SSR Mining Inc. (NASDAQ/TSX: SSRM, ASX: SSR) ("SSR Mining" or
the “Company") is pleased to announce that it has filed with and
received acceptance from the Toronto Stock Exchange (“TSX”) for a
Notice of Intention to make a Normal Course Issuer Bid (“NCIB”)
under the requirements of the TSX permitting SSR Mining to purchase
for cancellation up to 10,200,000 common shares of the Company
(“Common Shares”), representing approximately 5.0% of SSR Mining’s
total issued and outstanding Common Shares. As of June 6, 2023 SSR
Mining had 204,094,970 issued and outstanding Common Shares.
Rod Antal, Executive Chairman of SSR Mining, said, "SSR Mining
is proud to continue its robust capital returns program with a new
Normal Course Issuer Bid. Since 2021, the Company has returned more
than $409 million to shareholders, including approximately $293
million through the repurchase of 17,836,019 shares that has
reduced our shares outstanding by 8%. The combination of our base
dividend and share repurchases delivered a peer-leading 5% capital
returns yield to shareholders in both 2021 and 2022, and we have
continued with additional share repurchases and quarterly dividends
in 2023. Year to date in 2023, we have repurchased 2,982,193
shares, or more than $44 million, under the previous Normal Course
Issuer Bid, and combined with our base dividend, expect to return a
minimum of $102 million or a 3.5% capital return yield to
shareholders this year. Capital returns are one of the key pillars
of our capital allocation strategy, and this announcement
reinforces our continued commitment to return cash to our
shareholders.”
SSR Mining believes that the market price of its Common Shares
does not always reflect its underlying fundamental value and future
growth prospects. SSR Mining’s purchase of its Common Shares under
the NCIB will supplement the existing base dividend and is part of
its capital allocation framework for returning excess cash to
shareholders. Under SSR Mining’s previous Normal Course Issuer Bid,
which commenced on June 20, 2022 and terminates on June 19, 2023,
the Company was authorized to purchase up to 10,600,000 Common
Shares. SSR Mining purchased and cancelled 9,035,319 Common Shares
via open market purchases through the facilities of the TSX and the
Nasdaq at a volume weighted average price paid per Common Share of
$16.02 for approximately $145 million.
SSR Mining may purchase Common Shares under the NCIB over the
next twelve-month period beginning June 20, 2023 and ending June
19, 2024. The exact timing and amount of any purchases will depend
on market conditions and other factors. SSR Mining is not obligated
to acquire any Common Shares and may suspend or discontinue
purchases under the NCIB at any time. Any purchases made under the
NCIB will be effected through the facilities of the TSX, Nasdaq
and/or alternative Canadian and United States trading systems. Any
purchases made pursuant to the NCIB will be made in accordance with
the rules of the TSX, applicable U.S. securities laws and will be
made at market price at the time of purchase. Under the NCIB, other
than purchases made under block purchase exemptions, the Company
may purchase up to 84,818 Common Shares on the TSX during any
trading day, such number being 25% of 339,272 Common Shares, which
is the average daily trading volume on the TSX for the most
recently completed six calendar months prior to the TSX’s
acceptance of the notice of the NCIB.
SSR Mining intends to enter into an automatic share purchase
plan in the future in relation to purchases made in connection with
this NCIB to allow it to purchase Common Shares under the NCIB when
the Company would ordinarily not be permitted to purchase such
shares due to regulatory restrictions and customary self-imposed
blackout periods.
About SSR Mining
SSR Mining Inc. is a leading, free cash flow focused gold
company with four producing operations located in the USA, Türkiye,
Canada, and Argentina, combined with a global pipeline of
high-quality development and exploration assets. Over the last
three years, the four operating assets combined have produced on
average more than 700,000 gold-equivalent ounces annually. SSR
Mining is listed under the ticker symbol SSRM on the NASDAQ and the
TSX, and SSR on the ASX.
Cautionary Note Regarding Forward-Looking Information and
Statements:
Except for statements of historical fact relating to us, certain
statements contained in this news release constitute
forward-looking information, future oriented financial information,
or financial outlooks (collectively “forward-looking information”)
within the meaning of applicable securities laws. Forward-looking
information may be contained in this document and our other public
filings. Forward-looking information relates to statements
concerning our outlook and anticipated events or results and, in
some cases, can be identified by terminology such as “may”, “will”,
“could”, “should”, “expect”, “plan”, “anticipate”, “believe”,
“intend”, “estimate”, “projects”, “predict”, “potential”,
“continue” or other similar expressions concerning matters that are
not historical facts.
Forward-looking information and statements in this news release
are based on certain key expectations and assumptions made by us.
Although we believe that the expectations and assumptions on which
such forward-looking information and statements are based are
reasonable, undue reliance should not be placed on the
forward-looking information and statements because we can give no
assurance that they will prove to be correct. Forward-looking
information and statements are subject to various risks and
uncertainties which could cause actual results and experience to
differ materially from the anticipated results or expectations
expressed in this news release. The key risks and uncertainties
include, but are not limited to: local and global political and
economic conditions; governmental and regulatory requirements and
actions by governmental authorities, including changes in
government policy, government ownership requirements, changes in
environmental, tax and other laws or regulations and the
interpretation thereof; developments with respect to the COVID-19
pandemic, including the duration, severity and scope of the
pandemic and potential impacts on mining operations; and other risk
factors detailed from time to time in our reports filed with the
Securities and Exchange Commission on EDGAR and the Canadian
securities regulatory authorities on SEDAR.
Forward-looking information and statements in this news release
include any statements concerning, among other things: future
purchases of the Company’s Common Shares; and any and all other
timing, exploration, development, operational, financial,
budgetary, economic, legal, social, environmental, regulatory, and
political matters that may influence or be influenced by future
events or conditions.
Such forward-looking information and statements are based on a
number of material factors and assumptions, including, but not
limited in any manner to, those disclosed in any other of our
filings on EDGAR and SEDAR. While we consider these factors and
assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect.
The above list is not exhaustive of the factors that may affect
any of the Company’s forward-looking information. You should not
place undue reliance on forward-looking information and statements.
Forward-looking information and statements are only predictions
based on our current expectations and our projections about future
events. Actual results may vary from such forward-looking
information for a variety of reasons including, but not limited to,
risks and uncertainties disclosed in our filings on our website at
www.ssrmining.com, on SEDAR at www.sedar.com, on EDGAR at
www.sec.gov and on the ASX at www.asx.com.au and other unforeseen
events or circumstances. Other than as required by law, we do not
intend, and undertake no obligation to update any forward-looking
information to reflect, among other things, new information or
future events. The information contained on, or that may be
accessed through, our website is not incorporated by reference
into, and is not a part of, this document.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230615253241/en/
SSR Mining: F. Edward Farid,
Executive Vice President, Chief Corporate Development Officer Alex
Hunchak, Director, Corporate Development and Investor Relations
SSR Mining Inc. E-Mail: invest@ssrmining.com Phone: +1 (888)
338-0046
To receive SSR Mining’s news releases by e-mail, please register
using the SSR Mining website at www.ssrmining.com.
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