

Stockpiled ore		196,363		133,500
Materials and supplies		1,389		1,700
Total non-current inventories	$	197,752	$	135,200

11.MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET

The components of Mineral properties, plant and equipment, net are as follows (in thousands):


	September 30, 2021		December 31, 2020
Plant and equipment (1)	$	1,716,796	$	1,640,705
Construction in process		49,106		40,290
Mineral properties subject to depletion		1,316,696		1,282,208
Mineral properties not yet subject to depletion		139,030		222,938
Exploration and evaluation assets		925,803		930,606
Total mineral properties, plant, and equipment		4,147,431		4,116,747
Accumulated depreciation, plant and equipment		(498,402)		(423,326)
Accumulated depreciation, mineral properties		(370,650)		(223,682)
Mineral properties, plant, and equipment, net	$	3,278,379	$	3,469,739

(1) As of September 30, 2021 and December 31, 2020, plant and equipment includes finance lease right-of-use assets with a carrying amount of $117.0 million and $112.8 million, respectively.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

Assets Held for Sale

On July 29, 2021, the Company announced that it had entered into a Royalty Purchase Agreement (the “RPA”) to sell a portfolio of royalty interests and deferred consideration to EMX Royalty Corporation (“EMX”). The total consideration received included cash, EMX common shares, and deferred consideration in the form of contingent payments of cash payable upon completion of certain project milestones related to one of the royalties totaling approximately $85.1 million. Accordingly, the assets within the Royalty Portfolio were classified as held for sale as of July 29, 2021 and presented separately within current assets in the consolidated statement of financial position as at September 30, 2021.

At June 30, 2021, prior to the classification of the assets as held for sale, the Company recognized an impairment loss of $22.3 million as a result of the RPA. The impairment loss recognized was calculated based on the difference between the estimated fair value of the Royalty Portfolio and its carrying amount prior to the impairment. The carrying amount of the Royalty Portfolio prior to impairment was $107.4 million.

The fair value of the Royalty Portfolio was estimated based on the fair value of each of the components of the consideration included in the Royalty Sales Agreement. The consideration received included cash, EMX common shares, and deferred consideration in the form of contingent payments of cash payable upon completion of certain project milestones related to one of the royalties. The $22.3 million impairment loss was recognized in the Company's Exploration, evaluation and development properties segment. agreement entered on the Royalty Portfolio based on the difference between the carrying amount of the assets within the Royalty Portfolio, prior to the impairment loss, and the estimated net transaction price of $85.1 million. The Company did not recognize any further impairment loss on the Royalty Portfolio during the three months ended September 30, 2021.

At September 30, 2021, the Royalty Portfolio classified as held for sale was measured at the carrying amounts of the following underlying assets:


	September 30, 2021
Mineral properties not yet subject to depletion	$	65,974
Other non-current assets		17,940
Assets held for sale	$	83,914

12.ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other are comprised of the following items (in thousands):


	September 30, 2021		December 31, 2020
Accrued liabilities	$	47,158	$	44,503
Royalties payable		28,891		36,019
Stock-based compensation liabilities		17,331		30,050
Derivative liabilities		343		3,764
Income taxes payable		15,159		9,194
Lease liabilities		2,159		1,954
Other		2,976		6,297
Total accrued liabilities and other	$	114,017	$	131,781

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

13.DEBT

The following tables summarize the Company’s debt balances (in thousands):


	September 30, 2021		December 31, 2020
2019 Notes (1)	$	225,290		$	224,586
Term Loan		157,500			210,000
Other		1,740			3,051
Total carrying amount	$	384,530		$	437,637

Current Portion	$	71,770		$	71,025
Non-Current Portion	$	312,760		$	366,612

(1) Amount is net of discount and debt issuance costs of $4.7 million and $5.4 million, respectively.

Convertible Debt

2019 Notes

Term Loan

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

Restricted cash accounts must be maintained while the Term Loan is outstanding. As of September 30, 2021 and December 31, 2020, $32.9 million and $32.9 million of restricted cash relates to the Term Loan, respectively. Restricted cash is not available for use within one year and is classified as a non-current asset in the Consolidated Balance Sheets.

Under the terms of the Term Loan, the Company is required to comply with the following financial covenants:

▪historic and forecast debt service cover ratio greater than or equal to 1.20:1;

▪loan life cover ratio greater than or equal to 1.30:1; and

▪minimum tail reserves as a percentage of total reserves greater than or equal to 30%.

As of September 30, 2021, the Company was in compliance with its externally imposed financial covenants in relation to the Term Loan and Credit Facility. The Company does not have any financial covenants in relation to the 2019 Notes.

Amended Credit Facility

All debts, liabilities and obligations under the Credit Facility are guaranteed by the Company's material subsidiaries and secured by certain of the Company's assets and material subsidiaries, and pledges of the securities of the Company's material subsidiaries, excluding Alacer entities. In connection with the Credit Facility, the Company must also maintain certain net tangible worth and ratios for interest coverage and net leverage. As of December 31, 2021, the Company was in compliance with these covenants.

As of September 30, 2021 and 2020, the amount outstanding on the Credit Facility, included in Accrued liabilities and other, was $ 0.9 million and $0.7 million, respectively.

Scheduled minimum debt repayments are as follows (in thousands):


2021 (for the remainder)	$	17,867
2022	$	71,093
2023	$	70,918
2024	$	—
2025	$	—
Thereafter	$	230,000

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

14.SUPPLEMENTAL CASH FLOW INFORMATION

Net change in operating assets and liabilities during the nine months ended September 30 were as follows (in thousands):


	Nine Months Ended September 30,
	2021		2020
Decrease (increase) in operating assets:
Trade and other receivables	$	(12,108)	$	(7,388)
Inventories		(38,802)		18,280
Other operating assets		30,736		(4,861)
Increase (decrease) in operating liabilities:
Accounts payable		(13,123)		(3,850)
Accrued liabilities		(13,687)		(12,487)
Reclamation liabilities		(94)		(2,348)
Other operating liabilities		(9,605)		(46,042)
	$	(56,683)	$	(58,696)

Other cash information during the nine months ended September 30 were as follows (in thousands):


	Nine Months Ended September 30,
	2021		2020
Interest paid	$	(11,110)	$	(8,539)
Interest received	$	2,346	$	3,248
Income taxes paid	$	(50,314)	$	(35,562)

15.COMMITMENTS AND CONTINGENCIES

General

Environmental matters

The Company uses surety bonds to support certain environmental bonding obligations. As of September 30, 2021 and December 31, 2020, the Company had surety bonds totaling $117.0 million and $117.5 million outstanding, respectively.

Other Commitments and Contingencies

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

16.SUBSEQUENT EVENTS

On October 21, 2021 (the "Closing Date"), the Company completed the sale of the Royalty Portfolio classified as held for sale as at September 30, 2021 to EMX. Pursuant to the terms of the Transaction, the Company received total consideration of $99.5 million. The total consideration is comprised of $33.0 million in cash, $32.5 million in EMX common shares and $34.0 million in deferred consideration related to project development milestones for one of the underlying projects. As a result of the Transaction, the Company owns an approximate 12% equity interest in EMX as of the Closing Date.

The Company will recognize the difference between the net disposal proceeds, representing the fair value of each of the components of the consideration less the selling costs, and carrying amounts of the assets within the Royalty Portfolio immediately prior to the sale as a gain or loss on disposition during the three months ending December 31, 2021. As the carrying amounts of the assets within the Royalty Portfolio as at September 30, 2021 were based on the estimated net transaction price as of that date, the gain or loss on disposition to be recognized during the three months ending December 31, 2021 is estimated to be insignificant, and will be based on additional selling costs, and adjustments to the total consideration pursuant to the terms of the Transaction.

In connection with the Transaction, the Company entered into a credit agreement for an unsecured loan to EMX on the Closing Date with a principal amount of $7.8 million and a maturity date of December 31, 2022 (the "VTB Note"). The VTB Note will be recognized as a financial asset on the Closing Date and subsequently measured at amortized cost.

Exhibit 99.6

MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021


CONTENTS

1			Third Quarter 2021 Highlights
2			Business Overview and Strategy
3			Business Developments
4			Outlook
5			Financial and Operating Highlights
6			Results of Operations
7			Financial Results
8			Liquidity and Capital Resources
9			Financial Instruments
10			Risks and Uncertainties
11			Non-GAAP Financial Measures
12			Critical Accounting Policies and Estimates
13			Internal Control over Financial Reporting and Disclosure Controls and Procedures
14			Cautionary Notes Regarding Forward-Looking Information and Mineral Reserves and Mineral Resources Estimates

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL POSITION AND RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

This Management's Discussion and Analysis ("MD&A") is intended to supplement the unaudited condensed consolidated interim financial statements of SSR Mining Inc., ("SSR Mining", or the "Company") for the three and nine months ended September 30, 2021, and the related notes thereto, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as issued by the Financial Accounting Standards Board (FASB), applicable to the preparation of interim financial statements. Additionally, this MD&A should be read in conjunction with Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations and the Consolidated Financial Statements included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on February 23, 2022.

Additional information is available on SEDAR at www.sedar.com, on the EDGAR section of the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov, and on the ASX at www.asx.com.au.

This MD&A contains "forward-looking information" that are subject to risk factors set out in a cautionary note contained in Section 15 herein. The Company uses certain non-GAAP financial measures in this MD&A; for a description of each of these measures, please see the discussion under "Non-GAAP Financial Measures" in Section 11. The Company uses Mineral Reserves and Mineral Resources classifications in this MD&A, which differ significantly from the classifications required by the SEC, as set out in the cautionary note contained in Section 15.

1.THIRD QUARTER 2021 HIGHLIGHTS

▪Operational outperformance drives reduction in AISC guidance: Delivered third quarter production of 186,941 gold equivalent ounces at AISC of $947 per gold equivalent ounce.1 Year-to-date production of 583,316 gold equivalent ounces at AISC of $952 per gold equivalent ounce on track to meet full-year guidance ranges.1

▪Peer leading free cash flow generation: Generated year-to-date cash flows from operating activities of $424.4 million and free cash flow of $295.5 million.1 Reported third quarter attributable net income of $57.1 million, or $0.27 per share, and adjusted attributable net income of $88.3 million, or $0.41 per share.1

▪Year-to-date capital returns to shareholders total $181 million: At the end of Q3, SSR Mining has returned nearly $150 million to shareholders through the previously announced purchase of 8,800,700 shares, at an average share price of $16.82 per share, since the Normal Course Issuer Bid (“NCIB”) program’s inception of the program on April 19, 2021. In Q3 the company repurchased 4,800,700 shares at an average share price of $16.20 per share. In addition, the Board declared the third quarterly cash dividend of $0.05 per share on November 3, 2021.

