Acquisition Of A World-Class Deposit That
Fits SSR Mining’s Strategy, Geographic Focus, And Leverages SSR
Mining’s Core Strengths To Create Shareholder Value
Highlights
- SSR Mining to acquire an up to 40% interest and immediate
operational control in the Hod Maden gold-copper development
project (“Hod Maden” or the “Project”) in northeastern Türkiye from
Lidya Mines
- Aggregate acquisition consideration totals $270 million,
which includes $120 million in upfront cash payment to acquire a
10% interest in Hod Maden, followed by $150 million in earn-in
structured milestone payments to acquire an additional 30%
interest, payable between the start of construction and the first
anniversary of commercial production 4
- The acquisition of Hod Maden will add one of the highest
margin and lowest capital intensity development projects globally
to SSR Mining’s robust portfolio of high-return growth projects and
is expected to deliver an estimated all-in after-tax internal rate
of return (“IRR”) in excess of 15% after acquisition costs
- Transaction is accretive to SSR Mining across all meaningful
per share valuation metrics, including Net Asset Value, Mineral
Reserves, Mineral Resources, production, operating cash flow, and
free cash flow 1
- Based on the Feasibility Study – Technical Report NI 43-101
effective February 28, 2021 (“the 2021 Feasibility Study”)
published by Horizon Copper Corp. 2, Hod Maden features a 13-year
mine life averaging (on a 100% basis) approximately 195,000 ounces
of gold equivalent production annually at first quartile co-product
AISC of $588/oz, generating $164 million of annual free cash flow
and a 36% after-tax internal rate of return (“IRR”) at base case
commodity prices of $1,599/oz gold and $3.19/lb copper 3
- Transaction projected to provide SSR Mining with
approximately an expected attributable 80,000 gold equivalent
ounces and $66 million in free cash flow annually (at $1,599/oz
gold and $3.19/lb copper) once in production, expected in 2027
3
- Hod Maden is a world-class, high grade and high-margin asset
which will further enhance SSR Mining’s free cash flow generation,
which has been a key pillar of the Company’s strategy and
sector-leading capital returns program
- The Transaction leverages SSR Mining’s significant
experience in Türkiye and its proven project development team that
successfully delivered the �pler Sulfide Expansion Project on time
and under budget, provides in-country synergies, and builds on a
long-standing and strong joint venture partnership with Lidya Mines
in Türkiye
SSR Mining Inc. (NASDAQ/TSX: SSRM, ASX: SSR) (“SSR Mining” or
the “Company”) is pleased to announce that it has reached an
agreement to acquire from Lidya Mines an up to 40% interest in, and
operational control of, the Hod Maden gold-copper development
project, located in northeastern Türkiye (the “Transaction”).
Currently, Lidya Mines and Horizon Copper Corp. (“Horizon”) hold a
70% and 30% ownership interest, respectively, in Hod Maden.
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Figure 1. Location of the Hod Maden
project relative to SSR Mining’s assets in Türkiye. (Photo:
Business Wire)
As consideration for the 40% ownership interest in Hod Maden,
SSR Mining's payments include:
- $120 million upfront cash payment to acquire a 10% interest in
the Project paid on closing of the Transaction on May 8, 2023;
and
- $150 million in earn-in structured cash milestone payments to
acquire an additional 30% interest in the Project, payable in
accordance with an agreed upon schedule beginning at the start of
construction and ending on the first anniversary of commercial
production. 4
With the upfront cash payment made on closing, SSR Mining now
serves as sole project operator responsible for project
development, construction and operations. Upon completion of the
milestone payments, SSR Mining will own 40% of the Project. 4
Rod Antal, President and CEO of SSR Mining, said, “We have been
closely monitoring Hod Maden for well over seven years as it has
progressed through critical development and permitting milestones,
largely de-risking the Project as it approaches a construction
decision in 2024. Our due diligence team was complimentary as to
the detail and quality of work completed so far on the Project.
Following our review and after discussions with our joint venture
partners, we believe there are several positive operational value
levers as well as exploration potential beyond the existing life of
mine plan that was presented in the 2021 Feasibility Study. We will
now spend the next twelve months updating the existing technical
report for these value enhancing opportunities, as well as to
account for changes in market conditions.
