Hod Maden

The Hod Maden Project is located in northeastern Türkiye’s Artvin mineral district within the Eastern Pontides metallogenic belt. The Project is located approximately 130 kilometers from the Erzurum airport and approximately 330 kilometers from SSR Mining’s Çöpler gold mine.

The Hod Maden project is 100% owned by Artmin, a company jointly-owned by SSR Mining, Lidya Mines, and Royal Gold, Inc. (“Royal Gold”). As per the 2023 Transaction structure, SSR Mining will earn-in to own up to 40% of the project through earn-in payments totaling $120 million, and will also make an additional $30 million in milestone payments to Lidya Mines. Following the completion of the earn-in, Artmin will be 40% owned by SSR Mining, 30% owned by Royal Gold, and 30% owned by Lidya Mines. SSR Mining currently owns 10% of the Project and serves as sole operator.

On January 29, 2026, SSR Mining announced the completion of a Technical Report Summary (“TRS”) for the Hod Maden Project. Highlights of the Technical Report Summary include: 

• One of the highest returning undeveloped copper-gold projects globally: ^{1, 2, 3}
  • Estimated after-tax NPV_5% of $1.66 billion and projected Internal Rate of Return (“IRR”) of 39% at consensus gold and copper prices
  • Life of mine production is projected to total 1.6 million ounces of gold and 209 million pounds of copper at estimated average cost of sales of $1,120 per ounce of payable gold and estimated by-product all-in-sustaining costs (“AISC”) of $590 per ounce of payable gold
  • Annual after-tax operating cash flow and free cash flow are expected to average $343 and $328 million, respectively, at consensus metals prices
• Meaningfully De-risked Project Execution: 
  • Detailed project engineering is nearing completion, with most major contracts tendered or in place and all key Hod Maden project development team members onboard
  • The significant amount of detailed engineering completed since SSR Mining’s acquisition in 2023, coupled with early works activities completed to-date, has meaningfully de-risked project execution
• Additional potential for upside includes:
  • Additional studies to convert the Measured and Indicated (“M&I”) resources above the Drift and Fill area to Reserves. This area was previously classified as Mineral Reserves but has been reported as M&I Mineral Resources in the 2025 Hod Maden TRS.
  • Exploration activities proximal to the main Hod Maden deposit, including drilling of the South Zone, are planned for 2026 with an objective to convert existing Mineral Resources to Mineral Reserves while also targeting potential Mineral Resource growth.
  • Advancing earlier stage, generative exploration programs across the broader Hod Maden property. Minimal exploration has been completed across the greater Hod Maden property, creating an opportunity to leverage advanced geophysical techniques to potentially discover additional massive sulfide ore bodies.

The 2025 Hod Maden TRS envisages an underground operation accessed through a single surface portal. Mining will be conducted via drift and fill (“DAF”) above 780 meters above sea level (masl) and via long-hole stoping below 780 masl, with overall mining rates averaging approximately 2,200 tonnes per day or 800,000 tonnes per annum. Life of mine ore grades are expected to average 7.6 g/t gold and 1.3% copper. The process plant will feature a design capacity of 800,000 dry metric tonnes per year and will utilize a mill-float-regrind-cleaner float flowsheet yielding a single concentrate with an average grade of 22% copper and 113 g/t gold. The concentrate can be sold through traders or directly to smelters and is expected to be highly desirable due to its grade and lack of deleterious elements. No cyanide is utilized in the process facility. Over the life of mine, gold and copper recoveries are expected to average 87% and 97%, respectively.

Environmental and social baseline studies have been conducted in the Project area since 2013, and an Environmental Impact Assessment (“EIA”) for Hod Maden was approved in 2021.