▪Balance sheet remains strong: Cash and cash equivalents balances remained strong at $863.0 million, following $77.8 million in share buybacks, $10.7 million in dividend payments to equity shareholders, while also reducing debt balances $17.5 million during the quarter. Non-GAAP consolidated cash now totals $899.9 million.

▪Çöpler processed record tonnes in sulfide plant: Delivered gold production of 82,975 ounces in the third quarter, reporting AISC of $724 per ounce, driving robust margins.1 The sulfide plant treated a record 613,000 tonnes in the quarter. The updated Çöpler EIA, which includes the flotation circuit, was approved in October 2021. Subsequent provincial permitting for the operation of the flotation facility is in process and is expected to be completed in the fourth quarter.


SSR Mining Inc.			MD&A Q3 2021 \| 2

▪Marigold achieves record material movement: Delivered gold production of 52,049 ounces for the third quarter as the mine moved a record 25.4 million tonnes of material, due to shorter haulage cycles and increased loading fleet capacities. Quarterly gold production and costs were impacted by maintenance in the stripping circuit deferring gold recovery into the fourth quarter.

▪Seabee mill processed a record 1,400 tonnes per day in September: Produced of 22,589 ounces of gold at AISC of $914 per ounce as head grades of 7.70 g/t were in line with plan. Despite scheduled mill maintenance in the quarter, throughput averaged 991 tonnes per day.1

▪Puna continues to achieve record production year-to-date: Produced 2.2 million ounces of silver at cash costs of $9.65 per ounce in the third quarter and AISC of $11.65 per ounce.1 Year-to-date production of 6.0 million ounces of silver was a record for the period and the mine is currently tracking above full-year production and below full-year cost guidance.

▪Continued delivery of positive exploration results across the portfolio: Announced exploration results from Ardich and Seabee in the quarter, highlighting near-mine organic growth potential that is expected to be reflected in updated technical reports from both assets in 2022. Additional exploration updates are expected from Marigold, Copper Hill, and Amisk by year-end 2021.

▪Announced the sale of a non-core royalty portfolio: On July 29, 2021, the Company announced it had entered into a definitive agreement to sell a portfolio of royalty interests and deferred payments to EMX Royalty Corp. (“EMX”) for total consideration of $100 million. This consideration includes $33 million in cash, $32.5 million in EMX shares, and $34 million in deferred compensation payments to be delivered upon achievement of clearly defined project development milestones. Subsequent to the quarter’s end, the transaction closed on October 21, 2021.

2.BUSINESS OVERVIEW AND STRATEGY

Business Overview

SSR Mining is an intermediate precious metals mining company with four producing assets, located in the USA, Turkey, Canada and Argentina. The Company primarily produces gold as well as silver, lead and zinc concentrates. The production sites and a global pipeline of high-quality development and exploration properties located in the USA, Turkey, Canada, Mexico and Peru form a diversified portfolio of high-margin, long-life assets along several of the world's most prolific metal districts.

The Company has a strong balance sheet, with $863.0 million in cash and cash equivalents as at September 30, 2021, to support its growth pipeline. The Company intends to leverage its balance sheet strength 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 and Nasdaq Global Select Market (NASDAQ) and SSR on the Australian Securities Exchange.

Strategy


SSR Mining Inc.			MD&A Q3 2021 \| 3

SSR Mining's four producing assets are described below:

Çöpler Gold Mine, Turkey

Marigold Mine, USA

Seabee Gold Operation, Canada

Puna Operations, Argentina

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

3.BUSINESS DEVELOPMENTS

Payment of Dividends

During the three and nine months ended September 30, 2021, the Company paid quarterly cash dividends of $0.05 and $0.15 per common share, respectively, to equity holders of SSR Mining for total dividends of $10.7 million and $32.7 million, respectively.

Subsequent to September 30, 2021, the Board of Directors declared a quarterly cash dividend of $0.05 per common share, payable on December 13, 2021 to holders of record at the close of business on November 15, 2021.

COVID-19 Response and Impact on Operations

During the nine months ended September 30, 2021, the COVID-19 pandemic continued to impact global economic and financial markets, disrupting global supply chains and workforce participation. Many industries and businesses, including SSR Mining, continue to be impacted by the COVID-19 pandemic and face operating challenges associated with the regulations and guidelines resulting from efforts to contain COVID-19.


SSR Mining Inc.			MD&A Q3 2021 \| 4

Assets Held for Sale

On July 29, 2021, the Company announced that it had entered into a definitive agreement to sell a portfolio of royalty interests and deferred payments (the "Royalty Portfolio") to EMX royalty Corp. (“EMX”) for total consideration of $100 million, subject to certain adjustments (the “Transaction”). The Transaction closed on October 21, 2021. Accordingly, the assets within the Royalty Portfolio were classified as held for sale as of July 29, 2021 and presented separately within current assets in the consolidated statement of financial position as at September 30, 2021. The Royalty Portfolio comprises 16 net smelter return and net profit interest royalties in Turkey and the Americas, previously included in mineral properties not yet subject to depletion; and deferred consideration, arising from previous sales of certain mineral properties, previously included in exploration and evaluation assets and other non-current assets in the consolidated statements of financial position.

At June 30, 2021, prior to the classification of the assets as held for sale, the Company recognized an impairment loss of $22.3 million on the Royalty Portfolio based on the difference between the carrying amount of the assets within the Royalty Portfolio, prior to the impairment loss, and the estimated net transaction price of $85.1 million. The Company did not recognize any further impairment loss on the Royalty Portfolio during the three months ended September 30, 2021.

4.OUTLOOK

The Company expects 2021 overall production to be within production guidance, which remains unchanged from that reported on January 19, 2021. However, given the strong cost performance over the year-to-date period, AISC guidance under IFRS has been lowered from $1,050 - $1,110 per gold equivalent ounce to $1,000 - $1,040 per gold equivalent ounce.2 All other guidance remains unchanged.

Capital Returns

In recognition of SSR Mining's position as a leading and sustainable free cash flow generator in the gold sector, it is the Company's intention to return excess attributable free cash flow to shareholders through a multi-tiered capital return structure. While a recurring quarterly dividend is expected to be the primary method of capital return, the Company has also instituted a Normal Course Issuer Bid ("NCIB") program during the second quarter of 2021. As at September 30, 2021, the Company has purchased a total of 8,800,700 of its outstanding common shares at an average share price of $16.82 per share, pursuant to the NCIB. SSR Mining's base dividend remains in place, and the Company will continue to evaluate additional avenues to return capital to shareholders in the coming months.

On September 13, 2021, the Company paid its quarterly dividend payment of $0.05 per common share to shareholders of record on August 16, 2021. The declaration and payment of future dividends will be at the discretion of the Board of Directors and will be made based on the Company’s financial position and other factors relevant at the time.

2 The costs assumptions included in the these forward looking statements have historically been prepared in accordance with International Financial Reporting Standards (IFRS). The actual costs throughout this document are prepared according to United States Generally Accepted Accounting Principles (U.S. GAAP); as such, these forecasts are not directly comparative to the non-GAAP measures included in this document.


SSR Mining Inc.			MD&A Q3 2021 \| 5

5.FINANCIAL AND OPERATING HIGHLIGHTS

A summary of the Company's consolidated financial and operating results for the three and nine months ended September 30, 2021 and 2020 are presented below:


(in thousands of US dollars, except per share data)	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020 (6)			2021			2020 (6)
Financial Results
Revenue	$	322,846		$	225,412		$	1,066,280		$	482,360
Operating income	$	92,659		$	49,718		325,559			$	64,373
Gross margin (2)	29		%	22		%	31		%	13		%
Net income	$	64,179		$	47,708		$	269,423		$	70,299
Net income attributable to equity holders of SSR Mining	$	57,060		$	45,766		$	240,641		$	68,357
Basic attributable net income per share	$	0.27		$	0.33		$	1.11		$	0.53
Adjusted attributable net income (1)	$	88,265		$	65,493		$	303,498		$	83,735
Adjusted basic attributable net income per share (1)	$	0.41		$	0.47		$	1.40		$	0.65

Cash provided by operating activities							$	424,380		$	95,762
Cash provided by (used in) investing activities							$	(130,499)		$	293,668
Cash used in financing activities							$	(290,389)		$	(127,119)

Operating Results
Gold produced (oz)	157,613			88,972			498,402			226,858
Gold sold (oz)	156,388			99,497			503,378			231,626
Silver produced ('000 oz)	2,184			1,280			5,966			3,416
Silver sold ('000 oz)	1,565			1,193			5,624			3,651
Lead produced ('000 lb) (4)	10,571			3,952			26,377			10,664
Lead sold ('000 lb) (4)	7,196			3,655			21,725			11,745
Zinc produced ('000 lb) (4)	3,420			1,876			10,434			4,056
Zinc sold ('000 lb) (4)	2,287			1,557			6,948			4,141

Gold equivalent produced (oz) (5)	186,941			107,556			583,316			267,529
Gold equivalent sold (oz) (5)	176,299			115,290			579,331			271,315

Average realized gold price ($/oz sold)	$	1,792		$	1,914		$	1,804		$	1,758
Average realized silver price ($/oz sold)	$	24.06		$	26.69		$	25.67		$	20.25

Cash cost per gold equivalent ounce sold (1, 5)	$	711		$	770		$	698		$	898
AISC per gold equivalent ounce sold (1, 5)	$	947		$	1,105		$	952		$	1,359

Financial Position	September 30, 2021						December 31, 2020
Cash and cash equivalents	$	863,016					$	860,633
Current assets	$	1,508,142					$	1,423,795
Total assets	$	5,110,167					$	5,177,344
Current liabilities	$	230,946					$	249,297
Total liabilities	$	1,205,776					$	1,326,856
Working capital (3)	$	1,277,196					$	1,174,498

(2)Gross margin is defined as operating income divided by revenue.

(3)Working capital is defined as current assets less current liabilities.

(4)Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate.

(6)The data presented in this column includes operating results for Çöpler for the three and nine months ended September 30, 2020. As the Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.


