SSR Mining Updates on Sale of EMX Units

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(SSR Mining, 20.Dec.2023) — SSR Mining Inc. (NASDAQ/TSX: SSRM, ASX: SSR) entered into an agreement with Scotiabank under which the bank will purchase by way of a block trade 6,161,524 units at a price of C$1.93 per unit for gross proceeds to SSR Mining of C$11,891,741 (approximately $8.9mn) (the “sale”).

Each unit consists of one freely-tradeable common share of EMX Royalty Corp. (NYSE American: EMX; TSX Venture: EMX; Frankfurt: 6E9) owned by SSR Mining (each, a “common share”) and one right (each, an “option”) to purchase an additional common share of EMX owned by SSR Mining (each, an “option share” and together with the common shares, the “shares”) at a price of C$2.27 per share expiring on 31 Dec. 2024. In the event all of the options are exercised, the total gross proceeds to SSR Mining would be C$25,878,401 (approximately $19.4mn) at a blended price of C$2.10 per share.

Immediately prior to the sale, SSR Mining owned 12,323,048 common shares of EMX representing approximately 11.0% of the issued and outstanding common shares of EMX. As a result of the sale and prior to any exercise of the options, SSR Mining’s ownership in EMX has decreased to 6,161,524 common shares, representing approximately 5.5% of the issued and outstanding common shares of EMX. If all of the options are exercised, SSR Mining will own no common shares of EMX. The sale is expected to close on 22 Dec. 2023, subject to customary closing conditions. Net proceeds of the sale will be paid directly to SSR Mining. EMX will not receive any proceeds from the sale.

The proceeds of the sale will be used towards SSR Mining’s organic growth initiatives and ongoing capital returns, reflecting the company’s successful strategy of reinvesting proceeds from non-core asset sales into higher-return opportunities within the company’s portfolio. Since the start of 2021, SSR Mining has realized in excess of $300mn in aggregate consideration for non-core asset sales.

SSR Mining disposed of the common shares for the purpose of monetizing its equity position in EMX and may or may not purchase or sell securities of EMX in the future on the open market or in private transactions, depending on market conditions, general economic and industry conditions, EMX’s business and financial condition and/or other relevant factors.

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