10-Q 1 ssrm-20220331.htm 10-Q ssrm-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2022
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________
Commission File Number: 001-35455
SSR MINING INC.
(Exact name of registrant as specified in its charter)

British Columbia
(State or Other Jurisdiction of Incorporation or Organization)
98-0211014
(I.R.S. Employer Identification No.)
Suite 1300 - 6900 E. Layton Ave, Denver, Colorado, 80237
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code (303) 292-1299

Securities registered pursuant to Section 12(b) of the Act.
Title of each classTrading symbolName of each exchange on which registered
Common shares without par valueSSRMThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company




If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).      Yes      No
There were 212,630,261 common shares outstanding on April 27, 2022.




TABLE OF CONTENTS
Page
PART I - FINANCIAL INFORMATION
Business Overview
Consolidated Results of Operations
Results of Operations
Liquidity and Capital Resources
Non-GAAP Financial Measures
Critical Accounting Policies and Estimates
New Accounting Pronouncements
PART II - OTHER INFORMATION
SIGNATURES
1


PART I
FIRST QUARTER 2022 HIGHLIGHTS (dollars, except per share, per ounce and per pound amounts)
Robust quarterly operating performance: Delivered first quarter production of 173,675 gold equivalent ounces at all-in sustaining costs (“AISC” *) of $1,093 per gold equivalent ounce.

Continued track record of generating positive free cash flow: Cash flows from operating activities of $62.2 million and free cash flow of $27.7 million in the first quarter. Attributable net income in the first quarter was $67.6 million, or $0.32 per basic share and $0.31 per diluted share. Adjusted attributable net income was $65.9 million, or $0.31 per basic share and $0.30 per diluted share.

Dividend increased as part of capital returns commitment: During the first quarter, the Board declared a quarterly cash dividend of $0.07 per share, a 40% increase over the prior period, which was paid on April 4, 2022. The Normal Course Issuer Bid (“NCIB”), first announced on April 19, 2021, remained active during the quarter.

Balance sheet continues to support growth initiatives: At the end of the first quarter, the Company had a cash and cash equivalent balance of $999.0 million and $17.8 million in scheduled debt repayments and $30.8 million in dividends to joint venture partners.

2021 ESG and Sustainability Report: On April 14, 2022, the Company published its fourth annual ESG and Sustainability Report. The report outlines SSR Mining’s approach to sustainability across a range of areas, including Health & Safety, environment, communities and diversity, as well as summarizes our 2021 ESG performance.

Announced the sale of the Pitarrilla project: On January 13, 2022, the Company announced it had entered into a definitive agreement to sell its Pitarrilla silver project in Durango, Mexico to Endeavour Silver Corp. (“EXK”) for total consideration of up to $127.0 million. This consideration includes $35.0 million in cash, $35.0 million in EXK shares, and a 1.25% Net Smelter Return (“NSR”) royalty on the Pitarrilla property. The transaction, which is subject to TSX and NYSE regulatory approvals, the approval of the Mexican Federal Economic Competition Commission and customary closing conditions, is expected to close in the second quarter of 2022.

Closed the acquisition of Taiga Gold Corp.: Subsequent to quarter’s end, on April 14, 2022, SSR Mining completed the previously announced plan of arrangement (the “Arrangement”) to acquire all of the issued and outstanding shares of Taiga Gold Corp. (CSE: TGC) (“Taiga Gold”) at a price of CAD $0.265 per share, representing an aggregate consideration of approximately $24.5 million. The transaction consolidated a 100% interest in the Fisher property contiguous to the Seabee mine, eliminated a 2.5% NSR royalty on the Fisher property, and added five new properties covering over 29,100 hectares to complement the Company’s existing exploration platform in the underexplored and geologically prospective Province of Saskatchewan. SSR Mining’s Saskatchewan assets now cover an area of approximately 131,150 hectares.

* AISC is a non-GAAP metric which is customary in the mining industry, but for which there is no standardized definition or comparable financial measure under U.S. GAAP. As a result, we have not identified a comparable financial measure calculated under U.S. GAAP. For a description of AISC, please see the discussion under "Non-GAAP Financial Measures" in Part I, Item 2, Management’s Discussion and Analysis herein.
2



ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
3


SSR Mining Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands except per share)
Three Months Ended March 31,
20222021
Revenue$355,446 $366,484 
Operating Costs and Expenses:
Production costs
153,520 161,863 
Depreciation, depletion, and amortization
58,742 53,779 
General and administrative expense
16,239 7,759 
Exploration, evaluation, and reclamation costs
9,858 9,408 
Transaction, integration, and SEC conversion expense1,217 4,492 
Operating income115,870 129,183 
Other income (expense):
Interest expense
(4,295)(4,944)
Other income (expense)
(367)(1,611)
Foreign exchange gain (loss)(3,287)(379)
Total other income (expense)
(7,949)(6,934)
Income before income and mining taxes107,921 122,249 
Income and mining tax benefit (expense)(31,562)6,380 
Equity income (loss) of affiliates
(253)(1,178)
Net income76,106 127,451 
Net loss (income) attributable to non-controlling interest(8,543)(18,590)
Net income attributable to SSR Mining shareholders
$
67,563 
$
108,861 
 
