10-Q 1 ssrm-20240331.htm 10-Q ssrm-20240331
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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, 2024
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 202,089,818 common shares outstanding on March 31, 2024.




TABLE OF CONTENTS
Page
PART I - FINANCIAL INFORMATION
PART II - OTHER INFORMATION
1


FORWARD-LOOKING STATEMENTS
Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Forward looking statements can be identified with words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “projects,” “predict,” “potential,” “continue” and similar expressions, as well as statements written in the future tense. When made, forward-looking statements are based on information known to management at such time and/or management’s good faith belief with respect to future events. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the Company's forward-looking statements. Many of these factors are beyond the Company's ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking statements include, without limitation, the types of statements listed under the heading “Forward-Looking Statements” in Part I, Item 1. Business of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 27, 2024 (“Form 10-K”).
The forward-looking information and statements in this report are based on a number of material factors and assumptions, including, but not limited to the factors discussed in the Form 10-K, including those discussed in the “Business,” “Risk Factors,” “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Form 10-K. Such factors are not exhaustive of the factors that may affect any of the Company’s forward-looking statements and information, and such statements and information will not be updated to reflect events or circumstances arising after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Any forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks and uncertainties discussed herein should be read in conjunction with the factors discussed in Part II, Item 1A., “Risk Factors” hereof, and Part I, Item IA., “Risk Factors” in the Form 10-K.



2


PART I - FINANCIAL INFORMATION
Çöpler Incident
On February 13, 2024, SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining,” or the “Company”) suspended all operations at its Çöpler property as a result of a significant slip on the heap leach pad (the “Çöpler Incident”).

Our primary focus at Çöpler continues to be the recovery and return of our five missing colleagues to their families. Currently, recovery efforts are targeted in the Sabırlı Valley, from which SSR Mining currently expects to complete the removal of all displaced heap leach material resulting from the Çöpler Incident into temporary storage locations by the end of the third quarter of 2024. Concurrently, containment efforts have been completed alongside the removal of the displaced material with the installation of grout curtains, coffer dams, buttresses, pumping systems and the ongoing installation of diversion channels in the Sabırlı Valley.

In parallel with the recovery and containment work, the Company is progressing a remediation plan following comprehensive consultation and evaluations with various Turkish government agencies, ministries, independent experts and external consultants. The remediation plan will be submitted for government approval in the second quarter of 2024 and will include, among other things, the construction of a permanent storage facility for the displaced heap leach material. Once constructed, the storage facility will be capable of containing the approximately 18 to 20 million tonnes of displaced material in an area referred to as the East Storage Facility. The remediation work is expected to cost between $250.0 to $300.0 million on a 100% basis, in addition to the approximately $25.0 million incurred to-date. The remediation efforts are expected to be implemented over a period of 24 to 36 months.

As part of the remediation work, the heap leach pad will be permanently closed and no further heap leach processing will take place at Çöpler. In order to restart operations, the Company will require the reinstatement of the Environmental Impact Assessment and necessary operating permits. At this time, we are not able to estimate or predict when and under what conditions we will resume operations at Çöpler.

For additional information on the Çöpler Incident, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 27, 2024 and the information provided herein.



3


FIRST QUARTER 2024 SUMMARY (dollars, except per share, per ounce and per pound amounts): (1)
Operating results: First quarter 2024 production was 101,873 gold equivalent ounces. Production from Marigold was 34,680 ounces and cost of sales of $1,331 per ounce sold and all-in sustaining costs (“AISC”) of $1,430 per ounce sold. At Seabee, production was 23,773 ounces and cost of sales of $859 per ounce sold and AISC of $1,416 per ounce sold. Puna produced 1,914,805 ounces of silver and cost of sales of $16.87 per ounce sold and AISC of $15.61 per ounce sold. An additional 21,827 ounces of gold were produced at Çöpler before the operation was suspended on February 13, 2024, following the Çöpler Incident.
Financial results: Attributable net loss in the first quarter of 2024 was $287.1 million, or $1.42 per diluted share, inclusive of the impairment of long-lived and other assets at Çöpler of $114.2 million and estimated future reclamation and remediation costs of approximately $250.0 million related to the Çöpler Incident, which represents the low end of the estimated preliminary cost range of $250.0 to $300.0 million. Adjusted attributable net income in the first quarter of 2024 was $22.5 million, or $0.11 per diluted share. In the first quarter of 2024, operating cash flow was $24.6 million and free cash flow was $(9.4) million.
Cash and liquidity position: As of March 31, 2024, SSR Mining had a cash and cash equivalent balance of $467.0 million. In addition, at the end of the first quarter 2024, the Company had available borrowings of $399.1 million under its revolving credit facility. As of March 31, 2024, the Company had no borrowings, exclusive of de minimus letters of credit, outstanding under the revolving credit facility and was in compliance with its covenants.
(1) AISC, free cash flow, adjusted attributable net income (loss), and adjusted attributable net income (loss) per diluted share are non-GAAP financial measures. For explanations of these measures and reconciliations to the most comparable financial measure calculated under U.S. GAAP, please see the discussion under "Non-GAAP Financial Measures" in Part I, Item 2, Management’s Discussion and Analysis herein.

