Exhibit 99.5
SSR Mining Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands except per share)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021202020212020
Revenue$322,846 $225,412 $1,066,280 $482,360 
Operating Costs and Expenses:     
Production costs
154,521 115,763  483,330 273,943 
Depreciation, depletion, and amortization
51,958 28,299  161,731 60,716 
General and administrative expense
11,970 2,103  34,936 17,591 
Exploration, evaluation, and reclamation costs
11,058 7,244  32,310 19,561 
Care and maintenance expense
— 6,611  — 27,697 
Impairment of long-lived and other assets
5 —  22,354 — 
Transaction, integration, and SEC conversion expense675 15,674  6,060 18,479 
Operating income92,659 49,718  325,559 64,373 
Other income (expense):     
Interest expense
(4,732)(3,983) (14,567)(9,239)
Other income (expense)
(6,853)11,408  (8,646)19,329 
Foreign exchange gain (loss)(1,595)(1,621) (2,904)(785)
Total other income (expense)
(13,180)5,804  (26,117)9,305 
Income before income and mining taxes79,479 55,522  299,442 73,678 
Income and mining tax benefit (expense)(14,285)(7,302) (27,483)(2,867)
Equity income (loss) of affiliates
(1,015)(512)(2,536)(512)
Net income64,179 47,708  269,423 70,299 
Net loss (income) attributable to non-controlling interest(7,119)(1,942) (28,782)(1,942)
Net income attributable to SSR Mining shareholders
$
57,060 
$
45,766 $240,641 $68,357 
     
Net income per share attributable to SSR Mining shareholders     
Basic$0.27 $0.33 
$
1.11 $0.53 
Diluted$0.26 $0.31 
$
1.06 $0.52 

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


1
SSR Mining Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
 Nine Months Ended September 30,
 2021 2020
Operating activities    
     
Net income
$
269,423 
$
70,299 
Adjustments for:   
Depreciation, depletion, and amortization
 161,731 60,716 
Amortization of debt discount
703 701 
Reclamation costs
3,616 2,861 
Deferred income taxes
 (34,410)(11,507)
Stock-based compensation
 4,831 8,821 
Equity pickup on investments in joint ventures
2,536 512 
Unrealized gain on derivative instruments
(4,936)8,224 
Change in fair value of marketable securities
6,472 (11,036)
Non-cash fair value adjustment on acquired inventories
49,205 23,670 
Loss (gain) on sale of mineral properties, plant and equipment
 (462)1,197 
Impairment of long-lived and other assets
 22,354 — 
Net change in operating assets and liabilities  
 (56,683)(58,696)
Net cash provided by operating activities 424,380 95,762 
      
Investing activities     
Additions to mineral properties, plant and equipment
 (128,924)(79,882)
Purchases of marketable securities
 (8,013)(29,550)
Net proceeds from sales of marketable securities
 4,592 97,073 
Proceeds from sale of mineral properties, plant and equipment
2,500 2,699 
Acquisition of Alacer cash, cash equivalents, and restricted cash
— 303,388 
Other investing activities
 (654)(60)
Net cash provided by (used in) investing activities
 (130,499)293,668 
 
     
Financing activities 
     
Repayment of debt, principal
 (52,500)  (17,500)
Redemption of convertible notes
 —   (114,994)
Repurchase of common shares
 (148,074)  — 
Proceeds from exercise of stock options
 7,476   3,567 
Principal payments on finance leases
 (7,677)  (1,138)
Non-controlling interest dividend
(55,464)— 
Dividends paid
(32,684)— 
Other financing activities
(1,466)2,946 
Net cash provided by (used in) financing activities
 (290,389)  (127,119)
Effect of foreign exchange rate changes on cash and cash equivalents (1,102)  557 
Net increase (decrease) in cash, cash equivalents, and restricted cash 2,390   262,868 
Cash, cash equivalents, and restricted cash beginning of year 895,921   505,985 
Cash, cash equivalents, and restricted cash end of year$898,311  $768,853 
2
SSR Mining Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
Nine Months Ended September 30,
20212020
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents$863,016 $733,570 
Restricted cash35,295 35,283 
Total cash, cash equivalents, and restricted cash$898,311 $768,853 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.    
3
SSR Mining Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
September 30, 2021
December 31, 2020
ASSETS  
Cash and cash equivalents
$
863,016 
$
860,633 
Marketable securities
 19,124 26,748 
Trade and other receivables
 95,326 83,218 
Inventories
 428,317437,034
Prepaids and other current assets
 18,445 16,162 
Assets held for sale83,914 — 
 Total current assets
 1,508,1421,423,795
 
 
Mineral properties, plant and equipment, net
 3,278,3793,469,739
Inventories
 197,752 135,200 
Restricted cash
 35,29535,288
Equity method investments
 5,334 7,782 
Goodwill
 49,78649,786
Deferred income tax assets
 12,797 15,072 
Other non-current assets
 22,68240,682
Total assets
$
5,110,167 
$
5,177,344 
  