We would like to thank our joint venture partners in the Project
for their support and cooperation during this process. We are
excited for the outcome, which delivers our stakeholders exposure
to what we believe is one of the most compelling undeveloped
gold-copper projects in the world. It is clear that Hod Maden is
one of the highest margin, lowest capital intensity projects in the
sector, and once operational should be a meaningful free cash flow
contributor to the SSR Mining business as our fifth producing
asset. This is supported by the projected >15% IRR the Project
will generate after acquisition costs.
Our proven project development team will work to advance Hod
Maden to a full construction decision in 2024 with a goal of
delivering first production in 2027. The same principles and
discipline that enabled our team to deliver the �pler Sulfide
Plant project in Türkiye on time and under budget will be applied
to Hod Maden to help us maximize the value of the Project. The
Project’s robust economics have the ability to support a
project-level finance facility, and we will build upon the project
finance work completed by the joint venture to date as a potential
funding opportunity while limiting SSR Mining’s cash outlay.
Overall, this prudently structured transaction presents an
opportunity to further our commitment to low capital intensity
growth, strong free cash flow generation and continued robust
capital returns.”
Following completion of the earn-in structured cash milestone
payments, SSR Mining will own 40% of the Project, Lidya Mines will
retain a 30% ownership interest and Horizon will own the remaining
30%. Horizon acquired its 30% ownership in the Project from
Sandstorm Gold Ltd. on August 31, 2022 in exchange for a gold
stream on production from a portion of Horizon’s 30% interest and
certain other non-cash consideration. SSR Mining’s attributable
production and free cash flow are not encumbered by the gold
streaming agreement between Horizon and Sandstorm. As an upside
sharing mechanism with Lidya Mines, if an additional 500,000 ounces
of gold equivalent Mineral Reserves, beyond those currently
identified as Mineral Reserves and Mineral Resources (“MRMR”) in
the 2021 Feasibility Study, are delineated, SSR Mining will make an
$84 million payment to Lidya Mines.
Key regulatory approvals for the Transaction have been obtained
and the transaction closed on May 8th, 2023.
Strategic Rationale for the Hod Maden
Investment
- Adds a near-term, de-risked growth project to SSR Mining’s
robust development pipeline
- On a 100% basis, Hod Maden features total payable gold
production of 2,027 thousand ounces gold and 255 million pounds
copper over a 13-year mine life 3
- Significant exploration potential across a 3,500-hectare
property, including numerous untested soil geochemistry targets and
a geological setting conducive to further exploration targeting
through geophysical surveying
- Project de-risked with several key permits and EIA in
place
- Accretive transaction delivering a projected after-tax IRR,
post due diligence and acquisition cost, of >15%
- Incorporating $270 million acquisition cost and inflationary
impacts since completion of 2021 Feasibility Study, the Transaction
is expected to deliver an after-tax IRR of >15% to SSR Mining
including due diligence outcomes
- Returns analysis incorporates due diligence outcomes and
inflationary impacts beyond the $309 million in pre-production
capital originally outlined in 2021 Feasibility Study
- Project stand-alone IRR on a 100% basis of 36%, based on 2021
Feasibility Study 2
- Transaction accretive to SSR Mining’s key per share metrics,
including expected increases to Net Asset Value, attributable
Mineral Reserves and Mineral Resources, production, and 2027/2028
operating and free cash flow
- Fits SSR Mining’s proven strategy of low capital intensity
growth in core jurisdictions
- One of the lowest capital intensity undeveloped mining projects
in the industry
- Approximately $30 million in site establishment costs (at a
100% basis) are expected to be incurred during 2023, including
spend on site access and earthworks
- Opportunities for project level financing, ensuring SSR Mining
retains balance sheet flexibility to support continued investment
in capital returns and organic growth opportunities
- Low-cost, high-margin production expected to further bolster
the Company’s strong corporate-level free cash flow generation
- Current life of mine average by-product cash costs of $84/oz
