Q2 2026 SSR Mining Inc Earnings Call

Speaker #1: Hello, everyone, and welcome to SSR MINING, second quarter 2026 conference call. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR MINING.

Operator 3: Hello, everyone, and welcome to SSR Mining's Q2 2026 Conference Call. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.

Speaker #1: Please go ahead.

Speaker #2: Thank you, operator, and hello, everyone. Thank you for joining today's conference call to discuss SSR Mining's second quarter 2026 financial results. Our consolidated financial statements have been presented in accordance with US GAAP.

Alex Hunchak: Thank you, operator, and hello, everyone. Thank you for joining today's conference call to discuss SSR Mining's Q2 2026 financial results. Our consolidated financial statements have been presented in accordance with US GAAP. These financial statements have been filed on EDGAR and SEDAR, and they are also available on our website. There is an online webcast accompanying this call, and you will find the information to access the webcast on our corporate website. Please note that all figures discussed during the call are in US dollars, unless otherwise indicated. Today's discussion will include forward-looking statements. Please read the disclosures in the relevant documents. Additionally, we refer to non-GAAP financial measures during our discussion and accompanying slides. Please see our press release for information about the comparable GAAP measures.

Speaker #2: These financial statements have been filed on EDGAR and ZDAR, and they are also available on our website. There is an online webcast accompanying this call, and you will find the information to access the webcast on our corporate website.

Speaker #2: Please note that all figures discussed during the call are in U.S. dollars unless otherwise indicated. Today's discussion will include forward-looking statements, so please read the disclosures in the relevant documents.

Speaker #2: Additionally, we refer to non-GAAP financial measures during our discussion and in the accompanying slides. Please see our press release for information about the comparable GAAP measures.

Speaker #2: Rod Antal, Executive Chairman, will be joined by Michael Sparks, Chief Financial Officer, and Bill MacNevin, EVP Operations and Sustainability, on today's call. I will now turn the line over to Rod.

Alex Hunchak: Rod P. Antal, Executive Chairman, will be joined by Michael Sparks, Chief Financial Officer, and Bill MacNevin, EVP, Operations and Sustainability on today's call. I will now turn the line over to Rod.

Speaker #3: Rod, thanks. Alex, and good afternoon to you all. We enter the second half with momentum, having delivered operating results in line with expectations and, most importantly, we completed a meaningful strategic repositioning of SSR through our exit from Turkey.

Rod P. Antal: Great. Thanks, Alex, and good afternoon to you all. We enter the H2 with momentum, having delivered operating results in line with expectations, and most importantly, we completed a meaningful strategic repositioning of SSR through our exit from Türkiye. We are well-positioned to achieve full-year guidance targets through higher production in the H2 that will drive significant free cash flow generation through the remainder of the year. We expect AISC to trend to the upper end of our full-year guidance ranges due to a number of factors that we'll speak to later in the call. We continue to work hard on business improvement initiatives to help mitigate pressures on costs across the company. Strategically, over the last few months, we have delivered a number of significant milestones, including the successful divestment of both Çöpler and Hod Maden.

Speaker #3: We are well positioned to achieve full-year guidance targets through higher production in the second half that will drive significant free cash flow generation through the remainder of the year.

Speaker #3: We expect all in sustaining costs to trend to the upper end of our full-year guidance, ranges due to a number of factors that will speak to later in the call.

Speaker #3: We continue to work hard on business improvement initiatives to help mitigate pressures on costs across the company. Strategically, over the last few months, we have delivered a number of significant milestones.

Speaker #3: Including the successful divestment of both Chirpler and Hod Madam. Their approximately $1.5 billion in cash proceeds from Chirpler sale was received before the end of the second quarter, bringing our total cash position to nearly $1.8 billion with no debt.

Rod P. Antal: The approximately $1.5 billion in cash proceeds from Çöpler sale was received before the end of Q2, bringing our total cash position to nearly $1.8 billion with no debt. With the exit from Türkiye, SSR is now a free cash flow-focused Americas gold and silver producer, anchored by our position as the third largest gold producer in the United States. Our US platform alone has considerable growth potential that we look forward to showcasing moving forward. Separately, we have now reestablished our position as the capital return leader amongst our peer group, returning more than $400 million to shareholders year to date. This implies a nearly 8% yield before the forthcoming dividend payments and ongoing share buyback over the remainder of 2026. Our organic growth initiatives continue to advance across the portfolio as we seek to meaningfully extend mine lives at each one of our assets.

Speaker #3: With the exit from Turkey, SSR is now a free cash flow focused America's gold and silver producer anchored by our position as the third largest gold producer in the United States.

Speaker #3: Our U.S. platform alone has considerable growth potential that we look forward to showcasing moving forward. Separately, we have now reestablished our position as the capital return leader among our peer group.

Speaker #3: Returning more than $400 million to shareholders year to date. This implies a nearly 8% yield before the forthcoming dividend payments and ongoing share buyback over the remainder of 2026.

Speaker #3: Our organic growth initiatives continue to advance across the portfolio as we seek to meaningfully extend mine lives at each one of our assets. As a result, and capitalizing on our significant liquidity position, we made a conscious decision to increase our growth capital expenditure for the remainder of '26.

Rod P. Antal: Capitalizing on our significant liquidity position, we made a conscious decision to increase our growth CapEx for the remainder of 2026. It is the right time for us to begin investment in future growth right across the business after years spent identifying and studying the opportunities. The anticipated publication of the Marigold technical report by year end will begin to provide insight into some of these tangible opportunities. As you can see, our business is in an excellent position as we head into the H2. We have the best-in-class balance sheet, peer-leading capital returns program, expectations for a very strong H2 of production and free cash flow, and a track record of disciplined capital allocation. These traits are key differentiators for SSR amongst its peer group. Before moving on to the next slide, I want to summarize some of the catalysts ahead.

Speaker #3: It is the right time for us to begin investment in future growth right across the business after years spent identifying and studying the opportunities.

Speaker #3: The anticipated publication of the Marigold Technical Report by year end will begin to provide insight into some of these tangible opportunities. As you can see, our business is in an excellent position as we head into the second half.

Speaker #3: We have a best-in-class balance sheet, a peer-leading capital returns program, expectations for a very strong second half of production and free cash flow, and a track record of disciplined capital allocation.

Speaker #3: These traits are key differentiators for SSR amongst its peer group. So, before moving on to the next slide, I want to summarize some of the catalysts ahead.

Speaker #3: First, we expect to publish an updated technical report for Marigold with the objective of capturing growth opportunities like Buffalo Valley, DG80, and New Millennium.

Rod P. Antal: First, we expect to publish an updated technical report for Marigold with the objective of capturing growth opportunities like Buffalo Valley, DG80, and New Millennium with the purpose of extending mine life. Next, we are continuing to advance a number of exciting brownfield opportunities at both Puna and Seabee, Bill will speak to more about these in the coming slides. Third, we'll continue to execute against our capital allocation framework as announced in June, where we will maintain balance sheet strength, invest in the business, and return capital to shareholders in the form of buybacks and dividends. These catalysts are just a few of the potential avenues for value creation in the years ahead. With that in mind, let's talk more about the track record of creating value on slide number four. With our strategy clearly defined, it is worth highlighting how we got to this point.

Speaker #3: With the purpose of extending mine life. Next, we are continuing to advance a number of exciting brownfield opportunities at both Puna and CB, and Bill will speak to more about these in the coming slides.

Speaker #3: And third, we'll continue to execute against our capital allocation framework as announced in June, where we will maintain balance sheet strength, invest in the business, and return capital to shareholders in the form of buybacks and dividends.

Speaker #3: These catalysts are just a few of the potential avenues for value creation in the years ahead. So, with that in mind, let's talk more about the track record of creating value on slide number four.

Speaker #3: With our strategy clearly defined, it is worth highlighting how we got to this point. We have clearly demonstrated a track record of meaningful value creation with growth in per share metrics capital returns and disciplined M&A.

Rod P. Antal: We have clearly demonstrated a track record of meaningful value creation with growth in per-share metrics, capital returns, and disciplined M&A. I've already spoken about our commitment to capital returns and particularly share buybacks, but it's also worth noting that once factoring in our reinstated dividend program and projections for ongoing share buybacks, we are tracking towards a sector-leading capital returns yield in 2026. We have a track record of value-accretive M&A, and this was most recently illustrated by the phenomenal returns generated from our acquisition of Cripple Creek and Victor. Across the portfolio, we have consistently demonstrated our ability to add value through mine life extensions and optimizations, and we expect this to continue in the future.

Speaker #3: I've already spoken about our commitment to capital returns and particularly share buybacks, but it's also worth noting that once factoring in our restated dividend program and projections for ongoing share buybacks, we are tracking towards a sector-leading capital returns yield in 2026.

Speaker #3: We have a track record of value-accrued M&A, and this was most recently illustrated by the phenomenal returns generated from our acquisition of Cripple Creek and Victor.