SSR Mining Inc.			MD&A Q3 2021 \| 6

6.RESULTS OF OPERATIONS

Çöpler, Turkey


	Three Months Ended September 30,						Nine Months Ended September 30,
Operating Data	2021		2020 (1)		Change		2021		2020 (1)		Change
Gold produced - oxide (oz)	16,258		5,258		209	%	61,630		5,258		1,072	%
Gold produced - sulfide (oz)	66,717		14,328		366	%	175,577		14,328		1,125	%
Total gold produced (oz)	82,975		19,586		324	%	237,207		19,586		1,111	%
Gold sold (oz)	80,054		27,895		187	%	239,428		27,895		758	%

Ore mined - oxide (kt)	259		147		76	%	1,388		147		844	%
Ore mined - sulfide (kt)	1,935		99		1,855	%	6,092		99		6,054	%
Total material mined (kt)	6,259		1,063		489	%	18,370		1,063		1,628	%
Waste removed (kt)	4,065		817		398	%	10,891		817		1,233	%
Strip ratio	1.9		3.3		(42)	%	1.5		3.3		(55)	%

Ore stacked - oxide (kt)	333		121		175	%	1,691		121		1,298	%
Gold grade stacked - oxide (g/t)	0.87		1.24		(30)	%	1.25		1.24		1	%

Ore processed - sulfide (kt)	613		85		621	%	1,716		85		1,919	%
Gold grade processed - sulfide (g/t)	3.81		3.74		2	%	3.56		3.74		(5)	%
Gold recovery - sulfide (%)	90.7		89.0		2	%	91.0		89.0		2	%

Average realized gold price ($/oz sold)	$	1,793	$	1,920	(7)	%	$	1,805	$	1,920	(6)	%

Cash costs ($/oz gold sold) (2, 3)	$	589	$	615	(4)	%	$	619	$	615	1	%
AISC ($/oz gold sold) (2, 3)	$	724	$	740	(2)	%	$	761	$	740	3	%

Financial Data ($000s)
Revenue	$	145,217	$	53,566	171	%	$	437,393	$	53,566	717	%
Production costs	$	65,773	$	41,038	60	%	$	201,927	$	41,038	392	%
Depletion, depreciation and amortization	$	29,442	$	8,983	228	%	$	89,385	$	8,983	895	%
Exploration, evaluation, and reclamation costs	$	2,575	$	1,044	147	%	$	9,232	$	1,044	784	%
Operating income	$	46,880	$	4,062	1054	%	$	131,746	$	4,062	3143	%
Capital expenditures	$	7,875	$	4,420	78	%	$	27,629	$	4,420	525	%

(1)The data presented in this column includes operating results for Çöpler for the three and nine months ended September 30, 2020. As the Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

(3)Cash costs and AISC per ounce of gold sold exclude the impact of any fair value adjustment on acquired inventories as at the date of the Company's acquisition of Alacer.


SSR Mining Inc.			MD&A Q3 2021 \| 7

Third Quarter 2021 Operating and Financial Results

Production

Çöpler produced 82,975 and 237,207 ounces of gold, respectively, in the three and nine months ended September 30, 2021. Oxide production was 209% and 1,072% higher than the comparative periods in 2020 due to the timing of the acquisition of Alacer, which occurred on September 16, 2020. Due to the timing of acquisition of Alacer there was less than one month of operations at Çöpler for which the Company was entitled to the economic benefits, compared to three months and nine months of operations in 2021 for the three and nine months ended September 30, 2021, respectively.

Sulfide production was 366% and 1,125% higher than the comparative periods in 2020 due to the timing of the acquisition of Alacer.

Oxide ore tonnes mined were 76% and 844% higher than the comparative periods in 2020 due to the timing of the acquisition of Alacer.

For the three and nine months ended September 30, 2021, the sulfide plant treated 1.9 million and 6.1 million tonnes of sulfide ore, respectively, and continued to operate efficiently above design, averaging 310 dtph and 288 dtph, respectively, for the three and nine months ended September 30, 2021. Plant gold recovery averaged approximately 91% for the three and nine months ended September 30, 2021. Recovery improvement projects and operational readiness activities were a focus for the third quarter of 2021.There are no further major shutdowns scheduled for 2021.

Çöpler flotation plant construction was completed during the third quarter of 2021 on budget and schedule. Commissioning activities for water runs and equipment testing were completed in July 2021. Receipt of required permits for the flotation circuit delayed further commissioning activities. The EIA was federally approved in October 2021. Subsequent provincial permitting for the operation of the new facility is in process and is expected to be completed this quarter. The flotation will be brought online as soon as the final permit is received.

Revenue

Revenue for the third quarter of 2021 was $145.2 million as 80,054 ounces of gold were sold at an average realized gold price of $1,793 per ounce. Gold ounces sold in the third quarter of 2021 were slightly lower than production due to a build-up of finished goods inventory.

Revenue for the nine months ended September 30, 2021 was $437.4 million as 239,428 ounces of gold were sold at an average realized gold price of $1,805 per ounce.

Operating Costs

Cash costs and AISC per ounce of gold sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

Unit operating costs were in line with comparative periods in 2020. The impact of the non-cash fair value adjustments on acquired inventories and mineral interests are reflected in production costs and depletion and depreciation, respectively. These impacts have been removed in the calculation of cash costs and AISC per ounce of gold sold (refer to Section 11).

In the third quarter of 2021, cash costs per ounce of gold sold were $589, and AISC per ounce of gold sold was $724, both of which were in line with the third quarter of 2020. Construction of the tailings storage facility phases 3 and 4 is advancing ahead of operational requirements using suitable mined waste rock and stockpiled material from 2020. Permits allowing completion of stage 4, which were previously delayed, had good progress with some important approvals completed in October.

For the nine months ended September 30, 2021, cash costs per ounce of gold sold were $619 and AISC per ounce of gold sold was $761, both of which were in line with the comparative periods in 2020.


SSR Mining Inc.			MD&A Q3 2021 \| 8

Marigold, USA


	Three Months Ended September 30,						Nine Months Ended September 30,
Operating Data	2021		2020		Change		2021		2020		Change
Gold produced (oz)	52,049		49,136		6	%	177,877		157,502		13	%
Gold sold (oz)	53,371		51,702		3	%	178,491		156,117		14	%

Total material mined (kt)	25,398		20,582		23	%	74,185		62,895		18	%
Waste removed (kt)	21,346		13,890		54	%	58,664		46,092		27	%
Total ore stacked (kt)	4,052		6,692		(39)	%	15,521		16,803		(8)	%
Gold stacked grade (g/t)	0.39		0.43		(9)	%	0.41		0.35		17	%
Strip ratio	5.3		2.1		152	%	3.8		2.7		41	%





Average realized gold price ($/oz sold)	$	1,793	$	1,912	(6)	%	$	1,802	$	1,735	4	%

Cash costs ($/oz gold sold) (1)	$	943	$	976	(3)	%	$	870	$	980	(11)	%
AISC ($/oz gold sold) (1)	$	1,127	$	1,279	(12)	%	$	1,140	$	1,278	(11)	%

Financial Data ($000s)
Revenue	$	95,607	$	98,748	(3)	%	$	321,113	$	270,615	19	%
Production costs	$	50,281	$	50,750	(1)	%	$	155,582	$	152,785	2	%
Depletion, depreciation and amortization	$	8,023	$	8,037	—	%	$	25,438	$	23,826	7	%
Exploration, evaluation, and reclamation costs	$	569	$	1,008	(44)	%	$	2,262	$	2,995	(24)	%
Operating income	$	36,734	$	39,057	(6)	%	$	137,934	$	90,650	52	%
Capital expenditures	$	8,126	$	14,248	(43)	%	$	43,412	$	42,384	2	%

Third Quarter 2021 Operating and Financial Results

Production

Mined tonnes and gold production for the nine months ended September 30, 2021 were a record for Marigold.

In the third quarter of 2021, 25.4 million tonnes of material were mined, a 23% increase compared to the third quarter of 2020. The increases are attributable to 20% shorter haulage cycles and increased loading fleet capacities. Marigold produced 52,049 ounces of gold, an increase of 6% compared to the third quarter of 2020. This increase was as a result of a 19% increase in stacked recoverable ounces in the first quarter of 2021 compared to the first quarter of 2020. Some gold production was delayed from Q3 to Q4 2021 due to unplanned maintenance of the carbon strip vessels. This resulted in an increased gold inventory on carbon at the end of Q3 2021, which will now be poured in Q4 2021. 4.1 million tonnes of ore were stacked at a gold grade of 0.39 g/t. This compares to 6.7 million tonnes of ore stacked at a gold grade of 0.43 g/t in the third quarter of 2020. The lower ore tonnes and grades delivered in the third quarter of 2021 as compared to the third quarter 2020 are associated with the planned transition to waste stripping in Mackay 4-Phase 2 and the 5 North Pit.

For the nine months ended September 30, 2021, 15.5 million tonnes of ore were stacked at a gold grade of 0.41 g/t compared to 16.8 million tonnes of ore stacked at a gold grade of 0.35 g/t for the nine months ended September 30, 2020. The 8% decrease in ore tonnage was offset by an 17% increase in gold grade as compared to the nine months ended September 30, 2020. These changes were driven by the planned mining of the higher-grade portions of Mackay 4 and Mackay 8. For the nine months ended September 30, 2021, 177,877 ounces of gold were produced compared to 157,502 ounces of gold produced over the same period of 2020. This was the result of a 9.6% increase in stacked recoverable ounces during the nine months ended September 30, 2021 compared to the same period in 2020.


SSR Mining Inc.			MD&A Q3 2021 \| 9

Revenue

Revenue decreased by 3% to $95.6 million in the third quarter of 2021 compared to the third quarter of 2020, due to a 6% decrease in the average realized gold price, offset by 3% more ounces sold. Gold ounces sold in the third quarter of 2021 were in line with production.

Revenue increased by 19% for the nine months ended September 30, 2021 as compared to the same period in the prior year, due to 14% more ounces sold and a 4% increase in the average realized gold price.

Operating Costs

Cash costs and AISC per ounce of gold sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

Cash costs per ounce of gold sold for the third quarter of 2021 were $943 which is in line compared to the same period of 2020.

AISC per ounce of gold sold was $1,127, a 12% decrease compared to the third quarter of 2020, primarily due to lower sustaining capital expenditures.

Cash costs per ounce of gold sold for the nine months ended September 30, 2021 were $870, a 11% decrease compared to the same period of 2020, primarily due to 14% more gold ounces sold as the result of higher grade ore placed on the leach pad.

AISC per ounce of gold sold for the nine months ended September 30, 2021 was $1,140, a 11% decrease compared to the same period of 2020 primarily due to 14% more gold ounces sold.