and AISC of $334/oz. Life of mine co-product cash costs of $387/oz
and AISC of $588/oz 3
- Hod Maden is expected to generate approximately $164 million in
annual free cash flow (on a 100% basis, at a $1,599/oz gold price
and $3.19/lb copper price) once at full production, which is
expected in 2027 3
- Opportunity to complement SSR Mining’s delivery of strong free
cash flow generation and continued robust capital returns
- Transaction expected to reduce SSR Mining’s consolidated
asset-level life-of-mine AISC 1
- Adds high grade Mineral Reserves and Mineral Resources to
SSR Mining platform
- Mineral Reserves of 8,696 thousand tonnes at 8.8 g/t gold and
1.5% copper for 2,452 thousand ounces gold and 287 million pounds
copper 3 (100% basis)
- Measured and Indicated Mineral Resources of 8,143 thousand
tonnes at 10.6 g/t Au and 1.8% Cu for 2,768 thousand ounces gold
and 330 million pounds copper, inclusive of Mineral Reserves 3
(100% basis)
- Inferred Mineral Resources of 1,342 thousand tonnes at 5.4 g/t
gold and 0.7% copper for 232 thousand ounces gold and 21 million
pounds copper 3 (100% basis)
- Transaction builds on our long-standing, value accretive and
exclusive partnership with Lidya Mines and operational expertise in
Türkiye
- Immediate operatorship will allow SSR Mining’s proven project
development team, which successfully delivered the �pler Sulfide
Plant project on time and under budget, to work to advance Hod
Maden to a full construction decision in 2024
- Potential for meaningful synergies between the Hod Maden
project and existing operations at SSR Mining’s Ç�pler gold
mine
Overview of the Hod Maden Project
The Hod Maden project is located in northeastern Türkiye within
the Eastern Pontides metallogenic belt and approximately 130 km
from the Erzurum airport. The Project is located approximately 330
km from SSR Mining’s Ç�pler gold mine and 260 km from the Copper
Hill development prospect. The Hod Maden licenses cover
approximately 3,500 hectares, consisting primarily of forestry and
private lands. With the successful closing of the Transaction and
the accompanying $120 million upfront cash payment made on May 8,
2023, the licenses are now managed under a tri-party ownership
structure where SSR Mining will earn-in to own up to 40% of the
project and serve as project operator, while Lidya Mines will own
30% and Horizon will own 30%.
2021 Feasibility Study Metrics
2
The 2021 Feasibility Study included the following life of mine
metrics (all metrics shown on a 100% basis):
- Total production of 2,027,000 ounces gold and 255,000,000
pounds copper over a 13-year life of mine
- Average annual production of 156,000 ounces gold and 19,600,000
pounds copper
- Life of mine revenue split: 80% gold, 20% copper
- Mill design capacity of 800,000 tonnes per annum, with average
gold and copper recoveries of 85% and 93%, respectively
- Average head grade over the life of mine of 8.8 g/t gold and
1.5% copper
- Life of mine average by-product all-in-sustaining cost of
$334/oz and co-product all-in-sustaining cost of $588/oz
- At base case metal pricing of $1,599/oz gold and $3.19/lb
copper, a $1.05 billion NPV5% with an after-tax IRR of 36% and a
two-year payback period from the start of production
Table 1. Summary of Hod Maden’s Mineral Reserves and Mineral
Resource as set forth in the 2021 Feasibility Study 2 (all metrics
on 100% basis)
Ore
Grade
Contained
Category
(Mt)
(g/t Au)
(% Cu)
(g/t AuEq)
(koz Au)
(Mlb Cu)
(koz AuEq)
Proven & Probable
8.7
8.8
1.5%
11.1
2,452
287
3,114
M&I i
8.1
10.6
1.8%
13.5
2,768
330
3,530
Inferred
1.3
5.4
0.7%
6.5
232
21
280
i M&I inclusive of Mineral Reserves
Conference Call
Information
SSR Mining will host a conference call to discuss the
Transaction on May 8, 2023, at 5:00 pm EDT. Participants may dial
in using the numbers below.
Toll-free in U.S. and Canada: +1 (800) 319-4610
All other callers: +1 (604) 638-5340
The conference call will be available for playback for two weeks
by dialing toll-free in U.S. and Canada: +1 (855) 669-9658, replay
code 0175. All other callers: +1 (412) 317-0088, replay code
0175.
About SSR Mining
SSR Mining Inc. is a leading, free cash flow focused gold
company with four producing operations located in the USA, Türkiye,
Canada, and Argentina, combined with a global pipeline of
high-quality development and exploration assets. Over the last
three years, the four operating assets combined have produced on
average more than 700,000 gold-equivalent ounces annually. SSR
Mining is listed under the ticker symbol SSRM on the NASDAQ and the
TSX, and SSR on the ASX.