LIABILITIES 
Accounts payable
$
32,415 
$
42,923 
Accrued liabilities and other
 114,017 131,781 
Finance lease liabilities
12,744 3,568 
Current portion of debt
 71,770 71,025 
Total current liabilities
 230,946 249,297 
  
Debt
 312,760 366,612 
Finance lease liabilities
 106,924 109,544 
Reclamation liabilities
 106,989 102,721 
Deferred income tax liabilities
 436,342 473,027 
Other non-current liabilities
 11,815 25,655 
Total liabilities
 1,205,776 1,326,856 
  
Contingently redeemable shares  — 3,311 
  
EQUITY 
Common shares – unlimited authorized common shares with no par value; 211,807 and 219,607 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
 3,138,017 3,242,821 
Retained earnings (deficit) 280,597 92,077 
SSR Mining’s shareholders’ equity
 3,418,614 3,334,898 
Non-controlling interest 485,777 512,279 
Total equity 3,904,391 3,847,177 
Total liabilities and equity 
$
5,110,167 
$
5,177,344 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
4
SSR Mining Inc.
Condensed Consolidated Statement of Changes in Equity
(unaudited, in thousands)

 
Common shares 
           
 
Number of shares
Amount
Retained earnings (Accumulated Deficit) 
Total equity attributable to equity holders of SSR Mining
Non-controlling interest 
Total equity 
Contingently redeemable shares   
Balance December 31, 2020219,607 $3,242,821 $92,077 $3,334,898 $512,279 $3,847,177 $3,311 
Exercise of stock options364 2,750 — 2,750 — 2,750 — 
Settlement of RSUs and PSUs92 89 — 89 — 89 — 
Equity-settled stock-based compensation— 1,037 — 1,037 — 1,037 — 
Transfer of cash-settled RSUs— 8,802 — 8,802 — 8,802 — 
Reclassification of contingently redeemable shares— 3,311 — 3,311 — 3,311 (3,311)
Dividends paid to equity holders of SSR Mining— — (10,992)(10,992)— (10,992)— 
Dividends paid to non-controlling interest— — — — (38,084)(38,084)— 
Other— — (18)(18)— (18)— 
Net income (loss)— — 108,861 108,861 18,590 127,451 — 
Balance March 31, 2021   
220,063 $3,258,810 $189,928 $3,448,738 $492,785 $3,941,523 $— 
Repurchase of common shares(4,000)(58,654)(11,600)(70,254)— (70,254)— 
Exercise of stock options79 850 — 850 — 850 — 
Settlement of RSUs 157 406 — 406 — 406 — 
Equity-settled stock-based compensation
— 1,594 — 1,594 — 1,594 — 
Dividends paid to equity holders of SSR Mining— — (10,974)(10,974)— (10,974)— 
Other
— — (204)(204)— (204)— 
Net income (loss)
— — 74,719 74,719 3,073 77,792 — 
Balance June 30, 2021216,299 $3,203,006 $241,869 $3,444,875 $495,858 $3,940,733 
$
— 
Repurchase of common shares(4,801)(70,398)(7,422)(77,820)— (77,820)— 
Exercise of stock options309 3,877 — 3,877 — 3,877 — 
Settlement of RSUs and PSUs— (78)— (78)— (78)— 
Transfer of equity-settled RSUs— — — — — — — 
5
SSR Mining Inc.
Condensed Consolidated Statement of Changes in Equity
(unaudited, in thousands)
Equity-settled share-based compensation— 1,610 — 1,610 — 1,610 — 
Dividends paid to equity holders of SSR Mining— — (10,718)(10,718)— (10,718)— 
Dividends paid to non-controlling interest— — — — (17,380)(17,380)— 
Other— — (192)(192)180 (12)— 
Net income (loss)
— — 57,060 57,060 7,119 64,179 — 
Balance September 30, 2021211,807 $3,138,017 $280,597 $3,418,614 $485,777 $3,904,391 $— 
    