Net income per share attributable to SSR Mining shareholders
Basic$0.32 $0.50 
Diluted$0.31 $0.48 

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


4

SSR Mining Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
 Three Months Ended March 31,
 2022 2021
Operating activities    
     
Net income
$
76,106 
$
127,451 
Adjustments for:   
Depreciation, depletion, and amortization
 58,742 53,779 
Amortization of debt discount
227 220 
Reclamation costs
1,311 1,205 
Deferred income taxes
 (16,404)(23,024)
Stock-based compensation
 4,849 (1,699)
Equity pickup on investments in joint ventures
253 1,178 
Unrealized gain on derivative instruments
(364)(2,583)
Change in fair value of marketable securities
923 586 
Non-cash fair value adjustment on acquired inventories
4,540 16,069 
Loss (gain) on sale of mineral properties, plant and equipment
 584 22 
Net change in operating assets and liabilities  
 (68,580)(45,701)
Net cash provided by operating activities
 62,187 127,503 
  
Investing activities 
Additions to mineral properties, plant and equipment
 (34,492)(55,711)
Net proceeds from sales of marketable securities
 6,607  
Proceeds from sale of mineral properties, plant and equipment
 149 
Other investing activities
  (172)
Net cash used in investing activities
 (27,885)(55,734)
 
 
Financing activities 
 
Repayment of debt, principal
 (17,781)(17,500)
Proceeds from exercise of stock options
 2,398 2,750 
Principal payments on finance leases
 (7,293)(2,158)
Non-controlling interest dividend
(30,773)(38,084)
Dividends paid
 (10,992)
Other financing activities
 (423)
Net cash used in financing activities
 (53,449)(66,407)
Effect of foreign exchange rate changes on cash and cash equivalents 583 22 
Net increase (decrease) in cash, cash equivalents, and restricted cash
 (18,564)5,384 
Cash, cash equivalents, and restricted cash, beginning of period
 1,052,865 895,921 
Cash, cash equivalents, and restricted cash, end of period
$1,034,301 
$
901,305 
5

SSR Mining Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
Three Months Ended March 31,
20222021
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents$998,986 $866,015 
Restricted cash35,315 35,290 
Total cash, cash equivalents, and restricted cash$1,034,301 $901,305 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.    
6

SSR Mining Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
March 31, 2022December 31, 2021
ASSETS  
Cash and cash equivalents
$
998,986 
$
1,017,562 
Marketable securities
 34,235 40,431 
Trade and other receivables
 132,679 121,356 
Inventories
 419,749 389,416 
Prepaids and other current assets
 28,220 31,549 
Assets held for sale
63,670  
 Total current assets
 1,677,5391,600,314
 
 
Mineral properties, plant and equipment, net
 3,163,7313,249,764
Inventories
 221,358 221,617 
Restricted cash
 35,31535,303
Equity method investments
 4,665 4,918 
Goodwill
 49,78649,786
Deferred income tax assets
 11,809 8,501 
Other non-current assets
 48,46041,235
Total assets
$
5,212,663 
$
5,211,438 
  
LIABILITIES 
Accounts payable
$
55,635 
$
34,844 
Accrued liabilities and other
 141,030 165,108 
Finance lease liabilities
3,723 12,439 
Current portion of debt
 71,210 71,491 
Liabilities held for sale
6,903  
Total current liabilities
 278,501 283,882 
  
Debt
 278,261 295,493 
Finance lease liabilities
 105,011 105,965 
Reclamation liabilities
 124,074 122,660 
Deferred income tax liabilities
 319,923 338,788 
Other non-current liabilities
 20,802 12,133 
Total liabilities
 1,126,572 1,158,921 
  
EQUITY 
Common shares – unlimited authorized common shares with no par value; 212,557 and 211,879 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
 3,143,445 3,140,189 
Retained earnings (deficit) 450,215 397,667 
SSR Mining’s shareholders’ equity
 3,593,660 3,537,856 
Non-controlling interest 492,431 514,661 
Total equity 4,086,091 4,052,517 
Total liabilities and equity 
$
5,212,663 
$
5,211,438 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
7