Cautionary Note Regarding Forward-Looking Information
Except for statements of historical fact relating to us, certain
statements contained in this news release constitute
forward-looking information, future oriented financial information,
or financial outlooks (collectively “forward-looking information”)
within the meaning of applicable securities laws. Forward-looking
information may be contained in this document and our other public
filings. Forward-looking information relates to statements
concerning our outlook and anticipated events or results and, in
some cases, can be identified by terminology such as “may”, “will”,
“could”, “should”, “expect”, “plan”, “anticipate”, “believe”,
“intend”, “estimate”, “projects”, “predict”, “potential”,
“continue” or other similar expressions concerning matters that are
not historical facts.
Forward-looking information and statements in this news release
are based on certain key expectations and assumptions made by us.
Although we believe that the expectations and assumptions on which
such forward-looking information and statements are based are
reasonable, undue reliance should not be placed on the
forward-looking information and statements because we can give no
assurance that they will prove to be correct. Forward-looking
information and statements are subject to various risks and
uncertainties which could cause actual results and experience to
differ materially from the anticipated results or expectations
expressed in this news release. The key risks and uncertainties
include, but are not limited to: local and global political and
economic conditions; governmental and regulatory requirements and
actions by governmental authorities, including changes in
government policy, government ownership requirements, changes in
environmental, tax and other laws or regulations and the
interpretation thereof; developments with respect to the COVID-19
pandemic, including the duration, severity and scope of the
pandemic and potential impacts on mining operations; and other risk
factors detailed from time to time in our reports filed with the
Securities and Exchange Commission on EDGAR and the Canadian
securities regulatory authorities on SEDAR.
Forward-looking information and statements in this news release
include any statements concerning, among other things: our
investment in the Hod Maden project, including our expectations for
the completion of earn-in structured cash milestone payments, the
availability of project financing for our investment, the ability
to develop the Project and our ability to lead this effort, the
expected timeframe for production, our expectations for production
volumes from the Project, our expected return on investment and our
statements related to additional opportunities available at the
property; preliminary cost reporting in this document; production,
operating, cost, and capital expenditure guidance; our operational
and development targets and catalysts and the impact of any
suspension on operations; forecasts and outlook, including related
to production guidance; timing and expectations regarding the
impact of any interruptions caused on our operations; the results
of any metal reconciliations; the ability to discover additional
ore; matters relating to proposed exploration; communications with
local stakeholders; maintaining community and government relations;
negotiations of joint ventures; negotiation and completion of
transactions; commodity prices; Mineral Resources, Mineral
Reserves, conversion of Mineral Resources, realization of Mineral
Reserves, and the existence or realization of Mineral Resource
estimates; the development approach; the timing and amount of
future production; the timing of studies, announcements, and
analysis; the timing of construction and development of proposed
mines and process facilities; capital and operating expenditures;
economic conditions; availability of sufficient financing;
exploration plans; receipt of regulatory approvals; and any and all
other timing, exploration, development, operational, financial,
budgetary, economic, legal, social, environmental, regulatory, and
political matters that may influence or be influenced by future
events or conditions.
Such forward-looking information and statements are based on a
number of material factors and assumptions, including, but not
limited in any manner to, those disclosed in any other of our
filings on EDGAR and SEDAR, and include: the inherent speculative
nature of exploration results; the reliance on the 2021 Feasibility
Study reported as public filing by Horizon Copper Corp. (see
endnote 1), the ability to explore; communications with local
stakeholders; maintaining community and governmental relations;
status of negotiations of joint ventures; weather conditions at our
operations; commodity prices; the ultimate determination of and
realization of Mineral Reserves; existence or realization of
Mineral Resources; the development approach; availability and
receipt of required approvals, titles, licenses and permits;
sufficient working capital to develop and operate the mines and
implement development plans; access to adequate services and
supplies; foreign currency exchange rates; interest rates; access
to capital markets and associated cost of funds; availability of a
qualified work force; ability to negotiate, finalize, and execute
relevant agreements; lack of social opposition to our mines or
facilities; lack of legal challenges with respect to our
properties; the timing and amount of future production; the ability
to meet production, cost, and capital expenditure targets; timing
and ability to produce studies and analyses; capital and operating
expenditures; economic conditions; availability of sufficient
financing; the ultimate ability to mine, process, and sell mineral
products on economically favorable terms; and any and all other
timing, exploration, development, operational, financial,
budgetary, economic, legal, social, geopolitical, regulatory and
political factors that may influence future events or conditions.