6
SSR Mining Inc.
Condensed Consolidated Statement of Changes in Equity
(unaudited, in thousands)
 
Common shares 
           
 
Number of shares
Amount
Retained earnings (Accumulated Deficit) 
Total equity attributable to equity holders of SSR Mining
Non-controlling interest 
Total equity 
Contingently redeemable shares   
Balance December 31, 2019   
123,084 $1,103,591 $(60,415)$1,043,176 $— $1,043,176 $3,599 
Exercise of stock options157 1,387 — 1,387 — 1,387 — 
Equity-settled stock-based compensation
— 1,223 — 1,223 — 1,223 — 
Reclassification to contingently redeemable shares— (729)— (729)— (729)729 
Other
— (17)7 (10)— (10)— 
Net income (loss)— — 6,237 6,237 — 6,237 — 
Balance March 31, 2020   
123,241 $1,105,455 $(54,171)$1,051,284 $— $1,051,284 $4,328 
Exercise of stock options79 821 — 821 — 821 — 
Settlement of RSUs5 55 — 55 — 55 — 
Equity-settled stock-based compensation
— 1,252 — 1,252 — 1,252 — 
Reclassification to contingently redeemable shares— (711)— (711)— (711)711 
Other— 775 (1,081)(306)— (306)— 
Net income (loss)— — 16,354 16,354 — 16,354 — 
Balance June 30, 2020123,325 $1,107,647 $(38,898)$1,068,749 $— $1,068,749 $5,039 
Acquisition of Alacer95,700 2,142,703 — 2,142,703 473,592 2,616,295 — 
Exercise of Stock Options and settlement of PSUs345 2,211 — 2,211 — 2,211 — 
Equity-settled share-based compensation— (852)— (852)— (852)— 
Reclassification of contingently redeemable shares— (12,721)— (12,721)— (12,721)12,721 
Other— (42)2 (40)— (40)— 
Net income (loss)— — 45,766 45,766 1,942 47,708 — 
Balance September 30, 2020219,370 $3,238,946 $6,870 $3,245,816 $475,534 $3,721,350 $17,760 
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.    
7
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements

1.THE COMPANY
SSR Mining Inc. and its subsidiaries (collectively, "SSR Mining," or the "Company”) is incorporated under the laws of the Province of British Columbia, Canada. The Company's common shares are listed on the Toronto Stock Exchange (TSX) in Canada and the Nasdaq Global Select Market (NASDAQ) in the U.S. under the symbol "SSRM" and the Australian Securities Exchange (ASX) in Australia under the symbol "SSR."
The Company is principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Turkey and the Americas. The Company has four producing mines in Turkey, the United States, Canada, and Argentina. The Company's focus is on safe, profitable gold and silver production from its Çöpler Gold Mine ("Çöpler") in Erzincan, Turkey, Marigold mine ("Marigold") in Nevada, USA, Seabee Gold Operation ("Seabee") in Saskatchewan, Canada and Puna Operations ("Puna") in Jujuy, Argentina, and to advance, as market and project conditions permit, its principal development projects towards development and commercial production.
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment; Inventories; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets.
COVID-19
During the period ended September 30, 2021, the COVID-19 pandemic continued to impact global economic and financial markets, disrupting global supply chains and workforce participation. Many industries and businesses, including SSR Mining, continue to be impacted by the COVID-19 pandemic and face operating challenges associated with the regulations and guidelines resulting from efforts to contain COVID-19.
The Company continues to restrict all non-essential travel and manage the contacts of its employees and contractors in order to reduce the risk of COVID-19 impacting its operations. The Company is operating its corporate offices at reduced capacity, with most employees working remotely.
The Company's mine sites remain operational with carefully managed COVID-19 based restrictions designed to protect communities and employees, including quarantining, testing, ensuring physical distancing and providing additional protective equipment.
Basis of preparation
These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Previously, the Company prepared its consolidated financial statements under International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, as permitted by securities regulators in Canada, as well as in the U.S. under the status of a Foreign Private Issuer as defined by the United States Securities and Exchange Commission (SEC). As of June 30, 2021, the Company determined that it no longer qualified as a Foreign Private Issuer under the SEC rules. As a result, beginning January 1, 2022 the Company is required to report with the SEC on domestic forms and comply with domestic company rules in the United States. The transition to U.S. GAAP was made retrospectively for all periods from the Company’s inception. New accounting standards implemented subsequent to January 1, 2019 were adopted on their required adoption date. These interim statements should be read in
8
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2021 filed on February 22, 2022 on Form 10-K.
3.OPERATING SEGMENTS
The Company currently has four producing mines and a portfolio of precious metal dominant projects. Each individual operating mine site and the Company's exploration, evaluation and development properties are considered reportable segments. Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance.
In connection with the acquisition of Alacer, the Company added Çöpler as a new operating segment for the year ended December 31, 2020. Çöpler is an operating mine site, therefore it is considered a reportable segment.
The following tables provide a summary of financial information related to the Company's segments (in thousands):

Three Months Ended September 30, 2021 
Çöpler
Marigold 
Seabee 
Puna
Exploration, evaluation 
and development properties 
Corporate and other (1)
Total 
Revenue$145,217 $95,607 $40,966 $41,056 $— $— $322,846 
Production costs$65,773 $50,281 $15,077 $23,390 $— $— $154,521 
Depletion, depreciation, and amortization$29,442 $8,023 $10,023 $4,470 $— $— $51,958 
Exploration, evaluation, and reclamation costs$2,575 $569 $3,621 $442 $3,476 $375 $11,058 
Transaction, integration, and SEC conversion expense$— $— $— $— $— $675 $675 
Impairment of long-lived and other assets$— $— $— $— $5 $— $5 
Operating income$46,880 $36,734 $12,253 $12,599 $(3,481)$(12,326)$92,659 
Capital expenditures$7,875 $8,126 $10,926 $2,385 $— $— $29,312 
Total assets as of September 30, 2021$2,246,665 $526,179 $470,978 $275,240 $1,009,938 $581,167 $5,110,167 
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