4



ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

5

SSR Mining Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands except per share)
Three Months Ended
March 31,
20242023
Revenue$230,234 $314,614 
Operating costs and expenses:
Cost of sales (1)
125,901 199,297 
Depreciation, depletion, and amortization
38,398 47,095 
General and administrative expense
12,861 18,541 
Exploration and evaluation
10,231 10,525 
Reclamation and remediation costs
275,318 2,173 
Impairment charges
114,230  
Care and maintenance14,409  
Other operating expenses, net15,310 (2)
Operating income (loss)
(376,424)36,985 
Other income (expense):
Interest expense
(4,655)(5,060)
Other income (expense)
3,767 13,052 
Foreign exchange gain (loss)(913)(13,185)
Total other income (expense)
(1,801)(5,193)
Income (loss) before income and mining taxes(378,225)31,792 
Income and mining tax benefit (expense)20,237 (2,788)
Equity income (loss) of affiliates
(174) 
Net income (loss)
(358,162)29,004 
Net loss (income) attributable to non-controlling interest71,080 809 
Net income (loss) attributable to SSR Mining shareholders
$
(287,082)
$
29,813 
 
Net income (loss) per share attributable to SSR Mining shareholders
Basic$(1.42)$0.14 
Diluted$(1.42)$0.14 
(1) Excludes depreciation, depletion, and amortization.

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


6

SSR Mining Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
 Three Months Ended March 31,
 2024 2023
Operating activities    
     
Net income (loss)
$
(358,162)
$
29,004 
Adjustments for:   
Depreciation, depletion, and amortization
 38,398 47,095 
Reclamation and remediation costs
252,851 2,173 
Deferred income taxes
 (22,817)(1,977)
Stock-based compensation
 (3,942)2,047 
Equity (income) loss of affiliates
174  
Change in fair value of marketable securities
(2,817)(1,866)
Non-cash fair value adjustment on acquired inventories
2,830 3,623 
Loss (gain) on sale of mineral properties, plant and equipment
 657 240 
Impairment charges
114,230  
Change in fair value of deferred consideration (630)2,085 
Loss (gain) on foreign exchange3,528 8,210 
Non-cash care and maintenance
6,731  
Other operating activities
1,226 235 
Net change in operating assets and liabilities  
 (7,626)(87,902)
Net cash provided by operating activities
 24,631 2,967 
  
Investing activities 
Additions to mineral properties, plant and equipment
 (34,035)(59,242)
Purchases of marketable securities
 (6,338)(484)
Net proceeds from sale of marketable securities
 3,717 7,845 
Contributions to equity method investments
(122) 
Net cash used in investing activities
 (36,778)(51,881)
 
Financing activities 
 
Repayment of debt, principal
  (17,802)
Repurchase of common shares
 (9,825)(5,197)
Proceeds from exercise of stock options
  208 
Principal payments on finance leases
 (995)(950)
Dividends paid
 (14,448)
Net cash used in financing activities
 (10,820)(38,189)
Effect of foreign exchange rate changes on cash and cash equivalents (2,415)(6,191)
Net increase (decrease) in cash, cash equivalents, and restricted cash
 (25,382)(93,294)
Cash, cash equivalents, and restricted cash beginning of period
 492,494 689,106 
Cash, cash equivalents, and restricted cash end of period
$467,112 
$
595,812 
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents$467,010 $561,783 
Restricted cash
102 34,029 
Total cash, cash equivalents, and restricted cash$467,112 $595,812 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.    
7

SSR Mining Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
March 31, 2024December 31, 2023
ASSETS  
Cash and cash equivalents
$
467,010 
$
492,393 
Marketable securities
 24,985 20,944 
Trade and other receivables
 103,759 142,180 
Inventories
 465,109 515,143
Restricted cash
102 101
Prepaids and other current assets
 20,905 25,715 
 Total current assets
 1,081,870 1,196,476
 
 
Mineral properties, plant and equipment, net
 3,824,778 3,872,886
Inventories
 238,954 219,808 
Equity method investments
 1,045 127 
Deferred income tax assets
 27,319 22,307 
Other non-current assets
 77,816 74,169
Total assets
$
5,251,782 
$
5,385,773 
  
LIABILITIES 
Accounts payable
$
30,567 
$
37,095 
Accrued liabilities and other
 130,816 124,639 
Reclamation and remediation liabilities
185,797 3,364 
Finance lease liabilities
4,633 4,555 
Current portion of debt
 955 920 
Total current liabilities
 352,768 170,573 
  
Debt
 227,777 227,516 
Finance lease liabilities
 85,000 86,141 
Reclamation and remediation liabilities
 240,498 170,455 
Deferred income tax liabilities
 346,047 363,852 
Other non-current liabilities
 60,864 63,033 
Total liabilities
 1,312,954 1,081,570 
  