While we consider these factors and assumptions to be reasonable
based on information currently available to us, they may prove to
be incorrect.
The above list is not exhaustive of the factors that may affect
any of the Company’s forward-looking information. You should not
place undue reliance on forward-looking information and statements.
Forward-looking information and statements are only predictions
based on our current expectations and our projections about future
events. Actual results may vary from such forward-looking
information for a variety of reasons including, but not limited to,
risks and uncertainties disclosed in our filings on our website at
www.ssrmining.com, on SEDAR at www.sedar.com, on EDGAR at
www.sec.gov and on the ASX at www.asx.com.au and other unforeseen
events or circumstances. Other than as required by law, we do not
intend, and undertake no obligation to update any forward-looking
information to reflect, among other things, new information or
future events. The information contained on, or that may be
accessed through, our website is not incorporated by reference
into, and is not a part of, this document.
Qualified Person
Imola Gotz, a qualified person under NI 43-101, has reviewed the
technical and scientific information contained in this press
release and verifies that such information conforms to the
information disclosed in the Hod Maden Feasibility Study –
Technical Report NI 43-101 effective February 28, 2021 (the “2021
Feasibility Study”). For additional information, readers should
refer to the 2021 Feasibility Study which is available under
Horizon Copper Corp.’s profile at www.sedar.com., filed on July 20,
2022.
Cautionary Note Regarding Mineral Reserves and Mineral
Resources Estimates
This press release includes terms that comply with reporting
standards in Canada under NI 43-101, including the terms “Mineral
Reserves” and “Mineral Resources”, in addition to terms that comply
with reporting standards in the United States under S-K 1300. 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. The standards of NI 43-101 differ significantly
from the requirements of the SEC. Accordingly, information
concerning mineral deposits set forth herein may not be comparable
with information made in accordance with U.S. standards. See
endnote 1 for additional discussion on the difference in reporting
standards and how it pertains to assumptions made in this
presentation.
Cautionary Note Regarding Non-GAAP Measures
We have included certain non-GAAP performance measures
throughout this document. These performance measures are employed
by us to measure the Hod Maden project operating and economic
performance internally and to assist in decision-making, as well as
to provide key performance information to senior management. We
believe that, in addition to conventional measures prepared in
accordance with GAAP, certain investors and other stakeholders also
use this information to evaluate the Hod Maden project 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 GAAP. Our
definitions of the Hod Maden project non-GAAP financial measures
may not be comparable to similarly titled measures reported by
other companies. These non-GAAP measures should be read in
conjunction with the Hod Maden 2021 Feasibility Study.
Cash costs, AISC per ounce sold, free cash flow (FCF) before
tax, free cash flow after tax, average free cash flow, and
attributable average annual free cash flow are Non-GAAP Measures
with no standardized definition under U.S GAAP.
The Company uses cash costs per ounce of precious metals sold, a
non-GAAP financial measure, to monitor the Hod Maden project
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 the
Hod Maden project’s 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 the Hod
Maden project operating profitability and ability to generate cash
flow. The Company has presented cost of sales associated with an
ounce of precious metal, on a co-product basis and on a by-product
basis. On a co-product basis, the company includes costs needed to
produce gold and copper on both an individual basis and a combined
gold equivalent basis. On a by-product basis, the cost to produce
the gold is reduced as a result of the by-product copper sales,
thereby allowing management and other stakeholders to assess the
net costs of gold production. In this method, cash costs are
presented based on an ounce of gold sold. 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. Cash costs per ounce metrics, are also used
in the Company's internal decision making processes.
AISC includes total cost of sales incurred at the Hod Maden
project’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 copper production from
operations; therefore, expansionary capital and non-sustaining
expenditures are excluded. The Company believes that this measure
represents the total costs of producing gold and copper from the
Hod Maden operations and provides the Company and other
stakeholders with additional information about the project’s
operating performance and ability to generate cash flows. It allows
the Company to assess the Hod Maden project’s ability to support
capital expenditures and to sustain future production from the
generation of operating cash flows.