Speaker #3: Across the portfolio, we have consistently demonstrated our ability to add value through mine life extensions and optimizations, and we expect this to continue in the future.

Speaker #3: At the same time, the numerous organic growth initiatives across all four of our assets create an environment where we can evaluate strategic additions to the portfolio purely on an opportunistic value-accrued basis similar to our approach at Cripple Creek and Victor.

Rod P. Antal: At the same time, the numerous organic growth initiatives across all four of our assets create an environment where we can evaluate strategic additions to the portfolio purely on an opportunistic value-accretive basis, similar to our approach at Cripple Creek and Victor. If attractive M&A opportunities in our core jurisdictions are not present, we are confident that focusing solely on our organic portfolio will continue to evolve our multi-decade production profile. As you can see, these figures on the slide illustrate a powerful picture of discipline and value creation in how we run our business. We have seen our consensus NAV increase nearly 300% over the last two years, and our cash flow per share improved by 440% over that time. We intend to continue building on this impressive track record for the years to come.

Speaker #3: If attractive M&A opportunities in our core jurisdictions are not present, we are confident that focusing solely on our organic portfolio will continue to evolve our multi-decade production profile.

Speaker #3: As you can see, these figures on the slide illustrate a powerful picture of discipline and value creation in how we run our business. We have seen our consensus nav increase nearly 300% over the last two years, and our cash flow per share improved by 440% over that time.

Speaker #3: We continue we intend to continue building on this impressive track record for the years to come. So now I'm going to turn it over to Michael on slide five to discuss the quarterly results.

Rod P. Antal: Now I'm going to turn it over to Michael on Slide five to discuss the quarterly results.

Speaker #2: Thank you, Rod, and good afternoon, everyone. In the second quarter, we produced 102,000 gold equivalent ounces at an all-end sustaining cost of $26.22 per ounce.

Michael Sparks: Thank you, Rod, and good afternoon, everyone. In Q2, we produced 102,000 gold equivalent ounces at an all-in sustaining cost of $2,622 per ounce. These results were consistent with our expectations and reflected the intentional increase in sustaining capital spend that Rod discussed. Our strong H1 operating performance positions us well to achieve our full year production guidance. We do currently expect costs to be towards the upper end of our guidance range, and this reflects both higher realized fuel prices during Q2 and a deliberate decision to advance sustaining and growth investments across the portfolio. Given the strength of our balance sheet and cash flow generation, we are taking a disciplined approach to accelerating capital where we see the potential to extend mine lives, improve operating resilience, and create attractive long-term returns. These investments are not simply incremental spending.

Speaker #2: These results were consistent with our expectations and reflected the intentional increase in sustaining capital spend that Rod discussed. Our strong first-half operating performance positions us well to achieve our full-year production guidance.

Speaker #2: We do currently expect costs to be towards the upper end of our guidance range. And this reflects both higher realized fuel prices during the second quarter and a deliberate decision to advance sustaining and growth investments across the portfolio.

Speaker #2: Given the strength of our balance sheet and cash flow generation, we are taking a disciplined approach to accelerating capital where we see the potential to extend mine lives, improve operating resilience, and create attractive long-term returns.

Speaker #2: These investments are not simply incremental spending. They are intended to enhance the quality durability and value of our America's focused asset base. We expect sustaining capital expenditures to remain elevated in the third quarter.

Michael Sparks: They are intended to enhance the quality, durability, and value of our Americas-focused asset base. We expect sustaining capital expenditures to remain elevated in the Q3. Production is expected to strengthen as the year progresses, with approximately 55% to 60% of H2 production weighted towards the Q4. Turning to fuel costs. Our diesel hedging programs at Marigold and CC&V have mitigated the impact of recent price increases. However, we remain exposed to market prices for unhedged diesel purchases across the portfolio. Based on our current operating portfolio, a $10 per barrel increase in oil prices results in an estimated increase of approximately $10 per ounce in consolidated AISC in 2026. We're closely monitoring the potential secondary effects of higher fuel prices on transportation, reagents, and other consumables.

Speaker #2: Production is expected to strengthen as the year progresses with approximately 55 to 60% of second half production weighted towards the fourth quarter. Turning the fuel costs.

Speaker #2: Our diesel hedging programs at Marigold and CC&B have mitigated the impact of recent price increases. However, we remain exposed to market prices for unhedged diesel purchases across the portfolio.

Speaker #2: Based on our current operating portfolio, a $10 per barrel increase in oil prices results in an estimated increase of approximately $10 per ounce in consolidated AISC in 2026.

Speaker #2: We are closely monitoring the potential secondary effects of higher gold higher fuel prices on transportation, reagents, and other consumables. Our contractual arrangements and ongoing engagement with emerging cost pressures and help us proactively manage potential disruptions or inflationary impacts.

Michael Sparks: Our contractual arrangements and ongoing engagement with key suppliers provide visibility into emerging cost pressures and help us proactively manage potential disruptions or inflationary impacts. For context, consumables represent approximately 15% of our total cost base, while fuel generally represents between 10% to 15%. Royalties represent a further approximate 15% and naturally increase in stronger metal price environments. Bill will discuss the individual operations in greater detail, but at the portfolio level, our focus remains clear. Maintaining operating discipline, actively managing inflationary pressures, and directing capital toward investments that strengthen margins, extending asset lives, and supporting a sustainable free cash flow generation. Now let's move to Slide Six for a brief review of our financial results. Q2 revenue was $443 million, based on sales of 98,000 gold equivalent ounces. Average realized prices were $4,301 per gold ounce and $74.24 per silver ounce.

Speaker #2: For context, consumables represent approximately 15% of our total cost base. While fuel generally represents between 10 to 15%. Royalties represent a further approximate 15% and naturally increase in stronger metal price environments.

Speaker #2: Bill will discuss the individual operations in greater detail, but in the portfolio level, our focus remains clear. Maintaining operating discipline actively managing inflationary pressures and directing capital toward investments that strengthen margins extending asset lives and supporting a sustainable free cash flow generation.

Speaker #2: Now let's move to slide six for a brief review of our financial results. Second quarter revenue was $443 million based on sales of 98,000 gold equivalent ounces.

Speaker #2: Average realized prices were $4,301 per gold ounce and $74.24 per silver ounce. Net income and adjusted net income were both $66 per diluted share.

Michael Sparks: Net income and adjusted net income were both $0.66 per diluted share. Our realized gold price was approximately 5% below the quarterly average, and this primarily reflects the timing of sales during the quarter, with a greater proportion of our Q2 ounces sold in June, when gold prices were lower. Free cash flow from continuing operations was $50 million in the quarter, bringing year-to-date free cash flow to nearly $300 million, inclusive of working capital. Free cash flow before changes in working capital was $123 million in the Q2. These amounts reflect the reclassification of H1 spend at Hod Maden into discontinued operations. As a reminder, Çöpler and Hod Maden were included as discontinued operations in our financial reporting for the Q2. The Q2 also included more than $120 million in cash tax payments.

Speaker #2: Our realized gold price was approximately 5% below the quarterly average, and this primarily reflects the timing of sales during the quarter with a greater proportion of our second quarter ounces sold in June when gold prices were lower.

Speaker #2: Free cash flow from continuing operations was $50 million in the quarter, bringing year to date free cash flow to nearly $300 million inclusive of working capital.

Speaker #2: Free cash flow before changes in working capital was $123 million in the second quarter. These amounts reflect the reclassification of H1 spend at Hod Madden into discontinued operations.

Speaker #2: As a reminder, Chirpler and Hod Madden were included as discontinued operations in our financial reporting for the second quarter. The second quarter also included more than $120 million in cash tax payments.

Speaker #2: This is consistent with our normal annual payment cycle, under which approximately half of our full year cash taxes are generally paid in the second quarter, with the balance largely distributed evenly between the third and fourth quarters.

Michael Sparks: This is consistent with our normal annual payment cycle, under which approximately half of our full-year cash taxes are generally paid in the Q2, with the balance largely distributed evenly between the Q3 and Q4. Our strong cash position allowed us to continue returning meaningful capital to shareholders while preserving substantial strategic flexibility. During the quarter, we returned $338 million through the repurchase of 10.4 million shares, and we announced the reinstatement of our quarterly dividend. Share repurchases continued into the Q3 as we execute against the $500 million buyback program approved in mid-June. As of 31 July, we retain capacity to repurchase approximately 8.6 million additional shares under our current normal course issuer bid, which extends through March of next year. At current valuation levels, we continue to believe that repurchasing our shares represents an attractive and accretive use of capital.

Speaker #2: Our strong cash position allowed us to continue returning meaningful capital to shareholders while preserving substantial strategic flexibility. During the quarter, we returned $338 million through the repurchase of 10.4 million shares and we announced the reinstatement of our quarterly dividend.

Speaker #2: Share repurchases continued into the third quarter as we execute against a $500 million buyback program approved in mid-June. As of July 31st, we retained capacity to repurchase approximately $8.6 million additional shares under our current normal course issuer bid which extends through March of next year.