EQUITY 
Common shares – unlimited authorized common shares with no par value; 202,090 and 202,952 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
 2,991,225 3,005,015 
Retained earnings (deficit) 87,560 368,065 
SSR Mining’s shareholders’ equity
 3,078,785 3,373,080 
Non-controlling interest 860,043 931,123 
Total equity 3,938,828 4,304,203 
Total liabilities and equity 
$
5,251,782 
$
5,385,773 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
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 SSR Mining shareholders
Non-controlling interest 
Total equity 
Balance as of December 31, 2023
202,952 $3,005,015 $368,065 $3,373,080 $931,123 $4,304,203 
Repurchase of common shares(1,117)(16,402)6,577 (9,825)— (9,825)
Settlement of restricted share units (RSUs)255 — — — — — 
Equity-settled stock-based compensation
— 2,612 — 2,612 — 2,612 
Net income (loss)— — (287,082)(287,082)(71,080)(358,162)
Balance as of March 31, 2024
202,090 $2,991,225 $87,560 $3,078,785 $860,043 $3,938,828 

















9

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 SSR Mining shareholders
Non-controlling interest 
Total equity 
Balance as of December 31, 2022
206,653 $3,057,920 $521,817 $3,579,737 $546,462 $4,126,199 
Repurchase of common shares
(348)(5,111)(86)(5,197)— (5,197)
Exercise of stock options17 216 — 216 — 216 
Settlement of RSUs
198 — — — — — 
Equity-settled stock-based compensation
— 2,037 — 2,037 — 2,037 
Dividends paid to SSR Mining shareholders
— — (14,448)(14,448)— (14,448)
Net income (loss)— — 29,813 29,813 (809)29,004 
Balance as of March 31, 2023
206,520 $3,055,062 $537,096 $3,592,158 $545,653 $4,137,811 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.    
10

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 a precious metals mining company with four producing assets located in the United States, Türkiye, Canada and Argentina. The Company is principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s properties include Çöpler Gold Mine (“Çöpler”) in Erzincan, Türkiye, Marigold mine (“Marigold”) in Nevada, USA, Seabee Gold Operation (“Seabee”) in Saskatchewan, Canada, and Puna Operations (“Puna”) in Jujuy, Argentina. The Company also has development projects that it seeks to advance, as market and project conditions permit.
SSR Mining 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.”
On February 13, 2024, the Company suspended all operations at Çöpler as a result of a significant slip on the heap leach pad (the “Çöpler Incident”). See Note 3 for further details.
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, lead and zinc. 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; and Deferred income tax assets are 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. In addition, the Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.
The Company's business may be impacted by adverse macroeconomic and geopolitical conditions. These conditions include inflation, interest rate and foreign currency fluctuations and slowdown of economic activity around the world. The Company maintains its cash and cash equivalents primarily in United States dollars (“USD”). Any fluctuation in the exchange rate of the Turkish Lira (“TRY”), Canadian Dollar (“CAD”), Argentine Peso (“ARS”), or the currency of any other country in which the Company operates, against the USD could result in a loss on the Company’s books to the extent the Company holds funds or net monetary or non-monetary assets denominated in those currencies, and any fluctuations of currency prices generally may result in volatility. Certain of the Company's operations are located in countries that have in the past and are currently experiencing high rates of inflation. It is possible that in the future, high inflation in the countries in which we operate may result in an increase in operational costs in local currencies (without a concurrent devaluation of the local currency of operations against the dollar or an increase in the dollar price of gold, silver, copper, zinc or lead). Maintaining operating costs in currencies subject to significant inflation could expose us to risks relating to devaluation and high domestic inflation.
The Company's business may also be impacted by physical risks that can impact each of its properties, such as those experienced in connection with the Çöpler Incident.

11

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
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, 2023 filed on February 27, 2024. 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, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
Recently Issued Accounting Pronouncements
In March 2024, the U.S. Securities and Exchange Commission (“SEC”) issued Final Rule 33-11275 "The Enhancement and Standardization of Climate-Related Disclosures for Investors" (“Final Rule”). The Final Rule requires disclosures regarding information about a registrant's climate-related risks that have a material impact on, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. In addition, certain disclosures related to capitalized costs, expenditures, and losses incurred as a result of severe weather events and other natural conditions will be required to be disclosed in the footnotes to the audited financial statements. The Final Rule is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. On April 4, 2024, the SEC stayed the rules pending the resolution of certain legal challenges. The Company is currently evaluating the impact on the consolidated financial statements.
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. The standard is effective beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact on the consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss and interim disclosures of a reportable segment’s profit or loss and assets. The standard is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company does not expect the adoption to have a material impact on the consolidated financial statements or disclosures.
3.ÇÖPLER INCIDENT
On February 13, 2024, the Company suspended all operations at Çöpler as a result of the Çöpler Incident. The Company is not, at this time, able to estimate or predict when and under what conditions it will resume operations at Çöpler. During the suspension, Care and maintenance was recorded in the Statements of Operations which represents direct costs of $7.7 million and depreciation of $6.7 million.