Seabee, Canada


	Three Months Ended September 30,						Nine Months Ended September 30,
Operating Data	2021		2020		Change		2021		2020		Change
Gold produced (oz)	22,589		20,249		12	%	83,318		49,770		67	%
Gold sold (oz)	22,963		19,900		15	%	85,459		47,614		79	%

Total ore milled (t)	91,174		66,409		37	%	269,310		155,690		73	%
Ore milled per day (t/day)	991		722		37	%	986		568		74	%
Gold mill feed grade (g/t)	7.70		10.17		(24)	%	9.75		10.27		(5)	%
Gold recovery (%)	98.0		98.6		(1)	%	98.2		98.3		—	%





Average realized gold price ($/oz sold)	$	1,786	$	1,913	(7)	%	$	1,803	$	1,739	4	%

Cash costs ($/oz sold) (1)	$	606	$	501	21	%	$	513	$	551	(7)	%
AISC ($/oz sold) (1)	$	914	$	990	(8)	%	$	830	$	1,294	(36)	%

Financial Data ($000s)
Revenue	$	40,966	$	38,035	8	%	$	153,800	$	82,736	86	%
Production costs	$	15,077	$	10,252	47	%	$	47,105	$	26,154	80	%
Depletion, depreciation and amortization	$	10,023	$	7,282	38	%	$	32,145	$	17,186	87	%
Exploration, evaluation, and reclamation costs	$	3,621	$	1,161	212	%	$	9,977	$	4,233	136	%
Operating income (loss)	$	12,253	$	18,616	(34)	%	$	64,554	$	23,245	178	%
Capital expenditures	$	10,926	$	9,616	14	%	$	33,493	$	24,647	36	%


SSR Mining Inc.			MD&A Q3 2021 \| 10

Third Quarter 2021 Operating and Financial Results

Production

In the third quarter of 2021, Seabee produced 22,589 ounces of gold, a 12% increase compared to the same period in the prior year when production was temporarily suspended for part of the period in response to COVID-19.

For the nine months ended September 30, 2021, Seabee produced 83,318 ounces of gold, a 67% increase compared to the same period in the prior year, reflecting that the mill was fully operational in 2021 while in 2020 production was temporarily suspended in response to COVID-19.

During the third quarter of 2021, gold mill feed grade was 7.70 g/t. For the nine months ended September 30, 2021, gold mill feed grade was 9.75 g/t compared to 10.27 g/t, a 5% decrease compared to the same period in the prior year due to lower grade ore that was mined and milled.

Revenue

In the third quarter of 2021, revenue was $41.0 million as 22,963 ounces of gold were sold at an average realized gold price of $1,786 per ounce. Gold ounces sold in the third quarter of 2021 were in line with gold production.

Revenue increased by 86% for the nine months ended September 30, 2021 as compared to the same period in the prior year, due to 79% more ounces sold and a 4% increase in the average realized gold price. The increase in sales volume was due to higher production associated with full operations throughout the nine months of 2021 compared to the shutdown for part of the period in 2020.

Operating Costs

Cash costs and AISC per ounce of gold sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

In the third quarter of 2021, cash costs per ounce of gold sold were $606 and AISC per ounce of gold sold was $914.

For the nine months ended September 30, 2021, cash costs per ounce of gold sold were $513, a 7% decrease compared to the same period in the prior year, due to lower unit mining costs driven by 67% higher gold production, partially offset by an increase in mill processing costs due to increased maintenance during the period. Certain operating costs incurred during 2020 were classified as care and maintenance due to the COVID-19 related shutdown of operations.

For the nine months ended September 30, 2021, AISC per ounce of gold sold was $830, a 36% decrease compared to the same period in 2020, due to lower cash costs, care and maintenance expense, and a decrease in capital expenditures per gold ounce sold.


SSR Mining Inc.			MD&A Q3 2021 \| 11

Puna, Argentina


	Three Months Ended September 30,						Nine Months Ended September 30,
Operating Data	2021		2020		Change		2021		2020		Change
Silver produced ('000 oz)	2,184		1,280		71	%	5,966		3,416		75	%
Silver sold ('000 oz)	1,565		1,193		31	%	5,624		3,651		54	%
Lead produced ('000 lb) (1)	10,571		3,952		167	%	26,377		10,664		147	%
Lead sold ('000 lb) (1)	7,196		3,655		97	%	21,725		11,745		85	%
Zinc produced ('000 lb) (1)	3,420		1,876		82	%	10,434		4,056		157	%
Zinc sold ('000 lb) (1)	2,287		1,557		47	%	6,948		4,141		68	%

Total material mined (kt)	2,956		901		228	%	8,216		2,945		179	%
Waste removed (kt)	2,519		722		249	%	7,165		2,439		194	%
Strip ratio	5.8		4.0		45	%	6.8		4.8		42	%

Ore milled (kt)	422		285		48	%	1,214		703		73	%
Silver mill feed grade (g/t)	167		150		11	%	160		154		4	%
Lead mill feed grade (%)	1.20		0.71		69	%	1.07		0.77		39	%
Zinc mill feed grade (%)	0.54		0.57		(5)	%	0.60		0.51		18	%
Silver recovery (%)	96.3		93.5		3	%	95.7		94.2		2	%
Lead recovery (%)	94.4		88.3		7	%	92.4		89.8		3	%
Zinc recovery (%)	67.9		52.4		30	%	64.9		51.2		27	%





Average realized silver price ($/oz)	$	24.06	$	26.69	(10)	%	$	25.67	$	20.25	27	%

Cash costs ($/oz silver sold) (2)	$	9.65	$	9.87	(2)	%	$	10.68	$	13.71	(22)	%
AISC ($/oz silver sold) (2)	$	11.65	$	16.51	(29)	%	$	12.73	$	20.31	(37)	%

Financial Data ($000s)
Revenue	$	41,056	$	35,063	17	%	$	153,974	$	75,443	104	%
Production costs	$	23,390	$	13,723	70	%	$	78,716	$	53,966	46	%
Depletion, depreciation and amortization	$	4,470	$	3,997	12	%	$	14,763	$	10,721	38	%
Exploration, evaluation, and reclamation costs	$	442	$	485	(9)	%	$	1,308	$	1,521	(14)	%
Operating income	$	12,599	$	10,996	15	%	$	57,411	$	(6,991)	(921)	%
Capital expenditures	$	2,385	$	4,221	(43)	%	$	7,906	$	8,082	(2)	%

(1)Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate.

Third Quarter 2021 Operating and Financial Results

Production

Production for the third quarter of 2021 was a record quarter for Puna.

During the third quarter of 2021, Puna produced 2.2 million ounces of silver, a 71% increase compared to the third quarter of 2020 as the mill was fully operational and ramped up in 2021 while in 2020 production was temporarily suspended for part of the period in response to COVID-19. Lead and zinc production were significantly higher than the third quarter of 2020 for the same reason. Processed ore contained an average silver grade of 167 g/t which was 11% above the third quarter of 2020.

For the nine months ended September 30, 2021, Puna produced 6.0 million ounces of silver, a 75% increase compared to the same period in prior year as the mill was fully operational in 2021, while in 2020, production was temporarily suspended in


SSR Mining Inc.			MD&A Q3 2021 \| 12

response to COVID-19. Processed ore contained an average silver grade of 160 g/t, a 4% increase compared to the same period in the prior year.

Revenue

Revenue increased by 17% in the third quarter of 2021 compared to the third quarter of 2020, due to a 31% increase in silver ounces sold, partially offset by a 10% decrease in the average realized silver price. Silver ounces sold in the third quarter of 2021 were lower than expected due to shipment delays caused by a labor strike at the Port of Montevideo in Uruguay during the second half of September 2021.

Revenue for the nine months ended September 30, 2021 increased by 104% compared to the same period in the prior year due to a 54% increase in silver ounces sold and a 27% increase in the average realized silver price.

Operating Costs

Cash costs and AISC per ounce of silver sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 11.

In the third quarter of 2021, cash costs per ounce of silver sold were $9.65, in line with the prior period.

AISC per ounce of silver sold was $11.65, a decrease of 29% compared to the third quarter of 2020 due to more silver ounces sold, as well as care and maintenance costs that were incurred in 2020 but not in 2021.

For the nine months ended September 30, 2021, cash costs per ounce of silver sold were $10.68, a decrease of 22% compared to the same period in the prior year due to lower mining and processing unit costs as a result of higher average daily throughput.

For the nine months ended September 30, 2021, AISC per ounce of silver sold was $12.73, a decrease of 37% compared to the same period in the prior year due to higher production rates and lower cash costs, as well as care and maintenance costs that were incurred in 2020 but not in 2021.

Operational Excellence (OE)

Continuous Improvement (CI)

CI is the foundation of OE and includes the application of and leveraging continuous improvement tools and processes across the group. This includes lean, Six Sigma, Management Operating Systems and value stream mapping. A baseline diagnostic assessment, aided by experienced consultancies, was completed during the third quarter of 2021 for Marigold, Seabee and Çöpler. Opportunities identified have been evaluated and prioritized for implementation. Implementation of the opportunities will form part of the 2022 Budget and Continuous Improvement program. Productivity, efficiency and supply chain projects are already underway across the business.

Innovation

The innovation program aims to improve the business, with a current focus on Advanced Analytics (AA), Artificial Intelligence (AI) and simulation. The OE&I group is leading and supporting several projects, including leveraging lessons from the successful AA/AI project at Çöpler (acidulation) into the Puna flotation circuits Machine Learning project. A digital twin is also being constructed for Marigold to provide an environment for simulation to test and tune mine optimization opportunities. The Company continues to evaluate innovation opportunities to improve and potentially create step change in the business.


SSR Mining Inc.			MD&A Q3 2021 \| 13

7.FINANCIAL RESULTS


	Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q3 2020 (5)			Q2 2020 (5)
Revenue	$	322.8		$	377.0		$	366.5		$	370.7		$	225.4		$	92.5
Operating Income	$	92.7		$	103.7		$	129.2		$	123.9		$	49.7		$	(6.0)
Gross margin (1)	29		%	28		%	35		%	33		%	22		%	(6)		%
Net Income	$	64.2		$	77.8		$	127.5		$	86.9		$	47.7		$	16.4
Attributable net income (loss) to equity holders of SSR Mining	$	57.1		$	74.7		$	108.9		$	83.2		$	45.8		$	16.4

Basic attributable net income (loss) per share	$	0.27		$	0.34		$	0.50		$	0.50		$	0.33		$	0.13

Gold equivalent ounces sold (2)	176,299			201,504			201,494			194,862			115,312			51,559

Average realized gold price ($/oz) (3)	$	1,792		$	1,820		$	1,798		$	1,880		$	1,914		$	1,722
Average realized silver price ($/oz) (3)	$	24.06		$	26.56		$	26.02		$	24.78		$	26.69		$	15.45

Average FX rate TRY per 1 USD	8.54			8.36			7.36			7.89			7.21			6.85
Average FX rate ARS per 1 USD	97.24			94.01			88.60			80.05			73.33			67.68
Average FX rate CAD per 1 USD	1.27			1.23			1.27			1.30			1.33			1.39

Cash and cash equivalents	863.0			870.4			866.0			860.6			733.6			461.7
Total assets	5,110.2			5,153.9			5,203.0			5,177.3			5,008.8			1,570.3
Working capital (4)	1,277.2			1,225.0			1,205.2			1,174.5			1,011.4			673.4
Non-current liabilities	974.8			986.0			1,023.2			1,077.6			1,037.3			413.2

(1)Gross margin is defined as operating income divided by revenue.

