Ann: Reporting Third Quarter 2023 Results, page-7

SSR is moving away from a FCF generation period to a 3 year investment cycle. As part of the Sep-Q results, SSR flagged 2024 production would be lower than 2023 production as development projects are prioritised. Now expect 600-620kozpa gold equivalent (AuEq) run rates until 2027 when the Copler grind & leach for Cakmaktepe and the Hod Maden project ramp up. This 3-year investment cycle sees near term earnings and FCF significantly reduced ahead of the Feb-24 announcements of:
1) updated Technical Reports for Copler and Marigold,
2) updated Reserves (in particular Cakmaktepe) and Resources, and
3) 5 year guidance.
Despite previous plans to be a ~700kozpa AuEq producer, delays at Copler and
Marigold and a lowering of expectations at Seabee mean 700kozpa will now not be reached until 2028.