12

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Financial impacts of the Çöpler Incident
Statement of Operations
Three Months Ended
March 31,
2024
Reclamation and remediation costs
Incurred remediation costs (1)
$
(22,466)
Estimated future reclamation and remediation costs
(250,437)
(272,903)
Impairment charges
Leach pad inventory
(76,023)
Mineral properties, plant and equipment, net
(38,207)
(114,230)
Contingencies and other legal matters
(15,310)
Total operating loss
$(402,443)
(1)Represents cash outflows included in Reclamation and remediation costs in the Condensed Consolidated Statements of Operations.

Balance Sheet
March 31, 2024
Current
Non-current
Total
Liabilities
Reclamation and remediation liabilities
$182,625 
$
67,812 $250,437 
Accrued liabilities and other
15,310  15,310 
Total liabilities
$197,935 $67,812 $265,747 
Remediation and reclamation liabilities
The Company estimated a preliminary cost range of $250.0 to $300.0 million for future reclamation and remediation costs related to the Çöpler Incident. The Company accrued approximately $250.0 million, which represents the low end of the estimated cost range.

Reclamation
During the three months ended March 31, 2024, the Company recorded an $11.2 million revision to the reclamation liability to reflect changes in the timing and extent of the closure of the heap leach pad as a result of the Çöpler Incident. The revision was recorded in Reclamation and remediation costs in the Condensed Consolidated Statements of Operations.

13

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Remediation
During the three months ended March 31, 2024, the Company recorded a remediation liability of $261.7 million as a result of the Çöpler Incident. The remediation activities include movement of the debris out of the Sabırlı Valley and Manganese pit, sloping and stabilization of the heap leach pad in preparation for permanent closure, construction of a permanent storage facility for the debris, and management of surface and ground water in the Sabırlı Valley. The Company incurred $22.5 million of remediation costs during the first quarter of 2024 in connection with the Çöpler Incident. The costs incurred and the remediation liability were recorded in Reclamation and remediation costs in the Condensed Consolidated Statements of Operations. As of March 31, 2024, the remediation liability of $239.2 million consists of $178.5 million classified as current and $60.7 million classified as non-current.
Impairment charges
As a result of the Çöpler Incident, the Company plans to permanently close the heap leach pad; therefore, the Company fully impaired the heap leach pad inventory and related heap leach pad processing facilities. Accordingly, during the three months ended March 31, 2024, the Company recorded non-cash impairment charges of $76.0 million related to Inventories and $38.2 million related to Mineral properties, plant and equipment, net, for a total non-cash impairment charge of $114.2 million. No impairment charges were recognized for the three months ended March 31, 2023.
Contingencies and other legal matters
The Company may be subject to additional legal costs and expenses due to the Çöpler Incident. As of March 31, 2024, the Company has recorded $15.3 million of contingencies related to the Çöpler Incident in Other operating expenses, net in the Condensed Consolidated Statements of Operations and Accrued liabilities and other in the Condensed Consolidated Balance Sheets. See Note 18 for additional information.

14

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
4.OPERATING SEGMENTS
The Company currently has four producing mines which represent the Company’s reportable and operating segments. The results of operating segments are reviewed by management to make decisions about resources to be allocated to the segments and to assess their performance. All operations at Çöpler ceased on February 13, 2024, following the Çöpler Incident.

The following tables provide a summary of financial information related to the Company's segments (in thousands):
Three Months Ended March 31, 2024
Çöpler
Marigold 
Seabee 
Puna
Segment Total
Corporate and other (1)
Consolidated
Revenue$48,571 $76,685 $59,128 $45,850 $230,234 
$
 $230,234 
Cost of sales (2)
$24,423 $49,071 $24,433 $27,974 $125,901 
$
 $125,901 
Depreciation, depletion, and amortization$9,831 $7,439 $15,213 $5,915 $38,398 
$
 $38,398 
Exploration and evaluation
$774 $4,095 $3,546 $335 $8,750 
$
1,481 $10,231 
Care and maintenance expenses (3)
$
14,409 
$
 
$
 
$
 
$
14,409 
$
 
$
14,409 
Operating income (loss)$(403,803)$15,356 $15,602 $10,763 $(362,082)
$
(14,342)$(376,424)
Capital expenditures$6,541 $2,432 $15,773 $3,359 $28,105 
$
8,132 $36,237 
Total assets as of March 31, 2024
$2,763,672 $793,179 $491,153 $287,833 $4,335,837 
$
915,945 $5,251,782 
(1)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes.
(2)Excludes depreciation, depletion, and amortization.
(3)Care and maintenance expense represents direct costs not associated with the environmental reclamation and remediation costs of $7.7 million and depreciation of $6.7 million during the suspension of operations at Çöpler starting in the first quarter of 2024.