(4)Working capital is defined as current assets less current liabilities.

(5)The Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

The volatility in revenue over the past six quarters has resulted from variations in precious metals prices, which are not under the Company's control, sales volumes and the acquisition of Çöpler. There are no significant seasonal fluctuations in the results for the presented periods. Over the past six quarters, average realized gold prices have ranged between $1,722 and $1,914 per ounce and average realized silver prices have ranged between $15.45 and $26.69 per ounce. Sales volumes have benefited from the acquisition of Çöpler, generally increasing production at Seabee and Puna, as well as normal production variations at Marigold due to its nature as a run-of-mine heap leach operation. During the second quarter of 2020, as a result of the temporary suspensions at Seabee and Puna in response to the COVID-19 pandemic, sales volumes decreased significantly, negatively impacting revenue. During the third and fourth quarters of 2020, revenue was positively impacted by the acquisition of Alacer Gold Corp. which added gold sales at Çöpler.


SSR Mining Inc.			MD&A Q3 2021 \| 14

REVIEW OF THIRD QUARTER FINANCIAL RESULTS

Three months ended September 30, 2021 compared to the three months ended September 30, 2020

(expressed in thousands of USD, except for per share amounts)

Net income attributable to SSR Mining shareholders for the three months ended September 30, 2021 was $57.1 million ($0.27 per share), compared to net income of $45.8 million ($0.33 per share) for the three months ended September 30, 2020. The following is a summary and discussion of the significant components of income and expenses recognized during the three months ended September 30, 2021 compared to the same period in the prior year.


	Three Months Ended September 30,
	2021		2020 (1)
Revenue	$	322,846	$	225,412
Operating Costs and Expenses:
Production costs	154,521		115,763
Depreciation, depletion, and amortization	51,958		28,299
General and administrative expense	11,970		2,103
Exploration, evaluation, and reclamation costs	11,058		7,244
Care and maintenance expense	—		6,611
Impairment of long-lived and other assets	5		—
Transaction, integration and SEC conversion expense	675		15,674
Operating income	92,659		49,718
Other income (expense):
Interest expense	(4,732)		(3,983)
Other income (expense)	(6,853)		11,408
Foreign exchange gain (loss)	(1,595)		(1,621)
Total other income (expense)	(13,180)		5,804
Income before income and mining taxes	79,479		55,522
Income and mining tax benefit (expense)	(14,285)		(7,302)
Equity loss of affiliates	(1,015)		(512)
Net income	64,179		47,708
Net loss (income) attributable to non-controlling interest	(7,119)		(1,942)
Net income attributable to SSR Mining shareholders	$	57,060	$	45,766

(1)The data presented includes operating results for Çöpler. As the Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.

Revenue

Revenue increased by $97.4 million, or 43%, to $322.8 million for the three months ended September 30, 2021, compared to $225.4 million in the comparative period of 2020. The increase was mainly due to $145.2 million in gold sales at Çöpler for the third quarter of 2021, as well as higher gold sales at Seabee and higher silver sales at Puna. Gold sales at Seabee were $41.0 million compared to $38.0 million in the comparative period of 2020 due to a 15% increase in the volume of gold ounces sold, offset by a 7% decrease in the average realized gold price. Silver sales at Puna were $6.0 million, or 17%, higher than the comparative period of 2020 due to a 31% increase in the volume of silver ounces sold, offset by a 10% decrease in the average realized silver price.


SSR Mining Inc.			MD&A Q3 2021 \| 15

Production costs

Production costs increased by $38.8 million, or 33%, to $154.5 million for the three months ended September 30, 2021, compared to $115.8 million in the comparative period of 2020. The increase in production costs was mainly due to $65.8 million in production costs at Çöpler, which includes $17.2 million of fair value adjustments on inventories held at the time of the acquisition that were subsequently processed and sold. Production costs at Seabee were $15.1 million compared to $10.3 million in the comparative period of 2020 due to 15% higher gold sales volumes, offset partially by lower unit production costs. Production costs were 70% higher at Puna mainly due to 31% higher silver sales volumes, driven by higher plant throughput. Production costs at Marigold were in line with prior period.

Depreciation, depletion, and amortization


Three Months Ended September 30,	2021		2020 (1)		Change
Depreciation, depletion, and amortization	$	51,958	$	28,299	84	%
Gold equivalent ounces sold	176,299		115,290		53	%
Depletion, depreciation, and amortization per gold equivalent ounce sold	$	295	$	245	20	%

Depreciation, depletion, and amortization increased by $23.7 million, or 84%, to $52.0 million for the three months ended September 30, 2021 compared to $28.3 million for the comparative period of 2020. The increase in depreciation, depletion, and amortization was mainly due to $29.4 million in depreciation, depletion, and amortization at Çöpler.

General and administrative expense

General and administrative expense for the three months ended September 30, 2021 was $12.0 million compared to $2.1 million for the comparative period of 2020. The increase in general and administrative expense was primarily related to a larger combined organization following the acquisition of Alacer, covering more locations and jurisdictions. Further, the insurance market has hardened this year across almost all insurance policy types and the Company is therefore experiencing increased rates as a result of the pricing change in the market.

Exploration, evaluation, and reclamation costs

Exploration, evaluation, and reclamation costs for the three months ended September 30, 2021 was $11.1 million compared to $7.2 million for the comparative period of 2020. Exploration and evaluation work in the third quarter of 2020 was restricted by COVID-19. The expenditures incurred during the third quarter of 2021 mainly relate to brownfield exploration work at Çöpler, particularly around the Saddle target and Ardich, Marigold's Trenton Canyon and work at Seabee. The expenditures incurred during the third quarter of 2020 mainly related to greenfield exploration work performed at Trenton Canyon and Seabee.

Transaction, integration and SEC conversion expense

Transaction, integration, and SEC conversion expense for the three months ended September 30, 2021 was $0.7 million compared to $15.7 million for the comparative period of 2020. These costs are associated with one-time integration costs related to the Alacer merger and as the result of the Company's conversion to US GAAP.

Interest expense

Interest expense and other finance costs for the three months ended September 30, 2021 were $4.7 million compared to $4.0 million for the comparative period of 2020. The increase in interest expense is mainly due to the Air Liquide oxygen plant lease at Çöpler following the acquisition of Alacer.

Foreign exchange gain (loss)

Foreign exchange loss for the three months ended September 30, 2021 was $1.6 million compared to a foreign exchange loss of $1.6 million for the comparative period of 2020. The Company's main foreign exchange exposures are related to net monetary assets and liabilities denominated in ARS, CAD and TRY. During the three months ended September 30, 2021, the foreign exchange loss was mainly due to a weakening of the ARS against the USD and its impact on ARS-denominated assets at Puna,


SSR Mining Inc.			MD&A Q3 2021 \| 16

offset partially by a weakening of the TRY against the USD and its impact on TRY-denominated liabilities at Çöpler. During the three months ended September 30, 2020, the foreign exchange loss was mainly due to a weakening of the ARS against the USD and its impact on our ARS-denominated assets at Puna.

Other income (expense)

Other income (expense) for the three months ended September 30, 2021 was an expense of $6.9 million compared to other income of $11.4 million for the comparative period of 2020. The change is mainly due to change in fair value of the Company's marketable securities.

Income and mining tax benefit (expense)

Income tax expense for the three months ended September 30, 2021 was $14.3 million compared to an income tax expense of $7.3 million for the comparative period of 2020.

The tax expense in the third quarter of 2021 was a result of profitable operations at all of the Company's mines, as well as gold and metal concentrate sales activities in Canada, partially offset by the impact of general and administrative expenses deductible in Canada.

The tax expense in the third quarter of 2020 was a result of profitable operations at all of our mines, as well as gold and metal concentrate sales activities in Canada, in addition to the impact of general and administrative expenses incurred in Canada.

Nine months ended September 30, 2021 compared to the nine months ended September 30, 2020

(expressed in thousands of USD, except for per share amounts)

Net income attributable to SSR Mining shareholders for the nine months ended September 30, 2021 was $240.6 million (1.11 per share), compared to net income of $68.4 million (0.53 per share) for the nine months ended September 30, 2020. The following is a summary and discussion of the significant components of income and expenses recognized during the nine months ended September 30, 2021 compared to the same period in the prior year.


	Nine Months Ended September 30,
	2021		2020 (1)
Revenue	$	1,066,280	$	482,360
Operating Costs and Expenses:
Production costs	483,330		273,943
Depreciation, depletion, and amortization	161,731		60,716
General and administrative expense	34,936		17,591
Exploration, evaluation, and reclamation costs	32,310		19,561
Care and maintenance expense	—		27,697
Impairment of long-lived and other assets	22,354		—
Transaction, integration and SEC conversion expense	6,060		18,479
Operating income	325,559		64,373
Other income (expense):
Interest expense and other finance costs	(14,567)		(9,239)
Other income (expense)	(8,646)		19,329
Foreign exchange (loss) gain	(2,904)		(785)
Total other income (expense)	(26,117)		9,305
Income before income and mining taxes	299,442		73,678
Equity loss of affiliates	(2,536)		(512)
Income tax expense	(27,483)		(2,867)
Net income	269,423		70,299
Net loss (income) attributable to non-controlling interest	(28,782)		(1,942)
Net income attributable to SSR Mining shareholders	$	240,641	$	68,357


SSR Mining Inc.			MD&A Q3 2021 \| 17

Revenue

Revenue increased by $583.9 million, or 121%, to $1,066.3 million for the nine months ended September 30, 2021, compared to $482.4 million in the comparative period of 2020. The increase was mainly due to $437.4 million in gold sales at Çöpler for the nine months ended September 30, 2021, in addition to higher gold sales at Seabee and Marigold and higher silver sales at Puna. Gold sales at Seabee were $71.1 million, or 86%, higher than the comparative period of 2020 due to a 79% increase in the volume of gold ounces sold, driven by higher production as a result of no COVID-19 related shutdowns in 2021, and a 4% increase in the average realized gold price. Gold sales at Marigold were $50.5 million, or 19%, higher than the comparative period of 2020 due to a 14% increase in the volume of gold ounces sold and a 4% increase in the average realized gold price. Silver sales at Puna were $78.5 million, or 104% higher than the comparative period of 2020 due to a 54% increase in the volume of silver ounces sold, driven by higher production as a result of no COVID-19 related shutdowns in 2021, and a 27% increase in the average realized silver price.