9
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
Three Months Ended September 30, 2020
ÇöplerMarigold
Seabee 
Puna
Exploration, evaluation 
and development properties 
Corporate and other (1)
Total 
Revenue$53,566 $98,748 $38,035 $35,063 $— $— $225,412 
Production costs$41,038 $50,750 $10,252 $13,723 $— $— $115,763 
Depletion, depreciation, and amortization$8,983 $8,037 $7,282 $3,997 $— $— $28,299 
Exploration, evaluation, and reclamation costs$1,044 $1,008 $1,161 $485 $3,386 $160 $7,244 
Care and maintenance expense (2)   
$— $— $730 $5,881 $— $— $6,611 
Transaction and integration expense$— $— $— $— $— $15,674 $15,674 
Operating income (loss)$4,062 $39,057 $18,616 $10,996 $(3,386)$(19,627)$49,718 
Capital expenditures$4,420 $14,248 $9,616 $4,221 $— $— $32,505 
Total assets as of September 30, 2020$2,554,260 $556,226 $438,155 $215,364 $848,625 $399,636 $5,012,266 
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.
(2) Care and maintenance expense consists of operating costs and depreciation incurred while a site is placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic.

10
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
Nine Months Ended September 30, 2021
Çöpler
Marigold 
Seabee 
Puna
Exploration, evaluation 
and development properties 
Corporate and other (1) 
Total 
Revenue$437,393 $321,113 $153,800 $153,974 $— $— $1,066,280 
Production costs$201,927 $155,582 $47,105 $78,716 $— $— $483,330 
Depletion, depreciation, and amortization$89,385 $25,438 $32,145 $14,763 $— $— $161,731 
Exploration, evaluation, and reclamation costs$9,232 $2,262 $9,977 $1,308 $8,752 $779 $32,310 
Transaction, integration, and SEC conversion expense$— $— $— $— $— $6,060 $6,060 
Impairment of long-lived and other assets$— $— $— $— $22,354 $— $22,354 
Operating income (loss)$131,746 $137,934 $64,554 $57,411 $(31,106)$(34,980)$325,559 
Capital expenditures$27,629 $43,412 $33,493 $7,906 $— $— $112,440 
Total assets as of September 30, 2021$2,246,665 $526,179 $470,978 $275,240 $1,009,938 $581,167 $5,110,167 
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.
Nine Months Ended September 30, 2020
Çöpler
Marigold
Seabee
Puna
Exploration, evaluation 
and development properties
Corporate and other (1)
Total 
Revenue$53,566 $270,615 $82,736 $75,443 $— $— $482,360 
Production costs$41,038 $152,785 $26,154 $53,966 $— $— $273,943 
Depletion, depreciation, and amortization$8,983 $23,826 $17,186 $10,721 $— $— $60,716 
Exploration, evaluation, and reclamation costs$1,044 $2,995 $4,233 $1,521 $9,310 $458 $19,561 
Care and maintenance expense (2)
$— $— $11,806 $15,891 $— $— $27,697 
Transaction and integration expense$— $— $— $— $— $18,479 $18,479 
Operating income (loss)$4,062 $90,650 $23,245 $(6,991)$(9,310)$(37,283)$64,373 
Capital expenditures$4,420 $42,384 $24,647 $8,082 $— $— $79,533 
Total assets of September 30, 2020$2,554,260 $556,226 $438,155 $215,364 $848,625 $399,636 $5,012,266 
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.
(2) Care and maintenance expense consists of operating costs and depreciation incurred while a site is placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic.
11
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
Geographic Area

The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes, by location as of September 30, 2021 and December 31, 2020 (in thousands):

September 30, 2021December 31, 2020
Turkey $2,741,478 $2,899,724 
Canada 299,241 306,253 
United States 296,902 271,894 
Argentina 117,658 126,386 
Mexico 48,333 48,619 
Peru 535 527 
Total
$3,504,147 $3,653,403 

The following is revenue information by geographic area based on the location for the three and nine months ended September 30 (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2021 
2020
2021 
2020
Turkey $145,217 $53,566 $437,393 $53,566 
Canada 40,966 38,035 153,800 82,736 
United States 95,607 98,748 321,113 270,615 
Argentina 41,056 35,063 153,974 75,443 
Total
$322,846 $225,412 $1,066,280 $482,360 
4.REVENUE

