SSR Mining Inc.

Hello everyone and welcome to SSR Mining's fourth quarter and full year 2025 financial results 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 Hunchuk from SSR Mining. Please go ahead.

Thank you, Operator, and hello everyone. Thank you for joining today's conference call to discuss SSR Mining's fourth quarter and full year 2025 financial results. Our consultative financial statements have been presented in accordance with U.S. GAAP. These financial statements have been filed on EDGAR and CDAR, 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 in this afternoon's news release and on our corporate website. Please note that all figures discussed during the call are in U.S. dollars unless otherwise indicated. Today's discussion will include four looking statements, so please read the disclosures in the relevant documents. 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. Rod Antle, Executive Chairman, will be joined by Michael Sparks, Chief Financial Officer, and Bill McNevin, EVP Operations and Sustainability, on today's call. I will now send the line over to Rod. Great.

Thank you, Alex, and good afternoon to you all. We close 2025 on a high note. delivering full year production above the midpoint of our guidance range and generated more than $100 million in free cash flow in the fourth quarter. As a result, we finished the year with $535 million in cash and more than $1 billion in liquidity. Based on the operating guidance provided with today's financial results, we expect this material free cash flow generation to continue in 2026. Accordingly, and coupled with our view that our share price does not reflect the full value of our portfolio, we are pleased to announce that our board has approved a share buyback of up to $300 million. If you remember, share buybacks have been a key component of our capital allocation framework in the past, and we are pleased to re-establish a program again. Before moving on to the next slide, I want to take a moment to highlight a number of key catalysts and milestones that we delivered since our third quarter results and also speak to some of the opportunities ahead. First, I want to note particularly strong fourth quarter results from our Cripple Creek and Victor Mine and Pooner operations, which saw both assets exceed their full year guidance ranges and deliver exceptional free cash flow. At Pooner in particular, the mine beat its production guidance for a third consecutive year and set records for tons processed in both the fourth quarter and over the full year, which was a terrific result. Second, we delivered two technical report summaries, both demonstrating long-term free cash flow generated assets that will bolster our portfolio. The Cripple Creek Invicta TRS, released in November, highlighted an initial 12-year life of mine plan with an $824 million NPV at consensus metal prices. With nearly 7 million ounces of resources in addition to the reserves, there is significant optionality here for meaningful mine life extension into the future. In January, we released a TRS for the Hob Madden development project which highlighted a $1.7 billion NPV and a 39% internal rate of return at consensus metal prices. I will talk more on this in a moment. Thirdly, we continue to advance the compelling brownfield growth projects across the portfolio, which I'm also going to speak to in a moment. As you can see, 2025 was a very successful year and we're well positioned to continue building on this momentum in 2026. So let's move on to slide four. We have a number of highly prospective growth targets across the business. These prospects represent potentially low cost, high return growth opportunities that can deliver significant value to our shareholders. In 2026, we have committed a substantial amount of capital investment across the business, and a large portion of that capex will be allocated to advancing these growth opportunities through the development pipeline. We look forward to sharing additional details on the projects, including both Marigold and Puna over the coming year. Let's turn to slide five to focus on hot maddens. In January, we published a technical report summary for the Hot Madden development project. The TRS clearly reaffirmed Hot Madden as one of the better undeveloped copper gold projects in the sector. And we are thrilled to have a development asset of this quality in our portfolio. As a reminder, Hot Madden is an underground copper gold project in the North Eastern of Turkey. The mine, will be accessed through a single surface portal and all will be extracted through a combination of long hole stoping and cut and fill mining methods. The process plant is designed with a nameplate capacity of approximately 2,200 tonnes per day with life of mine average head grade of 7.6 grams of gold and 1.3% of copper. The plant will produce a single high quality concentrate with life of mine gold and copper recoveries averaging 87% and 97% respectively. Move on to the next slide for a few of the TRS highlights. On Madden is a unique project with significant scale. best-in-class grades, and first quartile all-in sustaining costs that position the asset to deliver compelling free cash flow in the future. On a 100% basis, production is expected to average 240,000 gold equivalent ounces over the first three years and 220,000 gold equivalent ounces over the first five years. At consensus metal prices, hot madden is expected to generate average annual free cash flow of $328 million, while at a $4,900 gold price, that free cash flow would jump to approximately $500 million annually. PopMadden's execution has been meaningfully de-risked as a result of the significant engineering and the work completed since our initial investment in the project. as well as the benefit of early site works that are taking place. Inclusive of earn-in and milestone payments, SSR's remaining investment is expected to total $470 million, which we expect to fund from our liquidity position and free cash flow outlook. We anticipate a two and a half to three year construction period once the project decision is made. We are very excited about PODMAT and look forward to providing further updates in due course. Turn over to slide seven and I'll hand the call over to Michael.