SSRM Exits Hod Maden, Accelerating Americas Repositioning

Research evidence excerpt

SSRM Exits Hod Maden, Accelerating Americas Repositioning

May 18, 2026 | 22:14 ET~

SSR Mining

SSRM-NSDQ Rating Price: May-18 Target Total Rtn Gold

SSRM-TSX Outperform $30.72 $41.00 33%

Kevin O'Halloran, CFA Analyst

kevin.ohalloran@bmo.com (416) 278-7023

Jacob Pinter Associate

SSRM Exits Hod Maden, Accelerating Americas jacob.pinter@bmo.com (437) 230-2798

Legal Entity: BMO Nesbitt Burns Inc.Repositioning

2YR Price Volume Chart

Bottom Line: 40

SSR Mining has agreed to sell its 20% interest and operatorship in Hod Maden to 35 30

Lidya Mines in exchange for a 4% NSR royalty. The transaction follows the previously 25

announced $1.5B sale of Çöpler (expected to close in Q3 2026), marking a full exit from 20 40

15 30

Türkiye and reinforcing a strategic pivot toward the Americas. The sale of Hod Maden 10 20

will reduce SSRM's capital spending and should further support SSR’s strong balance 5 10

sheet. We reiterate our Outperform rating. 0 Nov May Nov May 0

LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Key Points Company Data in $

Dividend $0.00 Shares O/S (mm) 207.5SSR Converts Hod Maden to NSR. SSR will sell its 20% interest and operatorship in

Hod Maden to Lidya Mines in exchange for a 4% NSR on 100% of the project. The Yield 0.0% Market Cap (mm) $6,374

transaction removes SSR’s remaining funding obligations, with Lidya assuming all NAV US$35.10 P/NAV 0.8x

development capital, and is expected to close in Q3/26. SSR has invested approximately BMO Estimates in $

$243M in the asset to date, and had an earn-in to 40% of the project. Royal Gold will (FY-Dec.) 2025A 2026E 2027E 2028E

hold a fixed-price call option to acquire 2.0% of the NSR for $160M (expiring 12 months

Revenue (mm) $1,630 $2,325 $2,850↓ $2,791↓

post-commercial production), along with consent and ROFR rights.