Speaker #2: At current valuation levels, we continue to believe that repurchasing our shares represents an attractive and accretive use of capital. During the quarter, we also received the cash proceeds from the Chirpler transaction.

Michael Sparks: During the quarter, we also received the cash proceeds from the Çöpler transaction, and as a result, we ended the quarter with nearly $1.8 billion in cash, even after this significant level of share repurchase completed during the period. Earlier today, we announced the completion of an amendment and extension of our revolving credit facility. This facility was increased from $400 million to $600 million with a renewed four-year term and included a 25 basis point improvement in borrowing rates as compared to the prior facility. Overall, the Q2 demonstrated the strength of the business, solid operating execution, substantial free cash flow generation, disciplined investment in our assets, and significant capital returns to shareholders. With a strong balance sheet, a more focused portfolio, and several opportunities to enhance long-term asset value, we are well-positioned for the remainder of the year and beyond.

Speaker #2: And as a result, we ended the quarter with nearly $1.8 billion in cash even after this significant level of share repurchase completed during the period.

Speaker #2: Earlier today, we announced the completion of an amendment and extension of our revolving credit facility. This facility was increased from $400 million to $600 million with a renewed four-year term and included a 25 base point improvement in borrowing rates as compared to the prior facility.

Speaker #2: Overall, the second quarter demonstrated the strength of the business: solid operating execution, substantial free cash flow generation, disciplined investment in our assets, and significant capital returns to shareholders.

Speaker #2: With a strong balance sheet, a more focused portfolio, and several opportunities to enhance long-term asset value, we are well positioned to remain during the year and beyond.

Speaker #2: Now over to Bill on slide seven to talk about the operations.

Michael Sparks: Now over to Bill on slide seven to talk about the operations.

Speaker #3: Thanks, Michael. I'll first start with the HSS. Working with all of our stakeholders is foundational for our business. This is highlighted through one of SSR mining's three core values, being better together.

Bill MacNevin: Thanks, Michael. I'll first start with EHSS. Working with all of our stakeholders is foundational for our business. This is highlighted through one of SSR Mining's three core values, being better together. Today, I would like to share a methodology we have implemented to improve how we work with our host communities. At each of our operations, we have established community development committees. These committees have members from local communities who participate in both the build and selection of which support and local business-enabling projects are implemented. Through the committee members' contributions and efforts, we are improving the quality of both where and how we support our local communities. Now on to slide eight to start with Marigold. In the Q2, Marigold produced 31,000 ounces, bringing year-to-date production to 69,000 ounces, and reflecting our original forecast for a strong H2 weighted profile in 2026.

Speaker #3: Today, I would like to share a methodology we have implemented to improve how we work with our host communities. At each of our operations, we have established community development committees.

Speaker #3: These committees have members from local communities who participate in both the build and selection of which support and local business enabling projects are implemented.

Speaker #3: Through the committee members' contributions and efforts, we're improving the quality of both where and how we support our local communities. Now on to slide eight to start with Marigold.

Speaker #3: In the second quarter, Marigold produced 31,000 ounces bringing year to date production to 69,000 ounces and reflecting our original forecast for a strong H2 weighted profile in 2026.

Speaker #3: We expect second half production will be approximately 65% weighted to the fourth quarter. Marigold remains on track for its full year production guidance of 170 to 200,000 ounces.

Bill MacNevin: We expect H2 production will be approximately 65% weighted to the Q4. Marigold remains on track for its full-year production guidance of 170 to 200,000 ounces. AISC in the Q2 reflected higher sustaining capital spend as previously guided. Sustaining CapEx will remain elevated in the Q3 due to the timing of spend on fleet replacements and upgrades. We've also increased our growth capital guidance at Marigold from $48 million to $65 million as we accelerate spend to facilitate longer-term growth initiatives at the site. We expect full-year AISC at the top end of guidance, reflecting the increased sustaining capital, as well as the impact of higher fuel prices on the unhedged portion of our diesel usage. As noted, we plan to have an updated technical report and life of mine plan for Marigold out later this year.

Speaker #3: ASIC in the second quarter reflected higher sustaining capital spend as previously guided. Sustaining capex will remain elevated in the third quarter due to the timing of spend on fleet replacements and upgrades.

Speaker #3: We've also increased our growth capital guidance at Marigold from 48 to 65 million as we accelerate spend to facilitate longer term growth initiatives at the site.

Speaker #3: We expect full year ASIC at the top end of guidance reflecting the increased sustaining capital as well as the impact of high fuel prices on the unhedged portion of our diesel usage.

Speaker #3: As noted, we plan to have an updated technical report and lifeline plan for Marigold out late later this year. This new lifeline plan has potential to demonstrate a meaningful extension against 2024 TRS while incorporating the increased blending requirements as noted earlier this year.

Bill MacNevin: This new life-of-mine plan has potential to demonstrate a meaningful extension against 2024 TRS, while incorporating the increased blending requirements as noted earlier this year. As previously guided, while this will result in changes to the annual production profile at Marigold, we continue to expect total ounces produced over the next 5 years to be comparable to the 2024 TRS, and then include meaningful life extension thereafter. A lot of hard work has gone into this updated life of mine plan, and we look forward to updating the market later this year. Additionally, we have continued to advance exploration and analysis of numerous other targets across the board of Marigold property to support additional mine life extension and growth opportunities in the future. Marigold has been in operation for more than 38 years, and we are confident there is a very long future still ahead for the operation.

Speaker #3: As previously guided, while this will result in changes to the annual production profile at Marigold, we continue to expect total ounces produced over the next five years to be comparable to the 2024 TRS and then include meaningful life extension thereafter.

Speaker #3: A lot of hard work has gone into this updated lifeline plan and we look forward to updating the market later this year. Additionally, we have continued to advance exploration and analysis of numerous other targets across the border Marigold property.

Speaker #3: To support additional mine life extension and growth opportunities in the future. Marigold has been in operation for more than 38 years and we're re confident there is a very long future still ahead for the operation.

Speaker #3: Now on to slide nine for an update on CCMV. In the second quarter, CCMV produced 28,000 ounces at an ASIC of 1995 per ounce bringing first half production to 66,000 ounces and well on track for our full year guidance for 125 to 150,000 ounces.

Bill MacNevin: Now on to slide nine for an update on CC&V. In Q2, CC&V produced 28,000 ounces at an AISC of $19.95 per ounce, bringing H1 production to 66,000 ounces, and well on track for our full-year guidance for 125,000 to 150,000 ounces. H2 production is expected to be 50% to 55% weighted to Q4. AISC are trending towards the top end of full-year range due to fuel costs and a modest increase in sustaining capital on equipment components and general site improvement initiatives. Growth capital has also been modestly increased as we accelerate the timing of spend on the expansion of VLF2. Overall, CC&V continues to perform very well against expectations and has clearly established itself as a cornerstone asset in our portfolio. The currently in progress Amendment 14 is advancing as we continue to expect final approvals before the end of 2027.

Speaker #3: Second half production is expected to be 50 to 55% weighted to the fourth quarter. AISC are trending towards the top end of the full-year range due to fuel costs and a moderate increase in sustaining capital on equipment components and general site improvement initiatives.

Speaker #3: Growth capital has also been modestly increased as we accelerate the timing of spend on the expansion of BLF2. Overall, CCMV continues to perform very well against expectations and has clearly established itself as a cornerstone asset in our portfolio.

Speaker #3: The currently in progress amendment 14 is advancing as we continue to expect final approvals before the end of 2027. Work to evaluate opportunities to improve the longer term production profile including the potential for future mineral reserve conversion remains ongoing.

Bill MacNevin: Work to evaluate opportunities to improve the longer-term production profile, including the potential for future mineral reserve conversion, remains ongoing. Now on to slide 10 to discuss operations at Seabee. Seabee produced nearly 17,000 ounces in Q2 at an AISC of $2,358 per ounce. Year-to-date production is 23,000 ounces as we focus on underground development in H1 of the year. For the full year, Seabee continues to track to the lower end of full-year guidance, and we expect higher grades will drive the strongest production in Q4. Full-year AISC at Seabee is also expected at the top end of guidance, and our 2026 growth capital forecast has been increased from $15 million to $35 million as we advance the Porky West project in H2 of the year.

Speaker #3: Now on to slide 10 to discuss operations at CB. CB produced nearly 17,000 ounces in the second quarter and an ASIC of 2358 per ounce.

Speaker #3: Year-to-date production is 23,000 ounces, as we focus on underground development in the first half of the year. For the full year, CB continues to track to the lower end of full-year guidance, and we expect higher grades will drive the strongest production in the fourth quarter.

Speaker #3: Full year ASIC at CB is also expected at the top end of guidance and at 2026 growth capital forecast has been increased from 15 million to 35 million as we advance the Porky West project in the second half of the year.

Speaker #3: Porky has the potential to extend the mine life at CB well into the next decade and we're also progressing near mine drilling at Santo as we seek to extend operations at the deposit.