15

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Three Months Ended March 31, 2023
Çöpler
Marigold 
Seabee 
Puna
Segment Total
Corporate and other (1)
Consolidated
Revenue$110,513 $98,168 $32,093 $73,840 $314,614 $ $314,614 
Cost of sales (2)
$74,646 $54,541 $23,265 $46,845 $199,297 $ $199,297 
Depreciation, depletion, and amortization$22,651 $8,574 $8,987 $6,883 $47,095 $ $47,095 
Exploration and evaluation
$557 $3,077 $3,869 $1,072 $8,575 $1,950 $10,525 
Operating income (loss)$11,496 $31,284 $(4,318)$18,223 $56,685 $(19,700)$36,985 
Capital expenditures$10,069 $29,592 $8,445 $2,577 $50,683 $ $50,683 
Total assets as of March 31, 2023
$3,278,695 $697,817 $585,557 $326,660 $4,888,729 $346,074 $5,234,803 

(1)Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. During the first quarter of 2023, the Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The exploration, evaluation and development properties are no longer considered a reportable segment and the portfolio of prospective exploration tenures, near or adjacent to the existing operations (near-mine) are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other.
(2)Excludes depreciation, depletion, and amortization.

16

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

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

Three Months Ended March 31,
 20242023
Gold doré sales
Çöpler
$48,226 $109,646 
Marigold76,661 98,132 
Seabee59,103 32,083 
Concentrate sales  
Puna48,372 66,348 
Other (1)
  
Çöpler345 867 
Marigold 24 36 
Seabee25 10 
Puna(2,522)7,492 
Total$230,234 $314,614 
(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 months ended March 31 are as follows (in thousands):
Three Months Ended March 31,
20242023
Gold $183,990 $239,861 
Silver 39,334 49,115 
Lead 8,462 12,776 
Zinc 576 4,457 
Other (1)
(2,128)8,405 
Total $230,234 $314,614 
(1)Other revenue includes changes in the fair value of concentrate trade receivables due to fluctuations in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.
Provisional metal sales
For the three months ended March 31, 2024 and 2023, 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 and $7.5 million, respectively. The changes in fair value have been recorded in Revenue.
At March 31, 2024, the Company had silver sales of 4.5 million ounces at an average price of $23.57 per ounce, lead sales of 21.81 million pounds at an average price of $0.95 per pound, and zinc sales of 2.5 million pounds at an average price of $1.22 per pound, subject to normal course final pricing over the next several months.
17

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
6.INCOME AND MINING TAXES
The Company’s consolidated effective income tax rate was 5.4% for the first three months of 2024 compared to 8.8% for the first three months of 2023. The primary drivers of the change in the effective rate were due to foreign currency fluctuations and a decline in year-to-date operating income compared to 2023.

The Company’s statutory tax rate for the period is 27.0%. The effective rate differs from the statutory rate primarily due to foreign currency fluctuations.
Unrecognized Tax Benefits
The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the “more-likely-than-not” recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, inclusive of interest and penalties, is as follows (in thousands):
Three Months Ended March 31,
20242023
Balance as of January 1$ $8,574 
Increase (decrease) associated with tax positions taken during a prior year (1)
 (6,594)
Balance as of March 31 (1)
$ $1,980 
(1)Of the gross unrecognized tax benefits, nil were recognized as current liabilities in Condensed Consolidated Balance Sheet as of March 31, 2024.
As of March 31, 2024 and December 31, 2023, there were no unrecognized tax benefits, inclusive of interest and penalties that, if recognized, would impact the Company’s effective income tax rate. As of March 31, 2024 and December 31, 2023, there were no accrued income-tax-related interest and penalties.

On March 12, 2023, Türkiye enacted Tax Amnesty legislation, which allowed taxpayers to voluntarily pay tax on uncertain tax positions and waived assessed interest, penalties up to 50.0% of tax and risk of audit if paid in accordance with the process outlined in the legislation. As a result, during the year ended December 31, 2023, the Company released $7.2 million of tax, interest, and penalties in Income and mining tax benefit (expense) in the Condensed Consolidated Statements of Operations and paid $1.4 million in a cash tax payment in accordance with the Tax Amnesty agreement. As of March 31, 2024 and December 31, 2023, the Company no longer maintains a provision for uncertain tax positions as there are no positions that meet the criteria.

On December 20, 2023, Pillar Two minimum tax legislation was enacted in Luxembourg, a jurisdiction in which the Company operates. The legislation is effective for the Company’s financial year beginning January 1, 2024. Furthermore, Canada has Pillar Two legislation in draft form that, if enacted, would take retroactive effect from January 1, 2024. Pillar Two is a global corporate tax framework developed by the Organization for Economic Cooperation and Development (“OECD”) aimed at establishing a minimum tax floor of 15% on multinational corporate profits.

