6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For February 21, 2019

Commission File Number: 000-26424

SSR MINING INC.

(Translation of registrant's name into English)

#800 - 1055 Dunsmuir Street

PO Box 49088, Bentall Postal Station

Vancouver, British Columbia

Canada V7X 1G4

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ ] Form 20-F   [x] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): []

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): []

INCORPORATION BY REFERENCE

Exhibits 99.1, 99.2 and 99.3 hereto are each hereby incorporated by reference into the registration statements on Form S-8 (File No. 333-185498, 333-196116 and 333-198092) of Silver Standard Resources Inc.

DOCUMENTS FILED AS PART OF THIS FORM 6-K

See the Exhibit Index hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SSR Mining Inc.
	(Registrant)
Date: February 21, 2019	By:	Signed: “Gregory Martin”
		Gregory Martin
	Title:	Chief Financial Officer

SUBMITTED HEREWITH

Exhibits

99.1	Annual Consolidated Financial Statements for the Year Ended December 31, 2018
99.2	Management's Discussion and Analysis for the Year Ended December 31, 2018
99.3	Consent of PricewaterhouseCoopers LLP, Chartered Professional Accountants
99.4	News Release Dated February 21, 2019

EX-99.1

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017

SSR Mining Inc. Financial Statements Year-End 2018 | 1

Contents

Financial Statements

Notes to the Consolidated Financial Statements

Statements of Financial Position

Statements of Shareholders’ Equity

Note 16 – Other reserves and non-controlling interest

Statements of Income

Additional Disclosures

SSR Mining Inc. Financial Statements Year-End 2018 | 2

Management's Report

SSR Mining Inc.

Management’s Responsibility for the Financial Statements

The preparation and presentation of the accompanying consolidated financial statements and Management’s Discussion and Analysis (“MD&A”) are the responsibility of management and have been approved by the Board of Directors.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. Financial statements, by nature, are not precise since they include certain amounts based upon estimates and judgments. When alternative methods exist, management has chosen those it deems to be the most appropriate in the circumstances.

Management, under the supervision of and the participation of the Chief Executive Officer and the Chief Financial Officer, has a process in place to evaluate disclosure controls and procedures and internal control over financial reporting as required by Canadian and U.S. securities regulations. We, as Chief Executive Officer and as Chief Financial Officer, will certify our annual filings with the Canadian Securities Administrators and the Securities and Exchange Commission as required in Canada by National Instrument 52-109 and in the United States as required by the Sarbanes-Oxley Act of 2002.

The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the consolidated financial statements. The Board carries out this responsibility principally through its Audit Committee which is independent from management.

The Audit Committee is appointed by the Board of Directors and reviews the consolidated financial statements and MD&A; considers the report of the external auditors; assesses the adequacy of our internal controls, including management’s assessment described below; examines the fees and expenses for audit services; and recommends to the Board the independent auditors for appointment by the shareholders. The independent auditors have full and free access to the Audit Committee and meet with it to discuss their audit work, our internal control over financial reporting and financial reporting matters. The Audit Committee reports its findings to the Board for consideration when approving the consolidated financial statements for issuance to the shareholders and management’s assessment of the internal control over financial reporting.

Management’s Report on Internal Control over Financial Reporting

Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2018. In making this assessment, management used the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2018.

PricewaterhouseCoopers LLP, our auditor, has audited the effectiveness of our internal control over financial reporting as of December 31, 2018, as stated in their report which appears herein.

"Paul Benson"	"Gregory Martin"
Paul Benson	Gregory Martin
President and Chief Executive Officer	Senior Vice President and Chief Financial Officer
February 21, 2019

SSR Mining Inc. Financial Statements Year-End 2018 | 3

Report of Independent Registered Public Accounting Firm

SSR Mining Inc.

To the Shareholders and Board of Directors of SSR Mining Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statements of financial position of SSR Mining Inc. and its subsidiaries (together, the Company) as of December 31, 2018 and 2017, and the related consolidated statements of (loss) income, comprehensive (loss) income, changes in shareholders’ equity and cash flows for the years then ended, including the related notes (collectively referred to as the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and their financial performance and their cash flows for the years then ended in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control – Integrated Framework (2013) issued by the COSO.

Basis for opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted

SSR Mining Inc. Financial Statements Year-End 2018 | 4

Report of Independent Registered Public Accounting Firm

SSR Mining Inc.

accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

(Signed) “PricewaterhouseCoopers LLP”

Chartered Professional Accountants

Vancouver, Canada

February 21, 2019

We have served as the company's auditor since 1989.