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

Three Months Ended September 30,
 20212020
Gold doré sales
Çöpler
$139,895 $53,566 
Marigold95,593 98,736 
Seabee40,948 38,035 
Concentrate sales  
Puna43,930 36,592 
Other (1)
  
Çöpler5,322 — 
Marigold 14 12 
Seabee18 — 
Puna(2,874)(1,529)
Total$322,846 $225,412 

12
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
Nine Months Ended September 30,
 20212020
Gold doré sales
Çöpler$432,071 $53,566 
Marigold321,039 270,584 
Seabee153,721 82,716 
Concentrate sales  
Puna156,836 78,834 
Other (1)
  
Çöpler5,322 — 
Marigold74 31 
Seabee79 20 
Puna(2,862)(3,391)
Total$1,066,280 $482,360 
(1) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.
Revenue by metal
Revenue by metal type for the three and nine months ended September 30 are as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Gold $276,436 $190,337 $906,831 $406,866 
Silver 36,502 31,320  131,840 68,385 
Lead 4,918 4,229  18,258 8,120 
Zinc 2,510 1,043  6,738 2,329 
Other2,480 (1,517)2,613 (3,340)
Total $322,846 $225,412 $1,066,280 $482,360 
Provisional metal sales
For the nine months ended September 30, 2021 and September 30, 2020, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase (decrease) of $(2.5) million $0.2 million, respectively, which has been recorded in Revenue.
At September 30, 2021, the Company had silver sales of 2.51 million ounces at an average price of $24.19 per ounces, zinc sales of 3.00 million pounds at an average price of $1.33 per pound, and lead sales of 11.21 million pounds at an average price of $1.01 per pound, subject to final pricing over the next several months.
5.INCOME AND MINING TAXES
SSR’s consolidated effective income tax rate was 9% for the first nine months of 2021 compared to 4% for the first nine months of 2020. The primary driver of the change in the effective rate is foreign currency fluctuations as well as changes in book income in foreign jurisdictions with varying tax rates. The Company’s statutory tax rate for the period is 27%, and the effective rate differs from the statutory rate primarily due to foreign exchange and jurisdictional mix of earnings with different tax rates.
13
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
6.OTHER INCOME (EXPENSE)
The following table includes the components of Other income (expense):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Interest income$514 $2,567 $1,479 $5,909 
Gain (loss) on marketable securities(4,524)5,168 (6,472)11,036 
Gain (loss) on derivative instruments(9)— (9)383 
Gain (loss) on sale of mineral properties, plant, and equipment(1,152)483 462 (1,197)
Other(1,682)3,190 (4,106)3,198 
Total$(6,853)$11,408 $(8,646)$19,329 
14
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
7.INCOME PER SHARE
The Company calculates basic net income per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted net income per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive shares during the period.
Potential dilutive common shares include stock options, Performance Share Units (“PSUs”) and PSU Replacement Units, Restricted Share Units (“RSUs”) and RSU Replacement Units, and convertible notes for periods in which the Company has reported net income.
The calculations of basic and diluted net income per share attributable to stockholders of the Company for the three and nine months ended September 30, 2021 and 2020 are based on the following (in thousands):

Three Months Ended
September 30, 		Nine Months Ended
September 30,
2021202020212020
Net Income$64,179 $47,708 $269,423 $70,299 
Net (income) loss attributable to non-controlling interest
(7,119)(1,942)(28,782)(1,942)
Net income attributable to shareholders of SSR Mining
57,060 45,766 240,641 68,357 
Interest saving on convertible notes, net of tax
1,226 1,417 3,662 4,809 
Net income used in the calculation of diluted net income per share
$58,286 $47,183 $244,303 $73,166 
 
Weighted average number of common shares issued213,426 137,961 217,392 128,190 
Adjustments for dilutive instruments:
Stock options
46 920 53 855 
Performance share units
— 26 — 21 
Restricted share units
40 127 55 28 
Convertible notes
12,177 12,126 12,152 12,101 
Diluted weighted average number of shares outstanding
225,689 151,160 229,652 141,195 
 
Net income per share attributable to common shareholders
Basic
$0.27 $0.33 $1.11 $0.53 
Diluted
$0.26 $0.31 $1.06 $0.52 

15
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
8.FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  The three levels of the fair value hierarchy are described below:
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 - Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands).
Fair value at September 30, 2021
Level 1 (1)
Level 2 (2) 
Level 3  (3) 
Total
Assets:
Cash$863,016 $— $— $863,016 
Restricted cash35,295 — — 35,295 
Marketable securities22,959 — — 22,959 
Trade receivables — 42,903 — 42,903 
Derivative asset— 2,663 2,663 
Deferred consideration— — 1,547 1,547 
$921,270 $45,566 $1,547 $968,383 
Liabilities:
Derivative liabilities$— $(343)$— $(343)
$— $(343)$— $(343)
16
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements

Fair value at December 31, 2020
Level 1 (1)
Level 2 (2) 
Level 3  (3) 
Total
Assets:
Cash$860,633 $— $— $860,633 
Restricted cash35,288 — — 35,288 
Marketable securities26,748 — — 26,748 
Trade receivables — 36,856 — 36,856 
Derivative asset— 1,243 — 1,243 
Deferred consideration— — 21,460 21,460 
$922,669 $38,099 $21,460 $982,228 
Liabilities:
Derivative liabilities$— $(3,881)$— $(3,881)
$— $(3,881)$— $(3,881)
(1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges.  
(2)The Company manages its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges. The Company’s derivative asset and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s provisional metal sales contracts, included in Trade and other receivables in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.
(3)Certain items of deferred consideration are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. Deferred consideration is included in Other non-current assets in the Consolidated Balance Sheets.
The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands):
Nine Months Ended September 30,
20212020
Beginning balance as of January 1$21,460 $13,984 
Revaluations297 1,935 
Acquisition of deferred consideration 481 8,535 
Deferred consideration moved to held for sale(20,691)— 
Ending balance as of September 30$1,547 $24,454 
Fair values of financial assets and liabilities not already measured at fair value 
The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands): 
September 30, 2021December 31, 2020
LevelCarrying amountFair valueCarrying amountFair value
2019 Notes (1) 
1$225,260 $262,345 $224,586 $317,538 
Term Loan (2)
2157,500 163,762 210,000 221,943 
Total borrowings$382,760 $426,107 $434,586 $539,481 
(1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market.
(2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source.
17
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
9.TRADE AND OTHER RECEIVABLES
Trade and other receivables was composed of the following (in thousands):

September 30, 2021December 31, 2020
Trade receivables$52,308 $38,456
Value added tax receivables 26,804  24,189 
Income tax receivable 9,610  14,130 
Other taxes receivable 1,682  4,249 
Other 4,922  2,194 
Total$95,326 $83,218 
No provision for credit loss was recognized as of September 30, 2021 or December 31, 2020. All trade receivables are expected to be settled within twelve months.


10.INVENTORIES
The components of Inventories for the periods ended September 30, 2021 and December 31, 2020 are as follows (in thousands):

September 30, 2021December 31, 2020
Materials and supplies$86,674 $85,766 
Stockpiled ore 26,730 25,582 
Leach pad inventory265,548 282,793 
Work-in-process 6,032 4,368 
Finished goods43,333 38,525 
Total current inventories
$428,317 $437,034 
Stockpiled ore 196,363 133,500 
Materials and supplies1,389 1,700 
Total non-current inventories 
$197,752 $135,200 

11.MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET
The components of Mineral properties, plant and equipment, net are as follows (in thousands):
September 30, 2021December 31, 2020
Plant and equipment (1)
$1,716,796 $1,640,705 
Construction in process
 49,106 40,290 
Mineral properties subject to depletion

1,316,696 1,282,208 
Mineral properties not yet subject to depletion
 139,030 222,938 
Exploration and evaluation assets

925,803 930,606 
Total mineral properties, plant, and equipment 4,147,431 4,116,747 
Accumulated depreciation, plant and equipment

(498,402)(423,326)
Accumulated depreciation, mineral properties(370,650)(223,682)
Mineral properties, plant, and equipment, net$3,278,379 $3,469,739 
(1) As of September 30, 2021 and December 31, 2020, plant and equipment includes finance lease right-of-use assets with a carrying amount of $117.0 million and $112.8 million, respectively.

18
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
Assets Held for Sale

On July 29, 2021, the Company announced that it had entered into a Royalty Purchase Agreement (the “RPA”) to sell a portfolio of royalty interests and deferred consideration to EMX Royalty Corporation (“EMX”). The total consideration received included cash, EMX common shares, and deferred consideration in the form of contingent payments of cash payable upon completion of certain project milestones related to one of the royalties totaling approximately $85.1 million. Accordingly, the assets within the Royalty Portfolio were classified as held for sale as of July 29, 2021 and presented separately within current assets in the consolidated statement of financial position as at September 30, 2021.
At June 30, 2021, prior to the classification of the assets as held for sale, the Company recognized an impairment loss of $22.3 million as a result of the RPA. The impairment loss recognized was calculated based on the difference between the estimated fair value of the Royalty Portfolio and its carrying amount prior to the impairment. The carrying amount of the Royalty Portfolio prior to impairment was $107.4 million.
The fair value of the Royalty Portfolio was estimated based on the fair value of each of the components of the consideration included in the Royalty Sales Agreement. The consideration received included cash, EMX common shares, and deferred consideration in the form of contingent payments of cash payable upon completion of certain project milestones related to one of the royalties. The $22.3 million impairment loss was recognized in the Company's Exploration, evaluation and development properties segment. agreement entered on the Royalty Portfolio based on the difference between the carrying amount of the assets within the Royalty Portfolio, prior to the impairment loss, and the estimated net transaction price of $85.1 million. The Company did not recognize any further impairment loss on the Royalty Portfolio during the three months ended September 30, 2021.
At September 30, 2021, the Royalty Portfolio classified as held for sale was measured at the carrying amounts of the following underlying assets:
September 30, 2021
Mineral properties not yet subject to depletion
$65,974 
Other non-current assets