Bill MacNevin: Porky has the potential to extend the mine life at Seabee well into the next decade, and we're also progressing near mine drilling at Santoy as we seek to extend operations at the deposit. On to Puna on slide 11. In Q2, Puna produced 1.7 million ounces of silver at an AISC of $2,952 per ounce. Over H1 of the year, Puna has produced 3.4 million ounces. H2 production at Puna is expected to be relatively evenly split between Q3 and Q4, while full-year AISC are trending to the higher end of guidance as a result of inflationary pressures in Argentina. Our teams continue to evaluate the numerous pathways to growth at Puna, including additional laybacks at Chinchillas, evaluation of the Melina open pit target adjacent to Chinchillas, and continued advancement of the Cortaderas project.

Speaker #3: On to Puna on slide 11. In the second quarter, Puna produced 1.7 million ounces of silver at an ASIC of 2952 per ounce. Over the first six months of the year, Puna has produced 3.4 million ounces.

Speaker #3: Second half production at Puna is expected to be relatively evenly split between the third and fourth quarters while full year ASIC are trending to the higher end of guidance as a result of inflationary pressures in Argentina.

Speaker #3: Our teams continue to evaluate the numerous pathways for growth at Puna including additional layback such and cheers evaluation of the Molina open pit target adjacent to Chincheas and continued advancement of the Cordaderas project.

Speaker #3: Now on to slide 12 for review of the growth pipeline. As I've noted through this call, all four of our operations have a clear growth trajectory with the potential to meaningfully extend current mine lives.

Bill MacNevin: Now on to slide 12 for a review of the growth pipeline. As I've noted through this call, all four of our operations have a clear growth trajectory with the potential to meaningfully extend current mine lives and sustain our current production profile for many years to come. We're in an enviable position on this front, and as noted, our significant liquidity position has enabled us to advance growth capital spend at each project to support timely delivery of each project's development. With respect to the rest of our organic growth portfolio, we're advancing early-stage opportunities across each of our core jurisdictions. This includes continued evaluation of the Amisk project in Saskatchewan, where we are progressing internal economic studies to better understand the project's long-term potential. Regional exploration is also continuing across the province. In the US, early-stage field programs are underway at multiple exploration targets in Nevada.

Speaker #3: And sustain our current production profile for many years to come. We're in an enviable position on this front and as noted our significant liquidity position has enabled us to advance growth capital spend at each project to support timely delivery of each project's development.

Speaker #3: With respect to the rest of our organic growth portfolio, we're advancing early-stage opportunities across each of our core jurisdictions. This includes continued evaluation of the Amisk project in Saskatchewan, where we are progressing internal economic studies to better understand the project's long-term potential.

Speaker #3: Regional exploration is also continuing across the province. In the U.S., early-stage field programs are underway at multiple exploration targets in Nevada. In the second quarter, we also finalized a strategic investment in Phenom Resources, who hold the Dobin project in Nevada.

Bill MacNevin: In Q2, we also finalized a strategic asset investment in Phenom Resources to hold the Dobbin project in Nevada. Dobbin is a Carlin-style target with more than 2-kilometer-long gold in soil anomaly and limited historical exploration. The first drilling ever undertaken on the property commenced early in Q3. We currently own 9.9% of Phenom and hold an option to earn in a minority ownership in the property through $4 million in exploration spend. As you see, there's plenty underway across the portfolio, and we look forward to providing updates on these growth initiatives in due course. Now I'll turn back to Rod for closing remarks.

Speaker #3: Dobin is a car install target with more than 2 kilometer long golden soil enrollment and limited historical exploration. The first drilling ever undertaken on the property commenced early in the third quarter.

Speaker #3: We currently own 9.9% of phenom and hold an option to earn in a minority ownership in the property through 4 million in exploration spend.

Speaker #3: As you see there's plenty underway across the portfolio. And we look forward to providing updates on these growth initiatives in due course. Now we'll turn back to Rod for closing remarks.

Speaker #1: Great. Thanks Michael. Thanks Bill. The first six months have already delivered a transformational SSR. We enter the second half in an excellent position where we expect strong production and free cash flow into the year end.

Rod P. Antal: Great. Thanks, Michael. Thanks, Bill. The first six months have already delivered a transformational inflection point for SSR. We enter H2 in an excellent position where we expect strong production and free cash flow into the year-end. Our capital allocation and returns approach has now been fully implemented through the investment in growth, as well as returning capital to shareholders through both share buybacks and reinstated dividend program. With that, I'm going to turn the call over to the operator for any questions you may have. Thanks, everyone.

Speaker #1: Our capital allocation and returns approach has now been fully implemented through the investment in growth as well as returning capital to shareholders through both share buybacks and reinstated dividend program.

Speaker #1: So with that, I'm going to turn the call over to the operator for any questions you may have. Thanks, everyone.

Speaker #2: Thank you Mr. Antal. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad.

Operator 3: Thank you, Mr. Antal. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. The first question comes from George Eadie with UBS. Please go ahead.

Speaker #2: You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your hands up before pressing any keys. To withdraw your question, please press star then two.

Speaker #2: The first question comes from George 80 with UBS. Please go ahead.

Speaker #4: Yeah. Good. Thanks for the call. Maybe Bill and Rod starting at Marigold. If I go back to the original target was around 22 million tons stacked at 0.4 gram a ton.

George Eadie: Yeah, good day team. Thanks for the call. Maybe Rod, starting at Marigold, if I go back to the original target was around 22 million tons stacked at 0.4 gram a ton. You're at 9.3 and 0.7 gram a ton now. Can you maybe help us with how many tons you need to stack in the H2, or at least what grade to get to the lower end, just to sort of better understand how that's trending?

Speaker #4: You're at 9.3 and 0.7 gram a ton now. Can you maybe help us with how many tons you need to stack in the second half or at least what grade to get to the lower ends just to sort of better understand how that's trending?

Speaker #1: Sure. George, hi. How are you? I'm going to hand it over to Bill.

Rod P. Antal: Sure, George. Hi, how are you? I'm going to hand it over to Bill.

Speaker #3: Yeah, George, we've a brief sequence in some of our mining in this track to reach our projection for the year and be at the lower end of guidance, as suggested.

Bill MacNevin: Yeah, George. We've pre-sequenced some of our mining in this previous Q, we're still on track to reach our projection for the year and be at the lower end of guidance as suggested.

Speaker #4: What's the like what roughly is the leach time here? Like if you were to throw just a simplicity sake 0.5 gram a ton on the pads today, when would that be leached out the other side roughly?

George Eadie: What roughly is the leach time here? If you were to throw, just for simplicity sake, 0.5 gram a ton on the pads today, when would that be leached out the other side, roughly?

Bill MacNevin: Our leaching extends between 90 and 120 days. George, with most of it at that 90-day timeframe.

Speaker #3: Our leaching our leaching extends between 90 and 120 days. George with most of it at that 90 day time frame.

Speaker #4: Okay. So stuff you're throwing today. Is that a quarter? Okay. That's sort of helpful. Maybe just sorry changing to CC and V as well if I can quickly.

George Eadie: Okay. Stuff you're throwing today is at a quarter. Okay. That's sort of helpful. Maybe just sorry, changing to CC&V as well if I can quickly. In the 10-Q, there's a declaratory judgment there at the discharge permit Carlton Tunnel. Can you maybe help me understand that and remind us what the story is for that?

Speaker #4: In the 10Q there's a declaratory judgment there at discharge permanent carton tunnel. Can you maybe help me understand that and remind us what the story is with that?

Speaker #1: Yeah. George, it's Michael. So with regards to Carlton Tunnel, as you remember, when we did the agreement with Newmont, we worked out that we would put together the long-term mine closure plans and then there would be an economic sharing of those costs.

Michael Sparks: Yeah, George. It's Michael. With regards to Carlton Tunnel, if you remember, when we did the agreement with Newmont, we worked out that we would put together the long-term mine closure plans, and then there would be an economic sharing of those costs. That work is ongoing. It was already underway when we purchased the asset, and that continues on throughout that work that's going with the regulators as well as the guys at the site. Amendment 14, as Bill talked about, which is the next phase of growth that takes us into 2030, that is on track, and we expect to get that sometime by the end of 2027, as he mentioned.

Speaker #1: That work is ongoing. It was already underway when we purchased the asset. And that continues on throughout that that work that's going with the regulators.

Speaker #1: as well as the guys at the site. Amendment 14 is Bill talked about which is the next phase of growth that takes us into 2030s.

Speaker #1: That is on track and we expect to get that sometime by the end of 2027 as he mentioned.

Speaker #4: Yeah. I was more mentioning the sort of comments on March 9 around the parent co whether federal court lawsuit on the water quality like maybe remind what that is Michael or maybe I'm just overreacting what that is.

George Eadie: Yeah, I was more mentioning the sort of comments on 9 March around the parent co with a federal court lawsuit on the water quality. Maybe remind me what that is, Michael? Or maybe I'm.