Production costs

Production costs increased by $209.4 million, or 76%, to $483.3 million for the nine months ended September 30, 2021, compared to $273.9 million in the comparative period of 2020. The increase in production costs was mainly due to $201.9 million in production costs at Çöpler, which includes $49.2 million of fair value adjustments on inventories held at the time of the acquisition that were subsequently processed and sold. Production costs were 2% higher at Marigold mainly due to 14% higher gold sales volumes, offset partially by lower unit production costs. Production costs were 80% higher at Seabee mainly due to 79% higher gold sales volumes, driven by higher production as a result of no COVID-19 related shutdowns in 2021. Production costs were 46% higher at Puna mainly due to 54% higher silver sales volumes, offset partially by lower unit production costs.

Depreciation, depletion, and amortization


Nine Months Ended September 30,	2021		2020 (1)		Change
Depreciation, depletion, and amortization	$	161,731	$	60,716	166	%
Gold equivalent ounces sold	579,331		271,315		114	%
Depletion, depreciation, and amortization per gold equivalent ounce sold	$	279	$	224	25	%

Depreciation, depletion, and amortization increased by $101.0 million, or 166%, to $161.7 million for the nine months ended September 30, 2021 compared to $60.7 million for the comparative period of 2020. The increase in depreciation, depletion, and amortization was mainly due to $89.4 million in depreciation, depletion, and amortization at Çöpler. In addition, at Seabee, depreciation, depletion, and amortization increased by $15.0 million, or 87% due to the temporary suspension of operations in response to COVID-19 in 2020.

General and administrative expense

General and administrative expense for the nine months ended September 30, 2021 was $34.9 million compared to $17.6 million for the comparative period of 2020. The increase in general and administrative expense is primarily related to a larger combined organization following the acquisition of Alacer that covers more locations and jurisdictions. Further, the insurance market has hardened this year across almost all insurance policy types and the Company is experiencing increased rates as a result of the pricing change in the market.

Exploration, evaluation, and reclamation costs

Exploration, evaluation, and reclamation costs for the nine months ended September 30, 2021 was $32.3 million compared to $19.6 million for the comparative period of 2020. Exploration and evaluation work in the nine months ended September 30, 2020 was severely restricted by COVID-19. The expenditures incurred during the nine months ended September 30, 2021 mainly relate to brownfield exploration work at Çöpler, particularly around the Saddle target and Ardich, Trenton Canyon and work at Seabee. The expenditures incurred during the nine months ended September 30, 2020 mainly related to greenfield exploration work performed at Trenton Canyon and Seabee.


SSR Mining Inc.			MD&A Q3 2021 \| 18

Impairment of long-lived and other assets

Impairment loss for the nine months ended September 30, 2021 was $22.4 million compared to nil for the comparative period of 2020. The Company recognized an impairment loss related to the Royalty Portfolio, based on the difference between the carrying amount of the assets within the Royalty Portfolio, prior to the impairment loss, and the estimated net transaction price.

Transaction, integration and SEC conversion expense

Transaction, integration expense, and SEC conversion expense for the nine months ended September 30, 2021 was $6.1 million compared to $18.5 million for the comparative period of 2020. These costs are associated with the acquisition and integration activities related to the merger with Alacer and as the result of the Company's conversion to US GAAP.

Interest expense

Interest expense for the nine months ended September 30, 2021 were $14.6 million compared to $9.2 million for the comparative period of 2020. The increase in interest expense is mainly due to the addition of interest expense associated with the Term Loan and the Air Liquide oxygen plant lease following the acquisition of Alacer.

Other income (expense)

Other income (expense) for the nine months ended September 30, 2021 was an expense of $8.6 million compared to other income of $19.3 million for the comparative period of 2020. The change is mainly due to the change in fair value of the Company's marketable securities.

Foreign exchange gain (loss)

Foreign exchange loss for the nine months ended September 30, 2021 was $2.9 million compared to a foreign exchange loss of $0.8 million for the comparative period of 2020. The Company's main foreign exchange exposures are related to net monetary assets and liabilities denominated in ARS, CAD and TRY. During the nine months ended September 30, 2021, the foreign exchange loss was mainly due to a weakening of the ARS against the USD and its impact on ARS-denominated assets at Puna, offset partially by a weakening of the TRY against the USD and its impact on TRY-denominated liabilities at Çöpler. During the nine months ended September 30, 2020, the Company recognized a foreign exchange loss due to a weakening of the ARS and its impact on our ARS-denominated assets at Puna, offset partially by a foreign exchange gain on our corporate CAD-denominated liabilities during the first quarter of 2020, as the CAD weakened, in addition to a foreign exchange gain on corporate-denominated cash and cash equivalents balance during the second and third quarters of 2020 as the CAD strengthened.

Income and mining tax benefit (expense)

Income tax expense for the nine months ended September 30, 2021 was $27.5 million compared to an expense of $2.9 million for the comparative period of 2020. The tax expense in the first nine months of 2021 was a result of profitable operations at all of the Company's mines, as well as gold and metal concentrate sales activities in Canada, partially offset by the impact of general and administrative expenses deductible in Canada.

The tax expense for the nine months ended September 30, 2020 is a result of profitable operations at Çöpler, Marigold and Seabee, in addition to gold and metal concentrate sales activities in Canada, offset partially by the impact of care and maintenance expenses related to the temporary suspension of operations at Seabee and Puna, as well as the impact of general and administrative expenses incurred in Canada.


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8.LIQUIDITY AND CAPITAL RESOURCES

The following table summarizes the Company's cash flow activity:

(expressed in thousands of USD, except for per share amounts)


	Nine Months Ended September 30,
	2021		2020 (1)
Cash generated by operating activities	$	424,380	$	95,762
Cash (used in) generated by investing activities	(130,499)		293,668
Cash (used in) generated by financing activities	(290,389)		(127,119)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(1,102)		557
Increase (decrease) in cash, cash equivalents and restricted cash	2,390		262,868
Cash, cash equivalents, and restricted cash, beginning of period	895,921		505,985
Cash, cash equivalents, and restricted cash, end of period	$	898,311	$	768,853

Cash (used in) generated by operating activities

For the nine months ended September 30, 2021, cash generated by operating activities was $424.4 million compared to cash generated by operating activities of $95.8 million in the comparative period of 2020. The increase in cash generated by operating activities compared to the comparative period of 2020 is mainly due to higher operating income across all mine operations. Çöpler generated operating income of $131.7 million, while operating income increased by $64.4 million, $41.3 million and $47.3 million at Puna, Seabee and Marigold, respectively, compared to the comparative period of 2020. This increase was offset partially by increases in trade receivables at Puna in the second quarter of 2021 due to timing of concentrate sales during the first half of 2021 and decreases in accounts payable and accrued liabilities from payment of royalties particularly related to Çöpler.

Cash (used in) generated by investing activities

For the nine months ended September 30, 2021, cash used in investing activities was $130.5 million compared to cash generated by investing activities of $293.7 million in the comparative period of 2020. The increase in cash used in investing activities compared to the comparative period of 2020 is mainly due to the one-time receipt of $303.4 million in cash from the acquisition of Alacer in Q3 2020. The increase in cash used in investing activities is also due to a $49.0 million increase in plant and equipment purchases which includes $5.5 million of capitalized exploration costs.

Cash (used in) generated by financing activities

For the nine months ended September 30, 2021, cash used in financing activities was $290.4 million compared to cash used in financing activities of $127.1 million in the comparative period of 2020. For the nine months ended September 30, 2021, cash used in financing activities was primarily related to $148.1 million of common shares repurchased under the Company's share re-purchase program, $55.5 million of dividends paid to the non-controlling interest in Çöpler and $32.7 million$32.7 million of dividends paid to equity holders of SSR Mining. For the nine months ended September 30, 2020, cash used in financing activities was primarily related to the redemption of $115.0 million of convertible notes.

Liquidity


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At September 30, 2021, the Company had $898.3 million of cash, cash equivalents, and restricted cash, an increase of $2.4 million from December 31, 2020, mainly due to positive income from mine operations generated at each of the Company's operations, offset partially by financing and investing cash outflows.

At September 30, 2021, the Company's working capital position was $1,277.2 million, an increase of $102.7 million from $1,174.5 million at December 31, 2020. At September 30, 2021, the Company held $814.2 million of its cash, cash equivalents, and restricted cash balance in USD. Additionally, $1.0 million of cash, cash equivalents, and restricted cash was held in TRY and $32.7 million was held in ARS.

Capital Resources

The Company's objectives when managing capital are to:

▪safeguard its ability to continue as a going concern in order to develop and operate its current projects and pursue strategic growth initiatives; and

▪maintain a flexible capital structure which lowers its cost of capital.

The Amended Credit Facility may be used by the Company for working capital, reclamation bonding and other general corporate purposes. Amounts drawn under the Amended Credit Facility are subject to variable interest rates at LIBOR plus an applicable margin ranging from 2.00% to 3.00%, based on the Company's net leverage ratio. Undrawn amounts are subject to a standby fee ranging from 0.40% to 0.60%, based on the Company's net leverage ratio. As of September 30, 2021, the amended credit facility is undrawn.

As of September 30, 2021, the Company was in compliance with its externally-imposed financial covenants in relation to the Term Loan and Credit Facility. The Company does not have any financial covenants in relation to the 2019 Notes.

Many interbank offer rates (IBORs) are expected to be replaced by new alternative benchmark rates in the next few years. The Company's Term Loan, Credit Facility and interest rate swap contracts are indexed to London interbank offered rates ("LIBOR") that have not yet transitioned to alternative benchmark rates at the end of the current reporting period. For the Credit Facility, the Company has implemented fallback language in the loan agreements to allow for a transition from LIBOR to either the Secured Overnight Financing Rate ("SOFR") or an alternative benchmark reference rate as agreed upon by the Company and respective syndicate of lenders. For the Term Loan, the Company is currently working with the syndicate of lenders to assess the potential alternatives to the use of LIBOR. For the interest rate swap contracts, considering the short term to maturity, as well as the current expected timing of changes to alternative benchmark rates, the Company does not expect to transition to an alternative benchmark rate.