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 
Balance as of December 31, 2021
211,879 $3,140,189 $397,667 $3,537,856 $514,661 $4,052,517 
Exercise of stock options166 2,433 — 2,433 — 2,433 
Settlement of RSUs512 — — — — — 
Equity-settled stock-based compensation— 823 — 823 — 823 
Dividends declared to equity holders of SSR Mining— — (15,015)(15,015)— (15,015)
Dividends paid to non-controlling interest— — — — (30,773)(30,773)
Net income (loss)— — 67,563 67,563 8,543 76,106 
Balance as of March 31, 2022
212,557 $3,143,445 $450,215 $3,593,660 $492,431 $4,086,091 
    
8

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 as of December 31, 2020
219,607 $3,242,821 $92,077 $3,334,898 $512,279 $3,847,177 $3,311 
Exercise of stock options364 2,750 — 2,750 — 2,750 — 
Settlement of RSUs and PSUs92 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 as of March 31, 2021
220,063 $3,258,810 $189,928 $3,448,738 $492,785 $3,941,523 $ 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.    
9

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

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 produces gold doré as well as copper, silver, lead and zinc concentrates. SSR Mining's diversified asset portfolio is comprised of high-margin, long-life assets located in some of the world's most prolific metal districts. 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, 2022, 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, have learned how to navigate and operate under these conditions but may still be subject to operating challenges, inflationary pressures and outbreaks. The Company will continue to be vigilant and take appropriate measures to protect the health and safety of its employees and surrounding communities.
Basis of presentation
The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed on February 23, 2022. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the three month period ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Reclassifications
Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.
10

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
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.
The following tables provide a summary of financial information related to the Company's segments (in thousands):

Three Months Ended March 31, 2022
Çöpler
Marigold 
Seabee 
Puna
Exploration, evaluation 
and development properties (2)
Corporate and other (1)
Total 
Revenue$137,407 $68,893 $90,857 $58,289 $ $ $355,446 
Production costs$62,584 $38,735 $16,410 $35,791 $ $ $153,520 
Depletion, depreciation, and amortization$30,513 $6,888 $15,379 $5,962 $ $ $58,742 
Exploration, evaluation, 
and reclamation costs
$1,049 $743 $2,374 $481 $4,251 $960 $9,858 
Transaction, integration, and SEC conversion expense$ $ $ $ $ $1,217 $1,217 
Operating income$42,537 $22,526 $56,691 $15,906 $(4,251)$(17,539)$115,870 
Capital expenditures$6,870 $18,235 $12,914 $2,213 $ $ $40,232 
Total assets as of March 31, 2022
$2,161,612 $569,895 $524,023 $326,389 $929,523 $701,221 $5,212,663 
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

(2) The Company entered into an agreement on January 12, 2022 to sell its Pitarrilla project. The assets related to the Pitarrilla project are classified as Current assets held for sale on the Condensed Consolidated Balance Sheets as of March 31, 2022. Refer to Note 16 for further information.

11

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
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 $9,408 
Transaction, integration, and SEC conversion expense$ $ $ $ $ $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.
Geographic Area

The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes, by location as of March 31, 2022 and December 31, 2021 (in thousands):

March 31, 2022December 31, 2021
Turkey $2,737,010 $2,744,707 
Canada 272,311 292,264 
United States 309,389 307,857 
Argentina 118,448 123,834 
Mexico 541 48,345 
Peru 515 527 
Total
$3,438,214 $3,517,534 

12

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The following is revenue information by geographic area based on the location for the three months ended March 31 (in thousands):

Three Months Ended March 31,
20222021
Turkey $137,407 $151,522 
Canada 90,857 45,707 
United States 68,893 115,973 
Argentina 58,289 53,282 
Total
$355,446 $366,484 
4.REVENUE

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

Three Months Ended March 31,
 20222021
Gold doré sales
Çöpler
$135,943 $151,522 
Marigold68,852 115,937 
Seabee90,822 45,676 
Concentrate sales  
Puna54,132 53,928 
Other (1)
  
Çöpler1,464  
Marigold 41 36 
Seabee35 31 
Puna4,157 (646)
Total$355,446 $366,484 
(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,
20222021
Gold $295,617 $313,135 
Silver 33,965 48,013 
Lead 13,857 5,170 
Zinc 6,310 745 
Other5,697 (579)
Total $355,446 $366,484 
Provisional metal sales
For the three months ended March 31, 2022 and 2021, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase (decrease) of $4.2 million and $(0.6) million, respectively, which has been recorded in Revenue.
13