For the three months ended March 31, 2024, the Company satisfies the transitional safe harbors with respect to the legislation enacted in Luxembourg and thus has not recorded additional tax expense for Pillar Two. However, exposure may exist in other jurisdictions if legislation is enacted at the ultimate parent level in Canada. The Company continues to monitor Pillar Two exposures.
18

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
7.OTHER OPERATING EXPENSE, NET
The following table includes the components of Other operating expense, net:
Three Months Ended March 31,
20242023
Contingencies related to the Çöpler Incident
$15,310 $ 
Other
 (2)
Total $15,310 $(2)
8.OTHER INCOME (EXPENSE)
The following table includes the components of Other income (expense):
Three Months Ended March 31,
20242023
Interest income$6,296 $7,646 
Gain (loss) on investments and on marketable security sales
1,177  
Change in fair value of marketable securities(2,817)1,866 
Gain (loss) on sale of mineral properties, plant, and equipment (240)
Other(889)3,780 
Total$3,767 $13,052 
9.INCOME (LOSS) PER SHARE
The Company calculates basic net income (loss) per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted net income (loss) 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”), and convertible notes for periods in which the Company has reported net income (loss).
19

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The calculations of basic and diluted net income (loss) per share attributable to SSR Mining shareholders for the three months ended months ended March 31, 2024 and 2023 are based on the following (in thousands):
Three Months Ended March 31,
20242023
Net income (loss)$(358,162)$29,004 
Net (income) loss attributable to non-controlling interest
71,080 809 
Net income (loss) attributable to SSR Mining shareholders
(287,082)29,813 
Interest saving on 2019 Notes, net of tax
 1,221 
Net income (loss) used in the calculation of diluted net income per share
$(287,082)$31,034 
 
Weighted average number of common shares issued
202,355 206,778 
Adjustments for dilutive instruments:
Restricted share units
 14 
2019 Notes
 12,611 
Diluted weighted average number of shares outstanding
202,355 219,403 
 
Net income (loss) per share attributable to SSR Mining shareholders
Basic
$(1.42)$0.14 
Diluted
$(1.42)$0.14 
For the three months ended March 31, 2024, $1.2 million of interest saving on convertible notes, net of tax, and 12,921 shares were excluded from the diluted income per common share calculation because the Company incurred a net loss and the effect would be antidilutive.
10.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).
20

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
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, 2024
Level 1 (1)
Level 2 (2) 
Level 3
Total
Assets:
Cash$467,010 $ $ $467,010 
Restricted cash102   102 
Marketable securities33,017   33,017 
Trade receivables from provisional sales, net  55,220  55,220 
Deferred consideration  21,843 21,843 
$500,129 $55,220 $21,843 $577,192 
Liabilities:
Contingent consideration
$
 
$
 
$
28,986 
$
28,986 
Option liability - EMX shares (3)
 2,194  2,194 
$ $2,194 $28,986 $31,180 

Fair value at December 31, 2023
Level 1 (1)
Level 2 (2) 
Level 3
Total
Assets:
Cash$492,393 $ $ $492,393 
Restricted cash101   101 
Marketable securities28,351   28,351 
Trade receivables from provisional sales, net  86,897  86,897 
Deferred consideration  21,213 21,213 
$520,845 $86,897 $21,213 $628,955 
Liabilities:
Contingent consideration
$
 
$
 
$
29,648 
$
29,648 
Option liability - EMX shares (3)
 1,431  1,431 
$
 
$
1,431 
$
29,648 
$
31,079 
(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’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)The fair value of the option liability, which represents the option of the holder to acquire an EMX common share from SSR, was determined using the Black-Scholes model. The inputs to the Black-Scholes model included the EMX stock price of CAD $2.34 per share, exercise price of CAD $2.27 per unit, one-year maturity, one-year risk-free rate of 5.0%, and annualized volatility of 34.9%.

21

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Deferred and contingent consideration are included in Level 3 as certain assumptions used in the calculation of the fair value are not based on observable market data. 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,
20242023
Deferred consideration assets:
Balance as of January 1$21,213 $24,369 
Revaluations630 (2,085)
Balance as of March 31
$21,843 $22,284 
Three Months Ended March 31,
20242023
Contingent consideration liabilities:
Balance as of January 1$29,648 $ 
Revaluations(662) 
Balance as of March 31
$28,986 $ 
Fair values of financial assets and liabilities not already measured at fair value
The fair value of the 2019 Notes as compared to the carrying amounts were as follows (in thousands): 
March 31, 2024December 31, 2023
LevelCarrying amountFair valueCarrying amountFair value
2019 Notes (1) 
1$227,777 $205,275 $227,516 $216,545 
(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.
11.TRADE AND OTHER RECEIVABLES
Trade and other receivables was composed of the following (in thousands):

March 31, 2024December 31, 2023
Trade receivables$56,618 $91,340 
Value added tax receivables 25,788  30,554 
Income tax receivable 1,866  3,172 
Other taxes receivable 17,056  11,734 
Other 2,431  5,380 
Total$103,759 $142,180 
No provision for credit loss was recognized as of March 31, 2024 or December 31, 2023. All trade receivables are expected to be settled within twelve months.