The following tables provide a reconciliation of cost of sales
to cash costs and AISC:
Co-Product Basis
Gold Basis
(in millions, unless otherwise noted)
(i)
Gold
Copper
Combined (ii)
Cu By-Product
Transport & shipping
$
45
$
8
$
53
$
53
Mining operating costs
$
374
$
93
$
467
$
467
Processing operating costs
$
169
$
42
$
211
$
211
Government & social charges
$
9
$
2
$
11
$
11
Duty & withholding tax on operating
expenses
$
3
$
1
$
4
$
4
General and administrative operating
costs
$
77
$
19
$
96
$
96
Cost of Sales
$
677
$
166
$
842
$
842
Revenue from sales of payable copper
$
NA
$
NA
$
NA
$
(812
)
Treatment and refining charges
$
106
$
34
$
140
$
140
Cash Costs (non-GAAP)
$
783
$
199
$
982
$
170
Sustaining capital expenditures
$
93
$
23
$
116
$
116
Reclamation cost accretion and
amortization
$
13
$
3
$
16
$
16
Corporate costs and royalties
$
317
$
58
$
375
$
375
Total AISC (non-GAAP)
$
1,206
$
284
$
1,490
$
678
Payable Metal (ii)
2,027
255
2,534
2,027
Cost of Sales per Unit Sold
$
334
$
0.65
$
332
$
416
Cash Cost per Unit Sold
$
386
$
0.78
$
387
$
84
AISC per Gold Unit Sold
$
595
$
1.12
$
588
$
334
(i) All line items in the above, except for cost of sales, cash
costs, and total AISC which are SSR Mining prepared calculations,
are set forth within the 2021 Feasibility Study. The 2021
Feasibility Study has been prepared on a 100% basis in accordance
with the requirements of NI 43-101 and not in accordance with the
requirements under S-K 1300. There are differences in the
information required under NI 43-101 and S-K 1300 and these
differences with respect to the Project may be material. As a SEC
issuer, SSR Mining has reinterpreted the information to align with
S-K 1300 reporting standards. Items presented in this table may not
align due to rounding.
(ii) Payable metal as set forth in the 2021 Feasibility Study.
Gold is presented on a per thousand ounce gold basis and includes
both gold in copper concentrate and gold in pyrite concentrate.
Copper is presented on a per million pound copper basis. Combined
payable metal assumes a gold to copper ratio of 501:1 based of the
gold and copper prices used in the 2021 Feasibility Study.
The following tables provide a reconciliation of gross revenues
to Attributable Average Free Cash Flow:
(in millions, unless otherwise noted)
(i)
Year 1 to Year 13
Gross Revenues
$
4,053
Transport & shipping
$
(53
)
Mining operating costs
$
(467
)
Processing operating costs
$
(211
)
Government & social charges
$
(10
)
Duty & withholding tax on operating
expenses
$
(4
)
General and administrative operating
costs
$
(96
)
Net Revenue (non-GAAP)
$
3,212
Treatment and refining charges
$
(140
)
Corporate costs and royalties
$
(375
)
EBITDA (non-GAAP)
$
2,697
Movement in Working Capital
$
19
Capital Expenditures
$
(130
)
Free Cash Flow Before Tax
(non-GAAP)
$
2,585
Taxes Payable
$
(448
)
Free Cash Flow After Tax
(non-GAAP)
$
2,137
Life of Mine
13
Average Annual Free Cash Flow
(non-GAAP)
$
164
Pro Forma Ownership Interest
40
%
Attributable Average Annual Free Cash
Flow (non-GAAP)
$
66
(i) All line items in the above, except for Net Revenue, EBITDA,
Free Cash Flow (FCF) Before Tax, Free Cash Flow After Tax, Average
Annual Free Cash Flow and Attributable Average Annual Free Cash
Flow which are SSR prepared calculations, are set forth within the
2021 Feasibility Study. The 2021 Feasibility Study has been
prepared on a 100% basis in accordance with the requirements of NI
43-101 and not in accordance with the requirements under S-K 1300.