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
At March 31, 2022, the Company had silver sales of 3.54 million ounces at an average price of $24.17 per ounce, zinc sales of 4.06 million pounds at an average price of $1.78 per pound, and lead sales of 19.53 million pounds at an average price of $1.06 per pound, subject to final pricing over the next several months.
5.INCOME AND MINING TAXES
SSR’s consolidated effective income tax rate was 29.2% for the first three months of 2022 compared to (5.2)% for the first three months of 2021. 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.
6.OTHER INCOME (EXPENSE)
The following table includes the components of Other income (expense):
Three Months Ended March 31,
20222021
Interest income (expense)$1,565 $470 
Gain (loss) on marketable securities(923)(586)
Gain (loss) on sale of mineral properties, plant, and equipment(584)(22)
Other(425)(1,473)
Total$(367)$(1,611)
7.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, Restricted Share Units (“RSUs”), RSU Replacement Units, and convertible notes for periods in which the Company has reported net income.
14

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The calculations of basic and diluted net income per share attributable to stockholders of the Company for the three months ended March 31, 2022 and 2021 are based on the following (in thousands):
Three Months Ended March 31,
20222021
Net income$76,106 $127,451 
Net (income) loss attributable to non-controlling interest
(8,543)(18,590)
Net income attributable to shareholders of SSR Mining
67,563 108,861 
Interest saving on convertible notes, net of tax
1,215 1,575 
Net income used in the calculation of diluted net income per share
$68,778 $110,436 
 
Weighted average number of common shares outstanding212,423 219,792 
Adjustments for dilutive instruments:
Stock options
9 152 
Restricted share units
88 73 
Convertible notes
12,216 12,152 
Diluted weighted average number of common shares outstanding
224,736 232,169 
 
Net income per share attributable to common shareholders
Basic
$0.32 $0.50 
Diluted
$0.31 $0.48 


15

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
8.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
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 as of March 31, 2022
Level 1 (1)
Level 2 (2) 
Level 3  (3) 
Total
Assets:
Cash$998,986 $ $ $998,986 
Restricted cash35,315   35,315 
Marketable securities38,646   38,646 
Trade receivables  80,673  80,673 
Derivative asset 1,351  1,351 
Deferred consideration  23,261 23,261 
$1,072,947 $82,024 $23,261 $1,178,232 
16

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

Fair value as of December 31, 2021
Level 1 (1)
Level 2 (2) 
Level 3  (3) 
Total
Assets:
Cash$1,017,562 $ $ $1,017,562 
Restricted cash35,303   35,303 
Marketable securities46,923   46,923 
Trade receivables  72,634  72,634 
Derivative asset 987  987 
Deferred consideration  22,610 22,610 
$1,099,788 $73,621 $22,610 $1,196,019 
(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 Condensed 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 Condensed Consolidated Balance Sheets.
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 condensed consolidated financial statements (in thousands):
Three Months Ended March 31,
20222021
Balance as of January 1$22,610 $21,460 
Revaluations651 124 
Balance as of March 31
$23,261 $21,584 
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, 2022December 31, 2021
LevelCarrying amountFair valueCarrying amountFair value
2019 Notes (1) 
1$225,761 $319,700 $225,534 $286,207 
Term Loan (2)
2122,500 125,922 140,000 144,871 
Total borrowings$348,261 $445,622 $365,534 $431,078 
(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.
17

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
9.TRADE AND OTHER RECEIVABLES
Trade and other receivables was composed of the following (in thousands):

March 31, 2022December 31, 2021
Trade receivables$94,525 $86,124
Value added tax receivables 24,138  20,723 
Income tax receivable 6,403  9,374 
Other taxes receivable 2,740  1,866 
Other 4,873  3,269 
Total$132,679 $121,356 
No provision for credit loss was recognized as of March 31, 2022 or December 31, 2021. All trade receivables are expected to be settled within twelve months.


10.INVENTORIES
The components of Inventories for the periods ended March 31, 2022 and December 31, 2021 are as follows (in thousands):
March 31, 2022December 31, 2021
Materials and supplies$97,741 $79,372 
Stockpiled ore 33,200 27,589 
Leach pad inventory257,577 243,627 
Work-in-process 5,820 4,951 
Finished goods25,411 33,877 
Total current inventories
$419,749 $389,416 
Stockpiled ore 219,853 220,324 
Materials and supplies1,505 1,293 
Total non-current inventories 
$221,358 $221,617 

11.MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET
The components of Mineral properties, plant and equipment, net are as follows (in thousands):
March 31, 2022December 31, 2021
Plant and equipment (1)
$1,745,105 $1,762,833 
Construction in process
51,832 36,841 
Mineral properties subject to depletion
1,393,722 1,331,615 
Mineral properties not yet subject to depletion
658,637 141,629 
Exploration and evaluation assets
318,762 927,176 
Total mineral properties, plant, and equipment$4,168,058 $4,200,094 
Accumulated depreciation, plant and equipment
(553,257)(529,635)
Accumulated depreciation, mineral properties(451,070)(420,695)
Mineral properties, plant, and equipment, net$3,163,731 $3,249,764