17,940 
Assets held for sale
$83,914

12.ACCRUED LIABILITIES AND OTHER
Accrued liabilities and other are comprised of the following items (in thousands):
September 30, 2021December 31, 2020
Accrued liabilities$47,158 $44,503 
Royalties payable 28,891 36,019 
Stock-based compensation liabilities 17,331 30,050 
Derivative liabilities 343 3,764 
Income taxes payable 15,159 9,194 
Lease liabilities 2,159 1,954 
Other 2,976 6,297 
Total accrued liabilities and other$114,017$131,781

19
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
13.DEBT
The following tables summarize the Company’s debt balances (in thousands):
September 30, 2021December 31, 2020
2019 Notes (1)
$225,290 $224,586 
Term Loan 157,500  210,000 
Other 1,740  3,051 
Total carrying amount
$384,530 $437,637 
 
  
Current Portion
$71,770 $71,025 
Non-Current Portion
$312,760 $366,612 
(1) Amount is net of discount and debt issuance costs of $4.7 million and $5.4 million, respectively.

Convertible Debt

2019 Notes

On March 19, 2019, the Company issued $230.0 million of 2.50% convertible senior notes due in 2039 (the “2019 Notes”) for net proceeds of $222.9 million after payment of commissions and expenses related to the offering of $7.1 million. The 2019 Notes mature on April 1, 2039 and bear an interest rate of 2.50% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. The 2019 Notes are convertible into the Company's common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the 2019 Notes may be entitled to an increased conversion rate. The 2019 Notes are convertible into the Company's common shares at an initial conversion rate of 54.1082 common shares per $1,000 principal amount of 2019 Notes converted, representing an initial conversion price of $18.48 per common share.

Prior to April 1, 2023, the Company may not redeem the 2019 Notes, except in the event of certain changes in Canadian tax law. On or after April 1, 2023 and prior to April 1, 2026, the Company may redeem all or part of the 2019 Notes for cash, but only if the last reported sales price of its common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price in effect on each such trading day. On or after April 1, 2026, the Company may redeem the 2019 Notes in full or in part, for cash.

Holders of the 2019 Notes have the right to require the Company to repurchase all or part of their 2019 Notes on April 1 of each of 2026, 2029 and 2034, or upon certain fundamental corporate changes. The repurchase price will be equal to par plus accrued and unpaid interest.

Term Loan
In connection with the acquisition of Alacer, the Company assumed a term loan (the "Term Loan"), with a fair value of $245.0 million as of the date of acquisition, with a syndicate of lenders (BNP Paribas (Suisse) SA, ING Bank NV, Societe Generale Corporate & Investment Banking and UniCredit S.P.A.). The Term Loan bears interest at the London Inter-bank Offered Rate ("LIBOR") plus a fixed interest rate margin in the range of 3.50% to 3.70% depending on the tranche. The Term Loan has no mandatory hedging or cash sweep requirements, no prepayment penalties, and final repayment is scheduled in the fourth quarter of 2023.
In addition to the Term Loan, the Company assumed LIBOR interest rate swap contracts with underlying notional amounts of approximately 37% of the outstanding Term Loan balance as of December 31, 2020 through the duration of the interest rate hedge program, ending December 22, 2021. The fair value of the interest rate swap contract asset or liability is derived by the difference between the variable LIBOR interest forward rates as compared to a fixed interest rate of 2.86% on the hedged amounts. Changes in the fair values of the interest rate swaps are recognized in the Consolidated Statements of Operations.
20
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
Restricted cash accounts must be maintained while the Term Loan is outstanding. As of September 30, 2021 and December 31, 2020, $32.9 million and $32.9 million of restricted cash relates to the Term Loan, respectively. Restricted cash is not available for use within one year and is classified as a non-current asset in the Consolidated Balance Sheets.
Under the terms of the Term Loan, the Company is required to comply with the following financial covenants:
▪historic and forecast debt service cover ratio greater than or equal to 1.20:1;
▪loan life cover ratio greater than or equal to 1.30:1; and
▪minimum tail reserves as a percentage of total reserves greater than or equal to 30%.
As of September 30, 2021, the Company was in compliance with its externally imposed financial covenants in relation to the Term Loan and Credit Facility. The Company does not have any financial covenants in relation to the 2019 Notes.
Amended Credit Facility
On June 7, 2021, the Company amended its existing credit agreement to extend the maturity of the Credit Facility to June 8, 2025 and increase the Credit Facility to $200.0 million with a $100.0 million accordion feature (the "Amended Credit Facility"). Amounts drawn under the Amended Credit Facility are subject to variable interest rates at LIBOR plus an applicable margin ranging from 2% to 3%, based on the Company's net leverage ratio. The Amended Credit Facility contains fallback language that replaces LIBOR with an alternative benchmark rate based on either SOFR or another alternative benchmark rate when LIBOR ceases to exist. Undrawn amounts are subject to a standby fee ranging from 0.4% to 0.6%, based on the Company's net leverage ratio.
The Credit Facility also provides for financial letters of credit at 66% of the applicable margin, undrawn fees are subject to a utilization fee of 0.25%, and standby fees are calculated as 25% of the drawn applicable margin plus a utilization fee ranging from 0.25% to 0.75%.
All debts, liabilities and obligations under the Credit Facility are guaranteed by the Company's material subsidiaries and secured by certain of the Company's assets and material subsidiaries, and pledges of the securities of the Company's material subsidiaries, excluding Alacer entities. In connection with the Credit Facility, the Company must also maintain certain net tangible worth and ratios for interest coverage and net leverage. As of December 31, 2021, the Company was in compliance with these covenants.
As of September 30, 2021 and 2020, the amount outstanding on the Credit Facility, included in Accrued liabilities and other, was $ 0.9 million and $0.7 million, respectively.
Scheduled minimum debt repayments are as follows (in thousands):
2021 (for the remainder)$17,867 
2022$71,093 
2023$70,918 
2024$— 
2025$— 
Thereafter$230,000 

