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SSR Mining Announces Expert Findings on Cause of the Çöpler Incident

1. SSR Mining updates on Çöpler Incident following independent review. 2. Review found heap leach failure was due to design flaws, not operations. 3. CNI confirms compliance with construction and operation parameters. 4. SSR Mining seeks permits to resume operations at Çöpler mine. 5. Uncertainty remains on timeline for restart of Çöpler operations.

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FAQ

Why Bullish?

Engineering flaws are external factors, not operational failures. Past incidents show market recovery post-clarification.

How important is it?

The incident and resolution are critical for SSR Mining's operations and stakeholder confidence.

Why Long Term?

Restoration efforts may take time; clarity improves future investment potential.

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SSRM
DENVER--(BUSINESS WIRE)--SSR Mining Inc. (Nasdaq/TSX: SSRM; ASX: SSR) (“SSR Mining” or the “Company”) provides an update on the February 13, 2024 incident at Çöpler (the “Çöpler Incident”). Following the Çöpler Incident, the Company commissioned Call & Nicholas, Inc. (“CNI”), an international mining consulting firm that specializes in geological engineering, geotechnical engineering, and hydrology, to conduct an independent review of the heap leach failure at Çöpler. After analysis of the engineering design, construction, and operation of the heap leach facility, and comprehensive reverse-engineering of the failure, CNI determined that the most likely cause of the Çöpler Incident was a deeply-rooted flaw in the third-party engineered design of the heap leach pad. The review found that in the third-party engineered design, the assessment of the test data overestimated the shear strength properties of the liner system at the base of the heap leach, which inflated the calculated factor of safety values in the third-party engineered design. This error resulted in insufficient shear strength along the liner interface to support the as-designed heap leach facility. Importantly, CNI also determined that in all material respects, the heap leach pad construction and operation was carried out in conformance with the issued-for-construction engineered design parameters. In addition, CNI’s review did not find any substantiation that excess water, ground vibrations from blasting, nor stacking beyond the design caused the event. Rod Antal, Executive Chairman, said: “The independent expert review of the Çöpler Incident has been an important body of work for the Company to determine the cause of the Çöpler Incident. Knowing now that the failure was the result of an engineering design flaw, and not the result of a failure in our operation or construction of the pad, provides clarity and some reassurance to the team on the ground as we seek to restart the Çöpler mine. We remain deeply saddened by the profound impact of this tragedy and we remain committed to Çöpler, the local communities and Türkiye.” SSR Mining continues to work closely with the relevant authorities to advance the required permits for the restart of the Çöpler mine. 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, including a discussion of the associated risks, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 27, 2024, as well as the Company’s Quarterly Reports on Form 10-Q for the quarter ended March 31, 2024 filed on May 8, 2024, for the quarter ended June 30, 2024 filed on July 31, 2024, and for the quarter ended September 30, 2024 filed on November 6, 2024. Further updates on the Çöpler Incident, as and when available, will continue to be provided through press releases and posts to the Company’s website. About SSR Mining SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX, and SSR on the ASX. For more information, please visit www.ssrmining.com. Cautionary Note Regarding Forward-Looking Information Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and, in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. Forward-looking information and statements in this news release include any statements concerning, among other things: consultation with third parties and government authorities, the results of continuing and future analysis and assessments of the cause of the Çöpler Incident, any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions. The above list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in our filings on our website at www.ssrmining.com, on EDGAR at www.sec.gov, on SEDAR at www.sedarplus.ca, and on the ASX at www.asx.com.au and other unforeseen events or circumstances. Other than as required by law, we do not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

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