Michael Sparks: Yeah.

George Eadie: overreacting, but can you remind me what that is?

Speaker #1: Sorry George is Rod. I'll dive in more specifically. Michael gave you a good overview. There's sort of there's multiple parts to the way this was structured with the deal for Newmont.

Rod P. Antal: Sorry, George. It's Rod. I'll dive in more specifically. I think Michael gave you a good overview. There's multiple parts to the way this was structured with the deal for Newmont. I think that's what Michael was outlining. With respect to that point specifically, it's really a Newmont-driven approach to the legal case with respect to the Carlton Tunnel discharge and the permits around the discharge and what's been required around it. As Michael mentioned, I think the important part, it was already in train. While Newmont are controlling that piece of the sort of previous permitting cycle that we're going through, the overall picture for us won't change for any liabilities for SSR in the future, whether that's successful or unsuccessful as we go on. It's something that Newmont are controlling. We don't have any carriage in that court case.

Speaker #1: I think that's what Michael was outlining. With respect to that point specifically, it's really a Newmont driven approach to the legal case with respect to to the Carlton tunnel.

Speaker #1: Discharge, and the permits around the discharge, and what's been required around it— and as Michael mentioned, I think the important part is it was already in train. While Newmont are controlling that piece of the sort of previous permitting cycle that we're going through, the overall picture for us won't change for any liabilities for SSR in the future, whether that's successful or unsuccessful.

Speaker #1: As we go on. So it's something that Newmont are controlling. We we don't have any carriage in the in that core case.

Speaker #4: Okay. Cool. So in summary though like from your you guys you would not a big issue or risk really for SSR at all it sounds.

George Eadie: Okay. Cool. In summary, though, from your guys' view, it's not a big issue or risk really for SSR at all, it sounds.

Speaker #1: No. No ultimately I think it all help define what the the long-term requirements are for mine closure Cripple Creek. So it's obviously important but in terms of how the deal's been structured for us we're protected.

Rod P. Antal: No. Ultimately, I think it'll help define what the long-term requirements are for mine closure at Cripple Creek. It's obviously important, but in terms of how the deal's been structured for us, we're protected.

Speaker #4: Okay. Great. Thanks, guys. I'll pass it on.

George Eadie: Okay, great. Thanks, guys. I'll pass it on.

Michael Sparks: Thanks.

Speaker #2: The next question comes from Larry Liu with CIBC. Please go ahead.

Operator 3: The next question comes from Larry Liu with CIBC. Please go ahead.

Speaker #4: Hi Rod. Michael and Bill. Thanks for taking my question. I guess I'll kick off my first question asking about Fanon resources. Can you you know kindly share with us what kind of opportunities you're seeing over there and you know should we expect this to be the kind of deal SSR mining involves in taking rather a strategic investment approach rather than acquiring companies or asset completely.

Larry Liu: Hi, Rod, Michael, and Bill. Thanks for taking my question. I guess I'll kick off my first question asking about Phenom Resources. Can you kindly share with us what kind of opportunities you're seeing over there? Should we expect this to be the kind of deal SSR Mining involves in, taking rather a strategic investment approach rather than acquiring companies or asset completely?

Speaker #1: Hi Larry. You look at it's a it's an interesting option for us as we as we looked at the opportunity and we identified this through our guys on the ground in Nevada.

Rod P. Antal: Hi, Larry. Yeah, look, it's an interesting option for us as we looked at the opportunity, and we identified this through our guys on the ground in Nevada. It's very early stage. The fact was that this piece of land was tied up in the forestry land that wasn't available for exploration for the longest time. It became available. Phenom themselves are able to then pig it out and start an exploration program. What we saw in some of the sort of early stages of that was sort of interesting for us to enter the way we did at both the corporate level and at the asset level itself. It's still very early. Drilling's really only getting underway. Phenom themselves will lead the charge on the continuous disclosure and whatever else as time goes on.

Speaker #1: But you know it's it's very early stage. The the the fact was that this this piece of land was tied up in the forestry land that wasn't available for exploration for the longest time.

Speaker #1: It became became available phenom themselves were are able to then pig it out and and start an exploration program. And what we saw in in some of the sort of early stages of that was sort of interesting to to for us to enter the way we did at both the corporate level and at the asset level itself.

Speaker #1: So, it's still very early. Drilling is really only just getting underway. Phenon themselves will lead the charge on the continuous disclosure and whatever else as time goes on.

Speaker #1: But you know, clearly, clearly an opportunity for us to participate in something that we think is very interesting. Yeah. The answer to your question, from a perspective of how we look at other strategic options...

Rod P. Antal: Clearly an opportunity for us to participate in something that we think is very interesting. Yeah. To answer your question from a perspective of how we look at other strategic options. We made no secret of this over time, that we look from everything from the types of earning structures that we've got with Phenom all the way through to asset acquisitions. It's a similar process for SSR. That won't change. Despite, I think people were speculating or worried that with the cash flow that we currently have on the balance sheet, that we felt in a rush or compelled to go to market to do something. I think we've got a track record of discipline. We have a track record of taking our time to ensure that anything that gets to market has gone through our disciplined approach to due diligence, and that won't change in the future.

Speaker #1: We may know secret of this over time that we look from everything from the types of earning structures that we've got with phenom to all the way through to asset acquisitions.

Speaker #1: It's a similar process for SSR. That won't change. Despite I think people were sort of you know speculating or worried that with the cash flow that we currently have on the balance sheet that we felt in a rush or compelled to go to market to do something.

Speaker #1: I think we've got a track record of discipline. We have a track record of taking our time to ensure that anything that gets to market has gone through our disciplined approach to due diligence.

Speaker #1: And that won't change in the future. So, we'll look at things like Phenom and other things as well.

Rod P. Antal: We'll look at things like Phenom and other things as well.

Speaker #4: Okay. Thanks Rod. That's a very good answer. I guess following up on that kind of topic as well is we you know you mentioned earlier Rod as well it's a very opportunistic time to increase your credit revolving facility.

Larry Liu: Perfect. Thanks, Rod. That's a very good answer. I guess following up on that kind of topic as well is, you mentioned earlier, Rod, as well, it's a very opportunistic time to increase your credit revolving facility. Am I reading too much into it, or is there a potential big use because you already have $1.8 billion in cash? How should we look at it?

Speaker #4: Like am I reading too much into it or is there a potential big use because you already have 1.8 billion in cash. How should we look at it?

Speaker #1: Yeah. Look I think it was just it was the right time to do it. Michael and the team were able to work with our syndicate of banks and most importantly I think it wasn't so much the extension and the increase from 4 to 600.

Rod P. Antal: Yeah, look, I think it was just the right time to do it. Michael and the team were able to work with our syndicate of banks. Most importantly, I think it wasn't so much the extension and the increase from four to six hundred, it was more around the terms were more favorable to us to maintain that on our balance sheet. It's normal course for us.

Speaker #1: It was more around that the terms were more favorable to us to maintain that on our balance sheet. So it's normal course for us.

Speaker #4: Perfect. Sounds good. And if I can have one last question. Coming back more you know to the guidance to the operations itself. Can you remind us what's the kind of positive impact after your divestment of Tripler?

Larry Liu: Perfect. Sounds good. If I can, I have one last question. Coming back more to the guidance of the operations itself, can you remind us what's the kind of positive impact after your divest in the Çöpler? I saw your AISC got reduced compared to previous guidance. Is that kind of the impact from Çöpler?

Speaker #4: You know I saw your ASIC got reduced compared to previous guidance. Is that kind of the impact from Tripler?

Speaker #1: Yeah, that's right. It's the impact of not having care and maintenance within the Chirpler asset itself.

Rod P. Antal: Yeah, that's right. It's the impact of not having care and maintenance within the Çöpler asset itself.

Speaker #4: Perfect. Sounds good. Thanks again Rod. Michael and Bill for taking my question. I will return back to the queue.

Larry Liu: Perfect. Sounds good. Thanks again, Rod, Michael, and Bill for taking my question. I will turn back to the queue.

Speaker #1: Good on you. Thanks Larry.

Rod P. Antal: Good on you. Thanks, Larry.

Speaker #2: The next question comes from Lost and Render with Bank of America Securities. Please go ahead.

Operator 3: The next question comes from Lawson Winder with Bank of America Securities. Please go ahead.

Speaker #5: Hi, yeah, thanks very much, operator. Good evening, Rod and team, and thank you for today's update. Also, congratulations on closing the Turkey divestments.

Lawson Winder: Hi. Thanks very much, operator, and good evening, Rod and team, and thank you for today's update. Congratulations on closing the Türkiye divestments. If I could just get your thoughts on capital allocation. On the buyback, is the roughly $70 million of repurchases in July a reasonable run rate for the balance of the year? Just kind of carrying that through to the end of the year, if that were the case, that would bring you pretty close to the $500 million approval. Is the expectation that the $500 million will ultimately be used up by year-end?