21
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
14.SUPPLEMENTAL CASH FLOW INFORMATION

Net change in operating assets and liabilities during the nine months ended September 30 were as follows (in thousands):

Nine Months Ended
 September 30,
 20212020
Decrease (increase) in operating assets: 
Trade and other receivables$(12,108)$(7,388)
Inventories(38,802)18,280 
Other operating assets30,736 (4,861)
Increase (decrease) in operating liabilities:
Accounts payable(13,123)(3,850)
Accrued liabilities(13,687)(12,487)
Reclamation liabilities(94)(2,348)
Other operating liabilities(9,605)(46,042)
$(56,683)$(58,696)
Other cash information during the nine months ended September 30 were as follows (in thousands):
Nine Months Ended
 September 30,
 20212020
Interest paid$(11,110)$(8,539)
Interest received$2,346$3,248
Income taxes paid$(50,314)$(35,562)

15.COMMITMENTS AND CONTINGENCIES
General
Estimated losses from loss contingencies are accrued by a charge to income when information is available prior to the issuance of the financial statements that indicates it is probable that a liability could be incurred, and the amount of the loss can by reasonably estimated. Legal expenses associated with the loss contingency are expensed as incurred. If a loss contingency is not probably or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.
Environmental matters
The Company uses surety bonds to support certain environmental bonding obligations. As of September 30, 2021 and December 31, 2020, the Company had surety bonds totaling $117.0 million and $117.5 million outstanding, respectively.
Other Commitments and Contingencies
The Company is involved in legal proceedings related to its course of business. Management does not believe that these legal cases will have a material effect on the Company’s financial condition or results of the operation.

22
SSR Mining Inc.
Notes to Condensed Consolidated Financial Statements
16.SUBSEQUENT EVENTS
On October 21, 2021 (the "Closing Date"), the Company completed the sale of the Royalty Portfolio classified as held for sale as at September 30, 2021 to EMX. Pursuant to the terms of the Transaction, the Company received total consideration of $99.5 million. The total consideration is comprised of $33.0 million in cash, $32.5 million in EMX common shares and $34.0 million in deferred consideration related to project development milestones for one of the underlying projects. As a result of the Transaction, the Company owns an approximate 12% equity interest in EMX as of the Closing Date.
The Company will recognize the difference between the net disposal proceeds, representing the fair value of each of the components of the consideration less the selling costs, and carrying amounts of the assets within the Royalty Portfolio immediately prior to the sale as a gain or loss on disposition during the three months ending December 31, 2021. As the carrying amounts of the assets within the Royalty Portfolio as at September 30, 2021 were based on the estimated net transaction price as of that date, the gain or loss on disposition to be recognized during the three months ending December 31, 2021 is estimated to be insignificant, and will be based on additional selling costs, and adjustments to the total consideration pursuant to the terms of the Transaction.
In connection with the Transaction, the Company entered into a credit agreement for an unsecured loan to EMX on the Closing Date with a principal amount of $7.8 million and a maturity date of December 31, 2022 (the "VTB Note"). The VTB Note will be recognized as a financial asset on the Closing Date and subsequently measured at amortized cost.

23