22

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
12.INVENTORIES
The components of Inventories for the periods ended March 31, 2024 and December 31, 2023 are as follows (in thousands):
March 31, 2024December 31, 2023
Materials and supplies$124,181 $104,217 
Stockpiled ore 57,317 77,142 
Leach pad inventory253,121 305,271 
Work-in-process 13,541 7,189 
Finished goods16,949 21,324 
Total current inventories
465,109 515,143 
Stockpiled ore 238,954 218,139 
Materials and supplies 1,669 
Total non-current inventories 
$238,954 $219,808 

During the three months ended March 31, 2024, following the Çöpler Incident, the Company recognized an impairment of leach pad inventory at Çöpler of $76.0 million classified as a component of Impairment charges. See Note 3 for further information relating to the impairment of inventories.
During the three months ended March 31, 2023, the Company recognized write-downs of leach pad inventory at Çöpler of $2.0 million, with $1.3 million classified as a component of Cost of sales and $0.7 million classified as a component of Depreciation, depletion and amortization in the Consolidated Statements of Operations.
13.MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET
The components of Mineral properties, plant and equipment, net are as follows (in thousands):
March 31, 2024December 31, 2023
Plant and equipment (1)
$1,853,060 $1,889,634 
Construction in process
 92,210 86,304 
Mineral properties subject to depletion

2,092,706 2,085,678 
Mineral properties not yet subject to depletion
 880,135 878,712 
Exploration and evaluation assets

253,841 253,842 
Total mineral properties, plant, and equipment 5,171,952 5,194,170 
Accumulated depreciation, plant and equipment

(724,306)(714,579)
Accumulated depletion, mineral properties(622,868)(606,705)
Mineral properties, plant, and equipment, net$3,824,778 $3,872,886 
(1)As of March 31, 2024 and December 31, 2023, plant and equipment includes finance lease right-of-use assets with a carrying amount of $83.5 million and $84.7 million, respectively.
During the three months ended March 31, 2024, the Company concluded that certain mineral properties, plant and equipment at Çöpler was impaired and recorded a non-cash impairment. See Note 3 for further details relating to impairment of mineral properties, plant and equipment. No impairment was recognized for the three months ended March 31, 2023.

23

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
14.ACCRUED LIABILITIES AND OTHER
Accrued liabilities and other are comprised of the following items (in thousands):
March 31, 2024December 31, 2023
Accrued liabilities$84,895 $66,478 
Royalties payable 21,751 28,550 
Stock-based compensation liabilities 3,373 9,048 
Income taxes payable 14,786 16,392 
Lease liabilities 1,566 1,545 
Other 4,445 2,626 
Total accrued liabilities and other$130,816 $124,639 
15.DEBT
The following tables summarize the Company’s debt balances (in thousands):
March 31, 2024December 31, 2023
2019 Notes (1)
$227,777 $227,516 
Other 955  920 
Total carrying amount
$228,732 $228,436 
 
  
Current Portion
$955 $920 
Non-Current Portion
$227,777 $227,516 
(1)Amount is net of discount and debt issuance costs of $2.2 million and $2.5 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.
As a result of dividends paid in 2023 and in accordance with the 2019 Notes Agreement, during the fourth quarter of 2023 the conversion rate was adjusted to 56.7931 common shares per $1,000 principal amount of the 2019 Notes converted.
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.
The Company does not have any financial covenants in relation to the 2019 Notes, however it does contain a cross default provision with the Second Amended Credit Agreement.
24

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Credit Agreement
On August 15, 2023, the Company entered into a further amendment to the Amended Credit Agreement (the “Second Amended Credit Agreement”) with the Bank of Nova Scotia, as administrative agent, and along with Canadian Imperial Bank of Commerce, as co-lead arrangers and joint bookrunners, the lenders party thereto and certain subsidiary guarantors named therein. The amendment, among other things, (i) extends the maturity to August 15, 2027, (ii) increases the credit agreement to $400.0 million with an additional accordion feature of $100.0 million and (iii) modifies the reference rate from LIBOR to an adjusted SOFR plus applicable margin varying based on the Company’s consolidated leverage ratio and amounts drawn on the credit facility ranging from 2.00% to 2.75%. The adjusted SOFR includes a credit spread adjustment of 0.10% for all interest periods
As of March 31, 2024, the Company was in compliance with its covenants. As of March 31, 2024, no borrowings were outstanding on the Second Amended Credit Agreement, $399.1 million of borrowing capacity was available and outstanding letters of credit totaled $0.9 million.
16.EQUITY
Repurchase of common shares
On June 16, 2023, the Company received approval of its Normal Course Issuer Bid ("2023 NCIB") to purchase for cancellation up to 10.2 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 June 20, 2023 and ending June 19, 2024. On November 27, 2023, in connection with the 2023 NCIB, the Company entered into an automatic share purchase plan with its broker to allow for the repurchase of shares at times when the Company ordinarily would not be active in the market due to regulatory restrictions and customary self-imposed blackout periods. Following the Çöpler Incident, the Company terminated the automatic share purchase plan effective March 1, 2024.
On June 19, 2023, the Normal Course Issuer Bid established as of June 20, 2022 (the “2022 NCIB”), expired. Under the 2022 NCIB, the Company was authorized to purchase for cancellation up to 10.6 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period.
During the three months ended March 31, 2024, and prior to the Çöpler Incident, the Company purchased 1,117,100 of its outstanding common shares at an average share price of $8.79 per share for total consideration of $9.8 million. All shares were cancelled upon purchase. The difference of $6.6 million reflects the difference between the total amount paid and the amount deducted from common shares of $16.4 million was recorded as an increase 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.
During the three months ended March 31, 2023, the Company purchased 348,171 of its outstanding common shares at an average share price of $14.92 per share for total consideration of $5.2 million. All shares were cancelled upon purchase. During the three months ended March 31, 2023, the difference of $0.1 million between the total amount paid and the amount deducted from common shares of $5.1 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.
25

SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
17.SUPPLEMENTAL CASH FLOW INFORMATION

Net change in operating assets and liabilities during the three months ended March 31, 2024 and 2023 were as follows (in thousands):

Three Months Ended March 31,
 20242023
Decrease (increase) in operating assets: 
Trade and other receivables$37,794 $(45,705)
Inventories(47,832)(28,019)
Other operating assets286 (5,564)
Increase (decrease) in operating liabilities:
Accounts payable(5,647)1,280 
Accrued liabilities6,978 (8,423)
Reclamation and remediation liabilities
(193)(380)
Other operating liabilities988 (1,091)
$(7,626)$(87,902)
Other cash information during the three months ended March 31, 2024 and 2023 were as follows (in thousands):

Three Months Ended March 31,
 20242023
Interest paid$(3,272)$(4,732)
Interest received$4,913$3,205
Income taxes paid$(1,855)$(15,534)

18.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 probable 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, 2024 and December 31, 2023, the Company had surety bonds totaling $142.0 million and $142.7 million outstanding, respectively.
Other Commitments and Contingencies
As of March 31, 2024, the Company has recorded $15.3 million of contingencies related to the Çöpler Incident in Other operating expenses, net in the Condensed Consolidated Statements of Operations and Accrued liabilities and other in the Condensed Consolidated Balance Sheets.
Following the Çöpler Incident, the Company has been named as a defendant in six securities class actions and is subject to various risks and contingencies arising in the normal course of business. Based on the information currently available to the Company, no liability has been recorded for these lawsuits because the Company believes that any such liability is not probable and reasonably estimable at this time. See Note 3 for further details.
26


ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of SSR Mining Inc. and its subsidiaries (collectively, the “Company”). 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 Part I, Item 2, Management’s Discussion and Analysis herein.
This item should be read in conjunction with the Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with the Consolidated Financial Statements, the related Management’s Discussion and Analysis of Financial Condition and Results of Operations and the discussion of Business Properties included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 27, 2024 (“Form 10-K”).
Business Overview
SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining,” or “Company”) is a precious metals mining company with four producing properties located in the United States, Türkiye, Canada and Argentina. The Company is primarily engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates.
Refer to the “Çöpler Incident and First Quarter 2024 Summary”, “Consolidation Results of Operations”, “Results of Operations”, “Liquidity and Capital Resources” and “Non-GAAP Financial Measures” for quarterly information for the three months ended March 31, 2024.
Consolidated Results of Operations
A summary of the Company's consolidated financial and operating results for the three months ended months ended March 31, 2024 and 2023 are presented below (in thousands):
27


Three Months Ended March 31,
20242023
Change (%)
Financial Results
Revenue$230,234 $314,614 (26.8)%
Cost of sales (1)
$125,901 $199,297 (36.8)%
Depreciation, depletion, and amortization$38,398 $47,095 (18.5)%
Reclamation and remediation costs$275,318 $2,173 12,569.9 %
Impairment charges$114,230 $— 100.0 %
Operating income$(376,424)$36,985 (1,117.8)%
Net income (loss)
$(358,162)$29,004 (1,334.9)%
Net income (loss) attributable to SSR Mining shareholders
$(287,082)$29,813 (1,062.9)%
Basic net income (loss) per share attributable to SSR Mining shareholders
$(1.42)$0.14 (1,114.3)%
Adjusted attributable net income (loss) (2)
$22,510 $21,274 5.8 %
Adjusted basic attributable net income (loss) per share (2)
$0.11 $0.10 10.0 %
Adjusted diluted attributable net income (loss) per share (2)
$0.11 $0.10 10.0 %
Operating Results
Gold produced (oz)80,280 122,821 (34.6)%
Gold sold (oz)89,279 126,111 (29.2)%
Silver produced ('000 oz)1,915 2,015 (5.0)%
Silver sold ('000 oz)1,659 2,382 (30.4)%
Lead produced ('000 lb) (3)
9,998 11,361 (12.0)%
Lead sold ('000 lb) (3)
8,666 13,370 (35.2)