Speaker #5: If I could just get your thoughts on on capital allocation. On the buyback is is the roughly 70 million of repurchases in July a reasonable run rate for the balance of the year and then just kind of carrying that through to the end of the year if that were the case.

Speaker #5: That would bring you pretty close to the 500 million approval. Is the expectation that the 500 million will ultimately be used up by year end?

Speaker #1: I'm going to pass that one over to Michael Lawson.

Rod P. Antal: I'm going to pass that one over to Michael.

Speaker #5: Hi Lawson. Good afternoon. So if you remember when we when we look at our capital allocation it's really a four part view. And number one is balance sheet resiliency which we've shown.

Michael Sparks: Hey, Lawson Winder. Good afternoon. If you remember, when we look at our capital allocation, it's really a four-part view. Number 1 is balance sheet resiliency, which we've shown. We have a really strong growth portfolio internally, and we want to make sure that we can fund that because that's the best use of our capital from an internal growth standpoint, and Bill outlined some of those key things. Discipline M&A, as Rod mentioned, and finally, that share capital returns. If you remember, we have everything under an NCIB in Canada, and that limits the amount of shares that we can do under a buyback during a given year to 10% of the float. We still have about 8 million shares under that plan, and that plan goes through March.

Speaker #5: We have a really strong growth pro for the internally. And we want to make sure that we can fund that because that's the best use of our capital from a internal growth standpoint.

Speaker #5: And Bill outlined some of those key things. Discipline M&A as Rod mentioned. And finally is that share capital returns. If you remember we have everything under an NCIB in Canada.

Speaker #5: And that limits the amount of shares that we can do under a buyback during a given year to 10% of the float. So we still have about 8 million shares under that plan.

Speaker #5: And that plan goes through March. And so if you look at the approved amount that was given in June of that 500 million our expectation was to be consistent with the market as it makes sense to us which we do believe we're undervalued compared to our trinsic value still in the market.

Michael Sparks: If you look at the approved amount that was given in June of that $500 million, our expectation was to be consistent with the market as it makes sense to us, which we do believe we're undervalued compared to our intrinsic value still in the market. We would look to work through that through March when that NCIB is exhausted. Looking forward, we'd have the opportunity to put another one in place in March, if that one's exhausted.

Speaker #5: And we would look through to to work through that through March when that NCIB is exhausted and then you know looking forward you know we'd have the opportunity to put another one in place in March if if that one's exhausted.

Speaker #5: Okay. Understood. If I could attempt to put a finer point on the sustaining capex guidance for 2026. So so your official sustaining capex guidance is 202 million for the for the assets that carry on.

Lawson Winder: Okay. Understood. If I could, I tend to put a finer point on the sustaining CapEx guidance for 2026. Your official sustaining CapEx guidance is $202 million for the assets that carry on, basically the North American assets. You're suggesting that it could be slightly higher than that. How would you recommend we model that? Is $202 plus 3% to 5% a good range? Any specificity on that would be very helpful.

Speaker #5: Basically the North American assets. So so you're suggesting that it it could be slightly higher than that. I mean how would you recommend we model that?

Speaker #5: I mean is is 202 plus you know 3 to 5% a good range? Any specificity on that would be very helpful.

Speaker #1: Yeah. I'll pass that one again to Michael.

Rod P. Antal: Yeah. I'll pass that one again to Michael.

Speaker #5: Yeah Lawson. So Bill mentioned a couple of the things we're working on around there's a few fleet purchases at Marigold and other places. For purposes of guidance it's it's going to be somewhere around that 25 to 35 million more than what we originally guided is what we're currently looking at for sustaining at this point.

Michael Sparks: Yeah, Lawson. Bill mentioned a couple of the things we're working on around. There's a few fleet purchases at Marigold and other places. For purposes of guidance, it's going to be somewhere around that $25 to 35 million more than what we originally guided is what we're currently looking at for sustaining at this point. That puts you somewhere in that $230, 235 range.

Speaker #5: So that puts you somewhere in that 230 235 range.

Speaker #1: Yeah. 15% rules and everything.

Rod P. Antal: Yeah, 15%. That was another.

Speaker #5: Gotcha. Okay. That's very helpful. And then just finally with the working capital adjustment being a bit of a negative headwind this quarter and and some of that relating to the the Chirpler sale could you give us an indication of how you expect working capital might trend in Q3 and Q4 all else equal.

Lawson Winder: Gotcha. Okay. That's very helpful. Then just finally, with the working capital adjustment being a bit of a negative headwind this quarter, and some of that relating to the Çöpler sale, could you give us an indication of how you expect working capital might trend in Q3 and Q4, all else equal, so assuming no material change in the gold price?

Speaker #5: So assuming no material change in the gold price. Yeah. So ultimately with the Chirpler and HODMAT and both being now turned to discontinued operations you should see things normalize into continuing operations.

Michael Sparks: Yeah. Ultimately, with the Çöpler and Hod Maden both being now turned to discontinued operations, you should see things normalize into continuing operations you see now. We did have an inventory build, which impacts our working capital in Q2. As Bill mentioned, we'd expect that to work off as we go through the year in that normal lease cycle.

Speaker #5: You see now. We did have an inventory build which impacts our working capital in Q2. And we had Bill mentioned we'd expect that to to work off as we go through the year in that normal leach cycle.

Speaker #5: Okay. Great. Fantastic. Thank you very much.

Lawson Winder: Okay, great. Fantastic. Thank you very much.

Speaker #1: Good job. Thanks Lawson.

Rod P. Antal: Good stuff. Thanks, Lawson.

Speaker #2: The next question comes from Josh Wilson with RBC. Please go ahead.

Operator 3: The next question comes from Josh Wolfson with RBC. Please go ahead.

Speaker #5: Yeah. Thank you very much. Just on the Marigold comments about the new mine plan. You know the company sort of mentioned two factors I guess one was an extension of mine life and the other was some impact from ore blending.

Josh Wolfson: Yeah. Thank you very much. Just on the Marigold comments about the new mine plan. The company sort of mentioned two factors. I guess one was an extension of mine life, and the other was some impact from ore blending. I'm wondering what the initial kind of impressions will be from that blending impact, if we should think about production growth in the near term or it's going to be more stable. Any kind of commentary there would be helpful. Thank you.

Speaker #5: I'm wondering what the you know initial kind of impressions will be from that blending impact if we should think about production growth in the near term or it's going to be more stable.

Speaker #5: Any kind of commentary there would be helpful. Thank you.

Speaker #1: Hi Josh. Good to Rod. I'll I'll tie this one. The the firstly we obviously are still wrapping up the work for Marigold for the new TRS technical report that we'll publish before year end.

Rod P. Antal: Hi, Josh. It's Rod. I'll take this one. Firstly, we obviously are still wrapping up the work for Marigold for the new TRS technical report that we'll publish before year-end. I'm going to be cautious with what I say because it hasn't been completed yet, nor have we published. I think what Bill mentioned during the remarks at the start of the call was that when we look into the next 5 years, with the blending requirements and the new mine plans, where we see that the production profile over that period is predominantly the same as what it was in the last TRS, so that's important. When you look into the future of what we see for Marigold and the opportunities from Buffalo Valley for New Millennium and a target called DG80, we see the opportunity for mine life extension.

Speaker #1: So I'm going to be cautious with with what I say because it hasn't been completed yet nor have we published. So I think what Bill mentioned during the remarks at the start of the call was that when we look into the next five years with the blending requirements and the new mine plans we're we see that the the production profile over that period is predominantly the same as what it was in the last TRS.

Speaker #1: So that's important. And then when you look into the future of what we see for Marigold and the opportunities from Buffalo Valley for new millennium and and Otaga called DG80 we see the opportunity for mine life extension.

Speaker #1: So that's part of the work that we've been going through here for the last, sort of, six to twelve months, call it.

Rod P. Antal: That's part of the work that we've been going through here for the last sort of six to 12 months, call it, reoptimizing the mine plans, looking how they all play off against each other, the stripping requirements for Marigold and material movement requirements for Marigold in the future. That will play in. Once we get into the publication, obviously, we can talk more on what it means. It's really about a longer life for Marigold.

Speaker #1: Reoptimizing the mine plans. Looking how they all play off against each other. The stripping requirements. For for Marigold and material movement requirements for Marigold in the future.

Speaker #1: And that will play in. So once we get to once we get into the the publication obviously we can talk more more on what it means.

Speaker #1: But it's really about a longer life for Marigold.

Speaker #5: Okay. Thank you. And then just on the cost structure side of things you know a bunch of sort of incremental details provided about sustaining capital some some changes in reagents and energy and so forth.

Josh Wolfson: Thank you. Then just on the cost structure side of things, a bunch of sort of incremental details provided about sustaining capital, some changes in reagents and energy and so forth. This year, there's been a big influence from the energy hedges that have been in place. How should we think about the cost structure for the company going forward? Or is there any kind of unit cost inflation numbers that the company can provide to kind of give us a better impression of what the cost structure is, maybe without those hedges? Thank you.

