Binding Memorandum Of Understanding For The Acquisition Of Copler Mine

DENVER, CO – SSR Mining Inc. has entered into a binding memorandum of understanding to sell its 80% ownership stake in the Çöpler mine and related properties in Türkiye (collectively, “Çöpler”). Çöpler is being acquired by Cengiz Holding A.S., one of Türkiye’s largest industrial companies with operations spanning copper, gold and aluminum mining and processing, as well as major interests in construction, energy, metallurgy and the chemicals and fertilizer industries. The Transaction excludes SSR Mining’s interest in the Hod Maden development project.
Rod Antal, Executive Chairman, said, “Over the last two years, we have worked diligently to progress the Çöpler mine to allow for a safe and responsible restart of operations. We have also concurrently worked closely with the Türkiye government authorities to address each requirement to secure the necessary approvals to restart operations. As part of these extensive efforts, we continued a strategic review of the optimal path forward at Çöpler to maximize shareholder value, and today we are pleased to announce this all-cash Transaction with Cengiz Holding. We believe the Transaction will deliver significant net asset value and cash flow accretion relative to consensus estimates for Çöpler, which we expect will deliver immediate value to shareholders.
The cash proceeds received through the Transaction are expected to be used for continued reinvestment in the business, capital returns, and accretive growth initiatives. We are also conducting a strategic review of our remaining platform in Türkiye, including our 20% earned interest in the Hod Maden development project.
With last year’s acquisition of the Cripple Creek & Victor mine and agreement for the sale of Çöpler, we have strategically repositioned the portfolio to the Americas. As the third largest gold producer in the United States, SSR Mining is expected to continue its robust annual production, anchored by operations in the USA.”