SSR Mining Inc.			MD&A Q3 2021 \| 21

Outstanding share data

As at September 30, 2021, the Company had 211,806,942 common shares and 358,925 stock options outstanding. The stock options outstanding are exercisable into common shares at exercise prices ranging between C$7.27 and C$29.09 per share.

The Company's authorized capital consists of an unlimited number of common shares without par value. As at November 3, 2021, the following common shares and options were outstanding:


	Number of shares	Exercise price	Remaining life
		CAD $	(years)
Capital stock	211,811,412
Stock options	358,925	7.27 - 29.09	0.23 - 5.56
Other share-based compensation awards	1,142,252		0.04 - 8.16
Fully diluted	213,312,589


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9.FINANCIAL INSTRUMENTS

a)Market Risk

(i)Price Risk

This is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market prices.

The Company has not hedged the price of any metal as part of its overall corporate strategy.

During the second quarter of 2021, the Company did not enter into any additional diesel hedges at Marigold and Seabee. As at September 30, 2021, the Company has not hedged future anticipated diesel consumption at Çöpler or Puna. If and when it is determined to be favorable, the Company may execute additional diesel fuel hedges under its risk management policy.

(ii)Currency Risk

Currency risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in foreign exchange rates. Exchange rate fluctuations affect the costs the Company incurs at its operations. Gold, silver, lead and zinc are sold in USD and the Company's costs are principally in USD, TRY, CAD and ARS. The appreciation or depreciation of foreign currencies against the USD can increase or decrease the cost of metal production and capital expenditures in USD terms. The Company is also exposed to currency risk arising from cash, cash equivalents and restricted cash held in foreign currencies, marketable securities, accounts receivable and other financial assets, trade and other payables, lease liabilities, other financial liabilities, and income and other taxes receivable (payable) denominated in foreign currencies. Further, the Company is exposed to currency risk through monetary and non-monetary assets and liabilities and tax bases of assets, liabilities and losses of entities whose taxable profit or tax loss are denominated in foreign currencies. Changes in exchange rates give rise to temporary differences resulting in a deferred tax liability or asset with the resulting deferred tax charged or credited to income tax expense, respectively.

Effective September 2, 2019, Argentina introduced new Central Bank regulations which require export proceeds to be converted into ARS within five business days of such proceeds entering the country. These provisions were intended to be temporary until December 31, 2019, however, the provisions remained in effect as at September 30, 2021. While these provisions remain in effect, the Company is unable to hold funds in Argentina in USD, which may increase its exposure to the ARS.


SSR Mining Inc.			MD&A Q3 2021 \| 23

(iii)Interest Rate Risk

Interest rate risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company manages interest rate risk by maintaining an investment policy for short-term investments and cash held in banks, which focuses on preservation of capital and liquidity. As at September 30, 2021, the Company is exposed to interest rate cash flow risk arising from its cash and restricted cash in bank accounts that earn variable interest rates, and interest expense on variable rate borrowings. The Company's variable rate borrowings are comprised of the Term Loan, which is subject to a variable interest rate of LIBOR plus 3.50% to 3.70%, and the Credit Facility, which is subject to a variable interest rate of LIBOR plus 2.00% to 3.00%. The Company has not drawn on the Credit Facility as at September 30, 2021.

Future net cash flows from interest income on cash, restricted cash, and interest expense on variable rate borrowings will be affected by interest rate fluctuations. To mitigate exposures to interest rate risk, the Company may purchase short-term investments at market interest rates that result in fixed yields to maturity. The Company holds interest rate swaps to limit exposure to the impact of the variable LIBOR interest rate volatility. As at September 30, 2021, approximately 32% of the outstanding Term Loan balance is covered through interest rate swap contracts through the duration of the interest rate hedge program, ending in December 2021.

As at September 30, 2021, the Company is exposed to interest rate fair value risk on the 2019 Notes which is subject to a fixed interest rate. A change in interest rates would impact the fair value of the 2019 Notes. However, as the 2019 Notes are measured at amortized cost, there would be no impact on the Company's financial results.

a)Credit Risk

(i)Credit risk related to financial institutions and cash deposits

(ii)Credit risk related to trade receivables

The Company is exposed to credit risk through its trade receivables on concentrate sales, which are principally with internationally-recognized counterparties. Payments of receivables are scheduled, routine and received within a contractually agreed time frame, typically up to 90 days. The Company manages this risk through provisional payments of approximately 90% of the value of the concentrate shipped and through transacting with multiple counterparties.

(iii)Credit risk related to other financial assets and VAT receivables


SSR Mining Inc.			MD&A Q3 2021 \| 24

10.RISKS AND UNCERTAINTIES


SSR Mining Inc.			MD&A Q3 2021 \| 25

11.NON-GAAP FINANCIAL MEASURES

The Company has included certain non-GAAP performance measures throughout this document. These performance measures are employed by the Company to measure its operating and economic performance internally and to assist in decision-making, as well as to provide key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with US GAAP, certain investors and other stakeholders also use this information to evaluate its operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with US GAAP. These non-GAAP measures should be read in conjunction with the Company's consolidated financial statements.

Non-GAAP Measure - Cash Costs Per Ounce Sold

The following tables provide a reconciliation of cash costs per ounce sold to the consolidated financial statements:


	Three Months Ended September 30, 2021
(in thousands of USD, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Total
Production costs	$	65,773	$	50,281	$	15,077	$	23,390	$	154,521
By-product credits	(1,487)		(14)		(18)		(10,784)		(12,303)
Treatment and refining charges	—		65		49		2,962		3,076
Incremental COVID-19 related costs (1)	—		(46)		(1,204)		(1,231)		(2,481)
Fair value adjustment on acquired inventories	(17,161)		—		—		—		(17,161)
Cash costs	$	47,125	$	50,286	$	13,904	$	14,337	$	125,652

Gold sold (oz)	80,054		53,339		22,950		—		156,343
Silver sold (oz)	—		—		—		1,486,272		1,486,272
Gold equivalent sold (oz) (2, 3)	80,054		53,339		22,950		19,956		176,299

Cash cost per gold ounce sold	$	589	$	943	$	606	N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		N/A		$	9.65	N/A
Cash cost per gold equivalent ounce sold	$	589	$	943	$	606	$	718	$	713


SSR Mining Inc.			MD&A Q3 2021 \| 26


	Three Months Ended September 30, 2020
(in thousands of USD, unless otherwise noted)	Çöpler (4)		Marigold		Seabee		Puna		Total
Production costs	$	41,038	$	50,750	$	10,252	$	13,723	$	115,763
By-product credits	—		(12)		—		(4,401)		(4,413)
Treatment and refining charges	—		52		5		1,892		1,949
Incremental COVID-19 related costs (1)	(214)		(372)		(279)		—		(865)
Fair value adjustment on acquired inventories	(23,670)		—		—		—		(23,670)
Cash costs	$	17,154	$	50,418	$	9,978	$	11,214	$	88,764

Gold sold (oz)	27,895		51,670		19,900		—		99,465
Silver sold (oz)	—		—		—		1,136,403		1,136,403
Gold equivalent sold (oz) (2, 3)	27,895		51,670		19,900		15,825		115,290

Cash cost per gold ounce sold	$	615	$	976	$	501	N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		N/A		$	9.87	N/A
Cash cost per gold equivalent ounce sold	$	615	$	976	$	501	$	709	$	770


	Nine Months Ended September 30, 2021
(in thousands of USD, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Total
Production costs	$	201,927	$	155,582	$	47,105	$	78,716	$	483,330
By-product credits	(4,494)		(74)		(79)		(29,066)		(33,713)
Treatment and refining charges	—		327		308		10,442		11,077
Incremental COVID-19 related costs (1)	—		(649)		(3,526)		(2,985)		(7,160)
Fair value adjustment on acquired inventories	(49,205)		—		—		—		(49,205)
Cash costs	$	148,228	$	155,186	$	43,808	$	57,107	$	404,329

Gold sold (oz)	239,428		178,351		85,416		—		503,195
Silver sold (oz)	—		—		—		5,349,386		5,349,386
Gold equivalent sold (oz) (2, 3)	239,428		178,351		85,416		76,136		579,331

Cash cost per gold ounce sold	$	619	$	870	$	513	N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		N/A		$	10.68	N/A
Cash cost per gold equivalent ounce sold	$	619	$	870	$	513	$	750	$	698


SSR Mining Inc.			MD&A Q3 2021 \| 27


	Nine Months Ended September 30, 2020
(in thousands of USD, unless otherwise noted)	Çöpler (4)		Marigold		Seabee		Puna		Total
Production costs	$	41,038	$	152,785	$	26,154	$	53,966	$	273,943
By-product credits	—		(31)		(20)		(11,185)		(11,236)
Treatment and refining charges	—		122		71		4,585		4,778
Incremental COVID-19 related costs (1)	(214)		—		—		—		(214)
Fair value adjustment on acquired inventories	(23,670)		—		—		—		(23,670)
Cash costs	$	17,154	$	152,876	$	26,205	$	47,366	$	243,601

Gold sold (oz)	27,895		156,020		47,600		—		231,515
Silver sold (oz)	—		—		—		3,455,193		3,455,193
Gold equivalent sold (oz) (2, 3)	27,895		156,020		47,600		39,800		271,315

Cash cost per gold ounce sold	$	615	$	980	$	551	N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		N/A		$	13.71	N/A
Cash cost per gold equivalent ounce sold	$	615	$	980	$	551	$	1,190	$	898

(1)COVID-19 related costs include direct, incremental costs associated with COVID-19.

(3)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.

(4)The data presented includes operating results for Çöpler. As the Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.