Speaker #5: You know this year there's been a big influence from the energy hedges that have been in place how should we think about the cost structure for the company going forward or is there any any kind of you know unit cost inflation numbers that that the company can provide to kind of give us a better impression of of what the cost structure is maybe without those hedges.

Speaker #5: Thank you.

Speaker #1: Yeah. So Josh the as you as you mentioned the hedges are going to go through the end of this year give or close. And we'll obviously be looking for opportunities to renew that program depending on the volatility and the prices that make sense.

Michael Sparks: Yeah. Josh, as you mentioned, the hedges are going to go through the end of this year, give or close. We'll obviously be looking for opportunities to renew that program, depending on the volatility and the prices that make sense. As we mentioned in Q1, throughout the rest of this year, it's a pretty negligible impact, about $10 per $10 a barrel of oil. Without the hedges, because those represent about 70% of our US operations, that number would be somewhere around $20 to $30 per $10 of oil, and that would be above and beyond $70 is kind of what we had used for the oil barrel prices. For a little bit of context, in relation to some of our other assets, Seabee only has deliveries once a year. That would happen in the first part of the year as part of the ice road.

Speaker #1: As we mentioned in Q1 throughout the rest of this year it's a pretty negligible impact about $10 per $10 a barrel of oil. Without the hedges because those represent about 70% of our US operations that number would be somewhere around 20 to 30 dollars.

Speaker #1: Per $10 of oil. And that that would be you know above and beyond $70 is kind of what we had used for the oil and barrel prices.

Speaker #1: For a little bit of context in relation to some of our other assets CB only has deliveries once a year. So that would happen at the first part of the year as part of the ice road.

Speaker #1: And then down in Argentina while we do see some inflationary impacts including fuel that is a different regulated market. And we are seeing that lagging some of the other increases that we've seen across the globe.

Michael Sparks: Then down in Argentina, while we do see some inflationary impacts, including fuel, that is a different regulated market, and we are seeing that lagging some of the other increases that we've seen across the globe. For purposes of maybe the broader context of it, we are closely monitoring, like I said, what that impact may be on other transportation or consumables, and we're not seeing a major impact there. We would expect that inflationary to be somewhere in that $20 to $30 if prices were to stay at that elevated rates.

Speaker #1: For purposes of maybe the broader context of it we are closely monitoring like I said what that impact may be on other transportation or consumables.

Speaker #1: And we're not seeing a major impact there. But we would expect that inflationary to be somewhere in that 20% to 30% range if prices were to stay at those elevated rates.

Speaker #5: All right. Thank you. And and one last question if I can. You know just with the revolver increase you know the company sort of talked about you know M&A being a focus historically.

Josh Wolfson: Got it. Thank you. One last question, if I can. Just with the revolver increase, the company sort of talked about M&A being a focus historically. Does the additional flexibility provide anything else beyond that? Or, I'm just trying to understand, just based on the net cash position being so high and the revolver also increased, how we should be thinking about that. Thank you.

Speaker #5: You know does the additional flexibility provide any anything else beyond that or you know I'm just trying to understand just based on the net cash position being so high and the revolver also increased.

Speaker #5: You know how we should be thinking about that. Thank you.

Speaker #1: Good. No worries, Josh. So, look, I'll just—it's important that the revolver that we renewed was in the ordinary course for us. It was coming to maturity.

Rod P. Antal: Yeah. No worries, Josh. Look, I'll say this again. I think it's important. The revolver that we renewed, within ordinary course for us, it was coming to maturity. As I mentioned, Michael was able, and the team were able to extend the facility for a 4-year term, as well as improve the economics for us by reducing the interest rate that was available. Then obviously we're able to upsize it as well, given our strong liquidity position. It's really normal course for us, Josh. I wouldn't read too much into it.

Speaker #1: And as as I mentioned Michael was able and the team were able to extend the facility for a four year term as well as improve the economic the economics for us by reducing the the interest rate that was available.

Speaker #1: And then obviously we're able to upsize it as well given our strong liquidity position. So it's it's really normal course for us Josh. I wouldn't read too much into it.

Speaker #5: Great. Thank you very much.

Josh Wolfson: Great. Thank you very much.

Speaker #2: The next question comes from OA Habib with Scotiabank. Please go ahead.

Operator 3: The next question comes from Ovais Habib with Scotiabank. Please go ahead.

Speaker #5: Hi Rod and this is our team. Congrats on a good quarter. Looking forward to a strong performance in the second half. A couple of my questions have already been answered but just starting off with CCNB and and maybe you've already touched that through out your presentation but I'm just going to ask it anyways.

Ovais Habib: Hi, Rod and SSR team. Congrats on a good quarter. Looking forward to a strong performance in H2. Couple of my questions have already been answered, just starting off with the CC&V, maybe you've already touched that throughout your presentation, but I'm just going to ask it anyways. In terms of the status of Amendment 14 for CC&V, you had mentioned that Newmont has started this process. Are those discussions progressing? Again, in terms of, is there any sort of impact to the current mine life, or this is just more of an extension of the current mine life?

Speaker #5: In terms of the status of amendment 14 for CCNB you had mentioned that Newmont has started this process. Are those discussions progressing and and again in terms of is there any sort of impact to the current mine life or is this is just more to an extension of the current mine life.

Speaker #1: So yeah, look, hi guys. It's Rod. A couple of things. I think Amendment 14 as itself is separate from the court action that Newmont are taking over the discharge from Cutland Tunnel.

Rod P. Antal: Yeah, look, hi Ovais. It's Rod. A couple of things. I think the Amendment 14 as itself is separate to what the court action that you monitor taking over the discharge from Carlton Tunnel. That's an important point to make. The Amendment 14 process is on track, and we're moving along with the regulators to ensure that, one, we took ownership of it because we're running that part of the process now as SSR. Everything so far is moving according to plan. We expect that to be available for us then to continue to expand and build the new value leach fields that we're doing some pre-work on this year. Obviously that'll be available for the longer term under the current TRS for ore stacking in the future. That's all Amendment 14 is. It was already in train.

Speaker #1: So that's that's an important point to make. The amendment 14 process is on track. And we're moving moving along with the regulators. To ensure that when we took ownership of it because we're running that that part of the process now is SSR.

Speaker #1: And everything so far is is moving according to plan. So we expect that to be available for us then to continue to expand and build the new value leach fields.

Speaker #1: That we're doing some pre-work work on this year. And and then obviously that'll be available for the for the longer term under the current TRS for or stacking in the future.

Speaker #1: So that's all Amendment 14 is. It was already in train. It defined the current mine life, as you know, with the TRS that we published for Cripple Creek.

Rod P. Antal: It defined the current mine life, as you know, with the TRS that we published for Cripple Creek. In terms of the actual permit itself, it's working along through the process according to plan.

Speaker #1: But in terms of the actual permit itself it's it's working along through the process according to plan.

Speaker #5: Okay, thanks. Thanks for the color on that. And Rod, just moving a little bit on to exploration, just in terms of where the focus is on exploration.

Ovais Habib: Okay, thanks. Thanks for the color on that. Rod, just then moving a little bit onto exploration. Just in terms of where the focus is on exploration, obviously there's some upside looking like you're going to be adding to your current mine life at Marigold, where you've got Buffalo Valley, New Millennium, Marigold North. Is the exploration program that you have in place right now focused at Marigold and extension of Marigold, or are there opportunities at CC&V as well as Seabee and Puna?

Speaker #5: I mean I I we obviously there's some upside looking like you're going to be adding to your current mine life at Marigold where you've got Buffalo Valley, Millennium, Marigold North.

Speaker #5: Is the exploration program that you have in place right now focused at Marigold and extension of Marigold, or are there opportunities at Çöpler, Çöpler North Block, as well as Çakmaktepe and Puna?

Speaker #1: Yeah. Look it's it's really a a culmination of sort of three years of work here over across the portfolio. It's not like something that we've we're just doing now post post Chirpler.

Rod P. Antal: Yeah, look, it's really a culmination of sort of three years of work here, Ovais, across the portfolio. It's not like something that we're just doing now, post-Çöpler. As you know, these things take time. Some of it has been step-out drilling, new target drilling, new target definition. There's been a lot of infill drilling, to ensure that we have the necessary support for any new studies that we want to do. For example, the Marigold tech report we're about to publish. I think I've said it a few times, at different forums that for the first time, when we look inside the portfolio, we see growth at each one of the assets that is quite tangible. Marigold will be the first cat off the rank in terms of that publication. We'll talk about that once that's published.

Speaker #1: And as you know the the these things take time. So some of it has been step out drilling new target drilling new target definition.

Speaker #1: There's been a lot of in-field drilling to ensure that we have the necessary support for any new studies that we want to do—for example, the Marigold Tech Report.

Speaker #1: We're about to about to publish. But I I think I've said it a few times at different forums that for the first time when we look inside the per portfolio we see growth at each one of the assets that is that is quite tangible.

