SSR Mining Provides Further Update on Çöpler Incident and Full-Year 2023 Financial Results Release Date

Rhea-AI Summary

SSR Mining Inc. provides an update on rescue efforts at the Çöpler mine in Türkiye and delays the release of its full-year 2023 financial results due to the incident. The Company is cooperating with Government authorities and will hold a conference call and webcast to discuss the financial results.

Insights

Crisis Management Expert

From a crisis management perspective, the incident at the Çöpler mine operated by SSR Mining has significant implications for the company's operational continuity and stakeholder confidence. The suspension of rescue efforts, mandated by Turkish Government authorities, indicates a severe situation that necessitates a focus on stabilization. This can have a direct impact on the company's production timelines and output forecasts.

Moreover, the company's proactive cooperation with government requests and support for on-site efforts are vital in managing the crisis and mitigating any reputational damage. This response strategy is key to maintaining trust among investors, regulators and the local community. However, the long-term effects on the company's social license to operate and potential financial liabilities remain to be seen, as these will depend on the eventual outcomes of the incident and subsequent investigations.

Mining Industry Analyst

In the mining sector, the stability of heap leach areas is crucial for safe extraction processes. The need to stabilize the heap leach area at Çöpler suggests potential structural or operational issues that could affect not only current production but also future mining activities. Investors should be aware that such incidents can lead to increased scrutiny from environmental and safety regulators, which may result in stricter regulations or fines.

Furthermore, the delay in financial reporting due to the Çöpler Incident provides an additional layer of uncertainty for the market. While the postponement is understandable, it may affect investor sentiment and the stock's performance. The upcoming financial results will be scrutinized for any cost implications of the incident and the company's ability to absorb such shocks.

Financial Analyst

Financially, the impact of the Çöpler mine incident on SSR Mining's bottom line will be a point of focus for investors. The delay in the release of the fourth quarter and full-year 2023 financial results suggests that the company is assessing the financial ramifications of the incident. Investors should anticipate potential adjustments to the company's financial projections and asset valuations.

It is also important to consider the potential for insurance recoveries, cost overruns and any capital expenditure adjustments that may be required to address the issues that led to the incident. The forthcoming financial results will be pivotal in providing transparency and clarity on these matters, which in turn will influence investor confidence and stock volatility.

DENVER--(BUSINESS WIRE)-- SSR Mining Inc. (Nasdaq/TSX: SSRM; ASX: SSR) (“SSR Mining” or the “Company”) provides an update on ongoing rescue efforts at the Çöpler mine in Türkiye as well as an amendment to the date of the Company’s full-year financial results.

On February 19, 2024, Turkish Government authorities chose to temporarily suspend search and rescue activities in order to focus on stabilization of the heap leach area. SSR Mining continues to cooperate fully with all Government requests and is supporting efforts on site.

Due to the Çöpler Incident, SSR Mining will target the release of its fourth quarter and full-year 2023 financial results for after market close on Tuesday, Feb 27, 2024. In addition, a conference call and webcast will be held at 5:00pm EST.

To access the conference call and webcast:

Toll-free in U.S. and Canada:		+1 (800) 319-4610
All other callers:		+1 (604) 638-5340
Webcast: http://ir.ssrmining.com/investors/events

The conference call will be archived and available on our website. Audio replay will be available for two weeks by calling:

Toll-free in U.S. and Canada:		+1 (855) 669-9658, replay code 0631
All other callers:		+1 (412) 317-0088, replay code 0631

Cautionary Note Regarding Forward-Looking Information and Statements

Certain statements contained in this news release constitute 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. You should not place undue reliance on forward-looking information. Forward-looking information 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 SEDAR at www.sedarplus.ca, on EDGAR at www.sec.gov 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.

About SSR Mining

SSR Mining Inc. is a leading, free cash flow focused gold company with four producing operations located in the USA, Türkiye, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets. Over the last three years, the four operating assets combined have produced on average more than 700,000 gold-equivalent ounces annually. SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX, and SSR on the ASX.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240219831180/en/

SSR Mining:

SSR Mining Inc.

E-Mail: invest@ssrmining.com

Phone: +1 (888) 338-0046

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Source: SSR Mining Inc.

FAQ

What is the update provided by SSR Mining Inc. regarding the Çöpler mine in Türkiye?

SSR Mining Inc. provides an update on ongoing rescue efforts at the Çöpler mine in Türkiye and the temporary suspension of search and rescue activities by Turkish Government authorities to focus on stabilization of the heap leach area.

Why is SSR Mining delaying the release of its full-year 2023 financial results?

SSR Mining is delaying the release of its full-year 2023 financial results due to the Çöpler Incident at the mine. The new target release date is after market close on Tuesday, Feb 27, 2024.

When will the conference call and webcast regarding the financial results be held?

The conference call and webcast discussing SSR Mining's financial results will be held at 5:00pm EST on the same day the financial results are released, Tuesday, Feb 27, 2024.

How can participants access the conference call and webcast?

Participants can access the conference call and webcast by dialing +1 (800) 319-4610 for toll-free calls in the U.S. and Canada, or +1 (604) 638-5340 for all other callers. The webcast can be accessed at http://ir.ssrmining.com/investors/events.