SSR Mining (SSRM) M&A Announcement summary

Deal rationale and strategic fit

• Acquisition of Cripple Creek & Victor Gold Mine (CC&V) increases scale, free cash flow, and portfolio diversification, making SSR Mining the third largest U.S. gold producer with three operations in North America.

• Adds a long-lived, high-quality producing asset in Colorado with a 30+ year operating history and significant brownfield expansion potential.

• Expands SSR Mining's Americas platform and strengthens presence in Tier-1 jurisdictions.

• Leverages SSR Mining's expertise in large tonnage open pit operations, supporting efficient integration and value creation.

• Diversifies the asset base across the U.S., Canada, Argentina, and Türkiye.

Financial terms and conditions

• All-cash deal: $100 million upfront, funded from existing liquidity, plus up to $175 million in milestone-based payments between 2025 and 2030.

• Milestone payments: $87.5 million upon permit amendment approval (Amendment 14) and $87.5 million upon regulatory relief for Carlton Tunnel permitting.

• SSR Mining responsible for 10% of closure costs exceeding $500 million, with Newmont covering 90%.

• Upfront payment is less than 10% of SSR Mining's market capitalization; liquidity remains above $700 million post-closing.

• Transaction consideration implies ~$210/oz Mineral Reserves and $95/oz for combined Reserves and Resources.

Synergies and expected cost savings

• Immediate contribution to free cash flow, supporting high-return growth initiatives across SSR Mining's portfolio.

• Integration expected to benefit from SSR Mining's operational experience at Marigold, a similar large tonnage, run-of-mine heap leach operation.

• Expected to be accretive across all key per share metrics, including NAV, gold production, Mineral Reserves, and free cash flow.

• Knowledge sharing and best practices anticipated between CC&V and existing operations.

• Potential for volume-driven pricing and operational efficiencies as the asset is integrated.