There are differences in the information required under NI 43-101
and S-K 1300 and these differences with respect to the Project may
be material. As a SEC issuer, SSR Mining has reinterpreted the
information to align with S-K 1300 reporting standards. Items
presented in this table may not align due to rounding.
1 The Company reports non-GAAP financial measures including free
cash flow (FCF) before tax, free cash flow after tax, average
annual free cash flow, attributable average annual free cash flow,
net revenue, earnings before interest, taxes, depreciation and
amortization (EBITDA), realized metals prices, cash costs and AISC
per ounce sold (a common measure in the mining industry), to manage
and evaluate its operating performance at its mines. See
"Cautionary Note Regarding Non-GAAP Financial Measures" for an
explanation of these financial measures and a reconciliation of
these financial measures to the most comparable GAAP financial
measures.
2 The 2021 Feasibility Study was prepared by Peter Allen, BEng
(Metallurgy), MAusIMM (CP 103637), Manager - Technical Services, GR
Engineering Services; Chris Arnold, FAusIMM, Principal Geologist,
AMC Consultants Pty Ltd; Simon Kusabs, FAusIMM, Principal
Consultant, AMC Consultants Pty Ltd; Goktug Evin, SME Registered
Member, Principal Hydrogeologist, SRK Consulting (US); Zafir
Ekmekçi, SME Registered Member, Principal, Hacettepe Mineral
Teknolojileri Ltd. Şti; Stan Kagiannis, FAusIMM, formerly of GR
Engineering Services; Ömer Ardıç, P.E., SME Registered Member,
MAIG, Principal Civil/Geotechnical Engineer, INR Consulting and
Engineering Inc.; Richard Kiel, P.E., Principal Geological
Engineer, GAI (now Golder Asociates USA Inc. as successor by merger
to GAI); and Paul Newling, FAusIMM, CP(Met), Managing Director,
NewPro Consulting and Engineering Services, each of whom is a
qualified person for Horizon Copper Corp. The 2021 Feasibility
Study is available as part of the public filings of Horizon Copper
Corp. available on SEDAR (www.sedar.com), filed on July 10, 2022.
As set forth in the 2021 Feasibility Study, the effective date of
the mineral reserves is July 31, 2020 and the effective date of the
mineral resources is July 27, 2019. As Horizon Copper Corp. is a
Canadian reporting issuer, the 2021 Feasibility Study was prepared
in accordance with the requirements of Canadian National Instrument
43-101 Standards of Disclosure for Mineral Projects ("NI 43-101")
and not in accordance with the requirements under S-K 1300 of the
Securities Exchange Act of 1934, as amended (“S-K 1300”). There are
differences in the information required under NI 43-101 and S-K
1300 and these differences with respect to the Project may be
material. SSR Mining has not verified the information contained in
the 2021 Feasibility Study and it has not prepared a technical
report summary under S-K 1300 related to the Project as the Project
is not, at this time, considered a material property.
3 All life of mine metrics referenced are sourced from the 2021
Feasibility Study. See “2021 Feasibility Study Metrics” herein for
a summary of the key applicable metrics and assumptions included in
the 2021 Feasibility Study.
4 SSR Mining will reach 40% ownership in Hod Maden on or prior
to completion of project construction.
5 Compared to active projects with a contained copper reserve of
greater than 30 thousand tonnes and a contained gold reserve
greater than 800 thousand ounces. Excludes projects in Russia,
China and Kazakhstan. Excludes projects with greater than 80%
copper and less than 10% gold. Excludes projects where gold and
copper contribute less than 80% of in situ value. Gold equivalent
only includes gold and copper.
6 Hod Maden life of Mine AISC is on a co-product basis and is
sourced from the 2021 Feasibility Study. �pler, Marigold, Seabee,
and Puna AISC are on by-product basis and are sourced from the
�pler District Mineral Resource 2021 Technical Report Summary, the
Marigold 2021 Technical Report Summary, the Seabee 2021 Technical
Report Summary and the Puna 2021 Technical Report Summary in each
case as amended.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230508005529/en/
SSR Mining Contacts: F.
Edward Farid, Executive Vice President, Chief Corporate Development
Officer Alex Hunchak, Director, Corporate Development and Investor
Relations
SSR Mining Inc. E-Mail: invest@ssrmining.com Phone: +1 (888)
338-0046
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using the SSR Mining website at www.ssrmining.com.
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