SSR Mining Inc.			MD&A Q3 2021 \| 28

Non-GAAP Measure - AISC Per Ounce Sold

The following tables provide a reconciliation of total AISC per ounce to the consolidated financial statements:


	Three Months Ended September 30, 2021
(in thousands of USD, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Corporate		Total
Cash costs	$	47,125	$	50,286	$	13,904	$	14,337	$	—	$	125,652
Sustaining capital expenditures	9,155		8,996		6,932		2,385		—		27,468
Sustaining exploration and evaluation expense	147		217		—		36		—		400
Reclamation cost accretion and amortization	527		616		152		406		—		1,701
General and administrative expense and share-based compensation expense	1,032		—		(8)		154		10,791		11,969
Total AISC	$	57,986	$	60,115	$	20,980	$	17,318	$	10,791	$	167,190

Gold sold (oz)	80,054		53,339		22,950		—		—		156,343
Silver sold (oz)	—		—		—		1,486,272		—		1,486,272
Gold equivalent sold (oz) (1, 2)	80,054		53,339		22,950		19,956		—		176,299

AISC per gold ounce sold	$	724	$	1,127	$	914	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		N/A		$	11.65	N/A		N/A
AISC per gold equivalent ounce sold	$	724	$	1,127	$	914	$	868	N/A		$	948


SSR Mining Inc.			MD&A Q3 2021 \| 29


	Three Months Ended September 30, 2020
(in thousands of USD, unless otherwise noted)	Çöpler (3)		Marigold		Seabee		Puna		Corporate		Total
Cash costs	$	17,154	$	50,418	$	9,978	$	11,214	$	—	$	88,764
Sustaining capital expenditures	3,169		14,248		8,920		1,198		—		27,535
Sustaining exploration and evaluation expense	312		688		—		39		—		1,039
Care and maintenance	—		—		730		5,881		—		6,611
Reclamation cost accretion and amortization	—		850		71		443		—		1,364
General and administrative expense and share-based compensation expense	—		(104)		(4)		(17)		2,226		2,101
Total AISC	$	20,635	$	66,100	$	19,695	$	18,758	$	2,226	$	127,414

Gold sold (oz)	27,895		51,670		19,900		—		—		99,465
Silver sold (oz)	—		—		—		1,136,403		—		1,136,403
Gold equivalent sold (oz) (1, 2)	27,895		51,670		19,900		15,825		—		115,290

AISC per gold ounce sold	$	740	$	1,279	$	990	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		N/A		$	16.51	N/A		N/A
AISC per gold equivalent ounce sold	$	740	$	1,279	$	990	$	1,185	N/A		$	1,105


	Nine Months Ended September 30, 2021
(in thousands of USD, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Corporate		Total
Cash costs	$	148,228	$	155,186	$	43,808	$	57,107	$	—	$	404,329
Sustaining capital expenditures	25,728		44,902		26,594		7,906		—		105,130
Sustaining exploration and evaluation expense	367		1,207		—		90		—		1,664
Reclamation cost accretion and amortization	1,911		2,055		469		1,218		—		5,653
General and administrative expense and share-based compensation expense	6,021		(103)		19		1,776		27,223		34,936
Total AISC	$	182,255	$	203,247	$	70,890	$	68,097	$	27,223	$	551,712

Gold sold (oz)	239,428		178,351		85,416		—		—		503,195
Silver sold (oz)	—		—		—		5,349,386		—		5,349,386
Gold equivalent sold (oz) (1, 2)	239,428		178,351		85,416		76,136		—		579,331

AISC per gold ounce sold	$	761	$	1,140	$	830	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		N/A		$	12.73	N/A		N/A
AISC per gold equivalent ounce sold	$	761	$	1,140	$	830	$	894	N/A		$	952


SSR Mining Inc.			MD&A Q3 2021 \| 30


	Nine Months Ended September 30, 2020
(in thousands of USD, unless otherwise noted)	Çöpler (3)		Marigold		Seabee		Puna		Corporate		Total
Cash costs	$	17,154	$	152,876	$	26,205	$	47,366	$	—	$	243,601
Sustaining capital expenditures	3,169		42,379		23,266		5,059		—		73,873
Sustaining exploration and evaluation expense	312		2,036		—		193		—		2,541
Care and maintenance	—		—		11,806		15,891		—		27,697
Reclamation cost accretion and amortization	—		1,795		212		1,328		—		3,335
General and administrative expense and share-based compensation expense	—		359		112		341		16,779		17,591
Total AISC	$	20,635	$	199,445	$	61,601	$	70,178	$	16,779	$	368,638

Gold sold (oz)	27,895		156,020		47,600		—		—		231,515
Silver sold (oz)	—		—		—		3,455,193		—		3,455,193
Gold equivalent sold (oz) (1, 2)	27,895		156,020		47,600		39,800		—		271,315

AISC per gold ounce sold	$	740	$	1,278	$	1,294	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		N/A		$	20.31	N/A		N/A
AISC per gold equivalent ounce sold	$	740	$	1,278	$	1,294	$	1,763	N/A		$	1,359

(2)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.

(3)The data presented includes operating results for Çöpler. As the Company was not entitled to the economic benefits of Çöpler prior to the acquisition, financial data for the periods prior to September 16, 2020 are not provided.


SSR Mining Inc.			MD&A Q3 2021 \| 31

Non-GAAP Measure - Adjusted Attributable Net Income

The following table provides a reconciliation of adjusted attributable net income to the consolidated financial statements:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands of USD, unless otherwise noted)	2021		2020		2021		2020
Net income attributable to SSR Mining shareholders	$	57,060	$	45,766	$	240,641	$	68,357
Adjustments:
Fair value adjustment on acquired assets (1)	26,449		20,782		75,928		20,782
COVID-19 related costs (2)	2,480		864		7,160		864
Foreign exchange loss (gain)	1,595		1,621		2,904		785
Transaction, integration, and SEC conversion expense	675		15,674		6,060		18,479
Impairment of long-lived and other assets	5		—		22,354		—
Loss (gain) on sale of mineral properties, plant and equipment	1,152		(483)		(462)		1,197
Changes in fair value of investments	4,524		(5,168)		6,472		(11,036)
Income tax impact related to above adjustments	(8,607)		(8,294)		(25,448)		(9,274)
Foreign exchange (gain) loss and inflationary impacts on tax balances (3)	(5,015)		(5,269)		(44,666)		(6,419)
Impact of tax rate change on fair value adjustments	7,947		—		12,555		—
Adjusted net income attributable to equity holders of SSR Mining	$	88,265	$	65,493	$	303,498	$	83,735

Weighted average shares outstanding ('000s)	213,426		137,961		217,392		128,190
Adjusted basic attributable income per share to equity holders of SSR Mining	$	0.41	$	0.47	$	1.40	$	0.65

(1)Fair value adjustments on acquired assets relate to the acquisition of Alacer's inventories and mineral properties.

(2)COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations.

(3)Foreign exchange loss on tax balances relates mainly to the impact of foreign exchange rate changes on foreign currency denominated tax balances principally at Çöpler and Puna.


SSR Mining Inc.			MD&A Q3 2021 \| 32

Non-GAAP Measure - Free Cash Flow

Free cash flow is reconciled to the amounts included in the consolidated statements of cash flows as follows:


	Nine Months Ended September 30,
(in thousands of USD, unless otherwise noted)	2021		2020
Cash generated by operating activities	$	424,380	$	95,762
Additions to mineral property, plant and equipment	(128,924)		(79,882)
Free cash flow	$	295,456	$	15,880

Non-GAAP Measure - Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA

The following is a reconciliation of EBITDA and adjusted EBITDA to the consolidated financial statements:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands of USD, unless otherwise noted)	2021		2020		2021		2020
Net income attributable to equity holders of SSR Mining	$	57,060	$	45,766	$	240,641	$	68,357
Net income (loss) attributable to non-controlling interests	7,119		1,942		28,782		1,942
Depletion, depreciation and amortization	51,958		28,299		161,731		60,716
Interest expense	4,732		3,983		14,567		9,239
Income and mining tax expense (benefit)	14,285		7,302		27,483		2,867
EBITDA	$	135,154	$	87,292	$	473,204	$	143,121
Fair value adjustment on acquired inventories	17,161		23,670		49,205		23,670
COVID-19 related costs (2)	2,480		864		7,160		864
Foreign exchange loss (gain)	1,595		1,621		2,904		785
Transaction, integration, and SEC conversion expense	675		15,674		6,060		18,479
Impairment of long-lived and other assets	5		—		22,354		—
Loss (gain) on sale of mineral properties, plant and equipment	1,152		(483)		(462)		1,197
Changes in fair value of investments	4,524		$	(5,168)	6,472		(11,036)
Adjusted EBITDA	$	162,746	$	123,470	$	566,897	$	177,080

(1)COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations.


SSR Mining Inc.			MD&A Q3 2021 \| 33

12.CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Basis of preparation and accounting policies

Critical accounting estimates and judgments

The preparation of financial statements in conformity with U.S. GAAP requires the use of judgments and/or estimates that affect the amounts reported and disclosed in the condensed consolidated interim financial statements and related notes. Critical accounting estimates represent estimates that are uncertain and for which changes in those estimates could materially impact the consolidated financial statements. The critical judgments and key sources of estimation uncertainty that have the most significant effect in the preparation of the condensed consolidated interim financial statements for the three and nine months ended September 30, 2021 are consistent with those included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 22, 2022.

13.INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES

Following an evaluation by management, during the three and nine months ended September 30, 2021, there were no changes in internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

14.CAUTIONARY NOTES REGARDING FORWARD-LOOKING INFORMATION AND MINERAL RESERVES AND MINERAL RESOURCES ESTIMATES

Cautionary Note Regarding Forward-Looking Information


SSR Mining Inc.			MD&A Q3 2021 \| 34

Qualified Persons


SSR Mining Inc.			MD&A Q3 2021 \| 35

Exploration. The scientific and technical information contained in this MD&A relating to Marigold has been reviewed and approved by Greg Gibson and James N. Carver, each of whom is a SME Registered Member and a qualified person under NI 43-101. Mr. Gibson is the Company's Vice President of Operations - Americas and Mr. Carver is the Company's Resource Development Manager, USA. The scientific and technical information contained in this MD&A relating to Seabee has been reviewed and approved by Graeme Baker, B. Eng. (Mining), FAusIMM (200051), and Jeffrey Kulas, P.Geo., each of whom is a qualified person under NI 43-101. Mr. Baker is employed by OreWin Pty Ltd as Principal Mining Consultant, and Mr. Kulas is the Company's Resource Development Manager, Canada. The scientific and technical information contained in this MD&A relating to Puna has been reviewed and approved by Greg Gibson and Karthik Rathnam, MAusIMM (CP), each of whom is a qualified person under NI 43-101. Mr. Gibson is the Company's Vice President of Operations - Americas and Mr. Rathnam is the Company's Resource Manager, Corporate.

Cautionary Note Regarding Mineral Reserves and Mineral Resources Estimates


SSR Mining Inc.			MD&A Q3 2021 \| 36


¨			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Exhibit Number						Description of Exhibit
99.1						Interim consolidated financial statements of SSR Mining as of and for the three months ended March 30, 2021
99.2						Management’s Discussion and Analysis for the three months ended March 30, 2021
99.3						Interim consolidated financial statements of SSR Mining as of and for the three and six months ended June 30, 2021
99.4						Management’s Discussion and Analysis for the three and six months ended June 30, 2021
99.5						Interim consolidated financial statements of SSR Mining as of and for the three and nine months ended September 31, 2021
99.6						Management’s Discussion and Analysis for the three and nine months ended September 30, 2021
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)