Speaker #1: So Marigold will be the first, the first cab off the rank in terms of that publication. And we’ll talk about that once that's published.

Speaker #1: Cripple Creek, you know, beyond Amendment 14 that we just talked about, clearly there's an opportunity there as well for us to extend the mine life and move into the next phase of Cripple Creek.

Rod P. Antal: Cripple Creek, beyond Amendment 14 that we just talked about, clearly there's an opportunity there as well for us to extend the mine life and move into the next phase of Cripple Creek. First things foremost, we had to get Amendment 14 done, and that's really the key focus to us. The work in the background that the team are doing is obviously definitions and understanding what is available and what that might look like. Then obviously we have Porky up in Seabee and then the other targets that Bill mentioned down at Puna with the pushbacks of the Chinchillas pit and then the Cortaderas target, to name a few. All of the assets are at different stages through the drill bit that we've been doing. The drilling's been some exploration and some definition drilling.

Speaker #1: But first, first things foremost, we had to get Amendment 14 done, and that's really the key focus for us. But the work in the background that the team are doing is obviously definitions and understanding what is available, and what that might look like.

Speaker #1: And then obviously we have porkies up in CB and then the the other targets that Bill mentioned down at Puna. With the the pushbacks of the Chincheers pit and then the Cordaderas target to name a few.

Speaker #1: So so all of the all of the assets are at different stages through the drill bit that we've been doing. And the the drilling's been some exploration and and some definition drilling.

Speaker #1: And as time progresses, we'll start to bring those results to market to more tangibly talk about what they might mean for each one of the assets.

Rod P. Antal: As time progresses, we'll start to bring those results to market and more tangibly talk about what they might mean for each one of the assets. We're pretty excited by what we see. It's obviously an opportune time, now that we've repivoted the business to be focused on the Americas platform, that each one of the assets have some sort of inbuilt growth opportunities for them.

Speaker #1: So we're pretty excited by what we see. And you know, it's obviously an opportune time now that we've re-pivoted the business to be focused on the Americas platform, and each one of the assets has some sort of inbuilt growth opportunities for them.

Speaker #5: Perfect. Thanks for that Rod. And that's it for my questions. Thanks for taking my questions.

Ovais Habib: Perfect. Thanks for that, Rod. That's it for my questions. Thanks for taking my questions.

Speaker #1: Yusef. Thanks guys.

Rod P. Antal: Sure stuff. Thanks, Ovais.

Speaker #2: The next question comes from Donda Marco with National Bank Financial. Please go ahead.

Operator 3: The next question comes from Don DeMarco with National Bank Financial. Please go ahead.

Speaker #3: Thank you, operator, and good morning. Good afternoon, Rod and team. So, Rod, you know we've talked about the brownfield opportunities. I see them fairly well detailed on slide 12.

Don DeMarco: Thank you, operator, and good morning. Good afternoon, Rod and team. Rod, we've talked about the brownfield opportunities. I see them fairly well detailed on slide 12. Which among these projects has the greatest potential to add reserves, production, or NAV over, say, the next 3 to 5 years? Just to put it in perspective. Are any of these projects targeting production increases, or are they primarily focused on mine life extension? Thank you.

Speaker #3: Which among these these projects has the greatest potential to add reserves, production, or NAV over say the next three to five years? Just to put it in perspective.

Speaker #3: And and are any of these projects targeting production increases or are they primarily focused on mine life extension. Thank you.

Speaker #1: Look I I think the the need to hold on. The need to one for us is really the the publication of the Marigold Tech Report which will bring into focus the New Millennium Buffalo Valley DG80 and other target we have etc.

Rod P. Antal: Look, I think the near term. Hey, Don. The near-term one for us is really the publication of the Marigold tech report, which will bring into focus the New Millennium, Buffalo Valley, DG80, another target we have, et cetera. I think that's the first and foremost, because it's the most mature in that process for us to be able to talk about and publish it, more importantly. We are obviously really busy at Cripple Creek to identify the opportunities beyond the Amendment 14. First things first, finish off Amendment 14 by the end of next year. That is locked in for the current mine life. That was it shown in the last TRS that we published, and then more to come beyond it. Obviously the other smaller assets in terms of their mine lives at the moment.

Speaker #1: Etc. So I think that's the first and foremost, because it's the most mature in that process for us to be able to talk about and publish it, more importantly.

Speaker #1: We are obviously really busy at Cripple Creek to identify the opportunities beyond Amendment 14. But, you know, first things first: finish off Amendment 14 by the end of next year.

Speaker #1: So that is locked in for the current mine life. That was as shown in the last TRS that we published. And then, you know, there’s more to come beyond it.

Speaker #1: And then obviously the other the other you know smaller assets in terms of are there mine lives at the moment we have some pretty exciting targets that we feel can add mine life extension.

Rod P. Antal: We have some pretty exciting targets that we feel can add mine life extension. Some of it will be some re-sequencing of the assets, and optimizing where we can, so we can smooth the production profile. I don't see any great leaps, in terms of what that might look like for each of the assets. Improving the curve, so we don't have these variations. That's really key for us. Mine life extension. Trying to push the bigger assets out to be multi-decade, which I think is, in itself, a fairly exciting outcome in the US. The other two assets, trying to develop a mine life, at least for a decade, for each one of those again.

Speaker #1: So, some of it will be re-sequencing of the assets and optimizing where we can, so we can smooth the production profile, but I don't see any great leaps.

Speaker #1: You know in terms of what that might look like for each of the assets. But improving the sort of the curve so we don't have these what variations.

Speaker #1: That's really a key for us. And then mine life extension. So you know trying to push the the the bigger assets out to be multi-decade.

Speaker #1: Which I think is in itself a fairly exciting outcome. In the in the US and then the other two assets trying to develop a mine life at least you know for a decade.

Speaker #1: For each one of those again. And if you think about where we've come from to where that might look like if those all those targets pay off that'll be that'll be a a significant improvement in the in amongst themselves.

Rod P. Antal: If you think about where we've come from, to where that might look like if all those targets pay off, that'll be a significant improvement in amongst themselves. Lots to come, I think, Don, as we finish off the work.

Speaker #1: So so lots lots to come I think Donda as we as we finish off the work.

Speaker #3: Okay, thanks for that, Rod. And my second and final question is shifting over to cost. You know, despite year-to-date production tracking guidance, we saw in Q2 that AISC exceeded annual guidance at Marigold, Çöpler, and Puna.

Don DeMarco: Okay. Thanks for that, Rod. My second and final question is shifting over to cost. Despite year-to-date production tracking guidance, we saw in Q2 that AISC exceeded annual guidance at Marigold, Seabee, and Puna. What gives you confidence in achieving the consolidated AISC guidance through H2?

Speaker #3: What gives you confidence in achieving the consolidated ASIC guidance through H2?

Speaker #5: Yeah. So, Donda, I think part of it is just the normal timing of Q2 like I mentioned. A good chunk of our tax payments go through—they hit during Q2.

Michael Sparks: Yeah. Don, I think part of it's just the normal timing of Q2. Like I mentioned, a good chunk of our tax payments to go through, they hit during Q2. That AISC was naturally elevated in this quarter, and that'll get back to normalized, coupled with the stronger production profile should put us in that higher end of guidance, is what we're targeting.

Speaker #5: And so that AISC was naturally elevated in in in that in this quarter. And that'll get back to normalized coupled with the stronger production profile should put us in that higher end of guidance is what we're targeting.

Speaker #3: Okay, great. Well, thanks again. And thank you for taking my questions.

Don DeMarco: Okay. Great. Well, thanks again, and thank you for taking my questions.

Speaker #1: Yusef. Thank you.

Rod P. Antal: Christophe, thank you.

Speaker #2: We have a follow-up question from George at UBS. Please go ahead.

Operator 3: We have a follow-up question from George Eadie with UBS. Please go ahead.

Speaker #4: Yeah, I can just ask that. July Marigold, how did it go? Like, what was the average grade thrown on the pads and tons stacked?

George Eadie: Yeah. Hey, Tim. Can I just ask about July at Marigold, how it went? What was the average grade thrown on the pads and tons stacked? Was it nearly 2 million tons? Any color you can help with?

Speaker #4: Was it nearly 2 million tons? Any color you can help with?

Speaker #1: Yeah. George. Look we we don't disclose on the run. For each individual asset. But we wouldn't be talking about being on track for full year unless unless it was it was moving according to plan.

Rod P. Antal: Yeah. George, look, we don't disclose on the run for each individual asset. We wouldn't be talking about being on track for full year unless it was moving according to plan.

Speaker #4: Okay. Yeah. That's good. Thanks for that. Thanks Rod.

George Eadie: Okay. That's cool. Thanks for that. Thanks, Rod.

Speaker #1: Good on you. Thanks.

Rod P. Antal: Hear you. Thanks.

Speaker #2: This concludes the question and answer session. And today's conference call. You may disconnect. Your lines. Thank you for participating and have a pleasant day.

Operator 3: This concludes the question and answer session and today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.