SSR Mining Inc. Financial Statements Year-End 2018 | 5

Consolidated Statements of Financial Position

SSR Mining Inc.

(expressed in thousands of United States dollars)

	Note	December 31		December 31
		2018		2017
		$		$
Current assets
Cash and cash equivalents	4	419,212		459,864
Trade and other receivables	5	42,841		38,052
Marketable securities	6	29,542		114,001
Inventory	7	232,748		182,581
Other	8	8,776		5,099
		733,119		799,597
Non-current assets
Property, plant and equipment	9	701,175		658,629
Deferred income tax assets	10	7,523		—
Goodwill	3	49,786		49,786
Other	8	29,535		29,442
Total assets		1,521,138		1,537,454
Current liabilities
Trade and other payables	12	78,466		60,153
Provisions	13	4,788		11,313
		83,254		71,466
Non-current liabilities
Deferred income tax liabilities	10	107,909		114,576
Provisions	13	76,448		94,304
Debt	14	247,551		233,180
Total liabilities		515,162		513,526
Shareholders' equity
Share capital	15	1,055,417		1,047,233
Other reserves	16	(16,303	)	24,998
Equity component of convertible notes	14	68,347		68,347
Deficit		(133,314	)	(139,693	)
Total shareholders' equity attributable to SSR Mining shareholders		974,147		1,000,885
Non-controlling interest	16	31,829		23,043
Total equity		1,005,976		1,023,928
Total liabilities and equity		1,521,138		1,537,454
Commitments (notes 9 and 24(c))

The accompanying notes are an integral part of the consolidated financial statements

Approved by the Board of Directors and authorized for issue on February 21, 2019

"Richard D. Paterson"	"Paul Benson"
Richard D. Paterson, Director	Paul Benson, Director

SSR Mining Inc. Financial Statements Year-End 2018 | 6

Consolidated Statements of (Loss) Income

SSR Mining Inc.

(expressed in thousands of United States dollars, except for per share amounts)

	Note	2018			2017
		$			$
Revenue	17	420,675			448,773
Cost of sales	18	(343,830		)	(335,510		)
Income from mine operations		76,845			113,263
General and administrative expenses	18	(32,941		)	(20,307		)
Exploration, evaluation and reclamation expenses		(14,009		)	(15,981		)
Impairment reversal	9	—			24,357
Operating income		29,895			101,332
Interest earned and other finance income	19	11,761			6,130
Interest expense and other finance costs	19	(33,630		)	(34,870		)
Other expenses	20	(9,149		)	(3,067		)
Foreign exchange gain		9,213			5,062
Income before tax		8,090			74,587
Income tax expense	10	(8,121		)	(3,121		)
Net (loss) income		(31		)	71,466
Attributable to:
Equity holders of SSR Mining		6,379			69,316
Non-controlling interest		(6,410		)	2,150
Net income per share attributable to equity holders of SSR Mining
Basic	21		$0.05			$0.58
Diluted	21		$0.05			$0.57

The accompanying notes are an integral part of the consolidated financial statements

SSR Mining Inc. Financial Statements Year-End 2018 | 7

Consolidated Statements of Comprehensive (Loss) Income

SSR Mining Inc.

(expressed in thousands of United States dollars)

	2018		2017
	$		$
Net (loss) income	(31	)	71,466
Other comprehensive (loss) income
Items that will not be reclassified to net income:
(Loss) gain on marketable securities, at FVTOCI, net of tax $6,059 and ($4,729)	(37,686	)	25,948
Items that may be subsequently reclassified to net income:
Unrealized (loss) gain on effective portion of derivative, net of tax $850 and ($246)	(2,907	)	526
Total other comprehensive (loss) income	(40,593	)	26,474
Total comprehensive (loss) income	(40,624	)	97,940
Attributable to:
Equity holders of SSR Mining	(34,214	)	95,790
Non-controlling interest	(6,410	)	2,150

The accompanying notes are an integral part of the consolidated financial statements

SSR Mining Inc. Financial Statements Year-End 2018 | 8

Consolidated Statements of Changes in Shareholders' Equity

SSR Mining Inc.

(expressed in thousands of United States dollars)

	Note	Common Shares		Other reserves (note 16)		Equity  component of convertible notes			Total equity attributable to equity holders of SSR Mining
		Shares	Amount				Deficit				Non-controlling interest		Total equity
		000's	$	$		$	$		$		$		$
Balance, January 1, 2017		119,401	1,043,555	(1,014	)	68,347	(209,009	)	901,879		—		901,879
Exercise of stock options	15	440	3,678	(1,339	)	—	—		2,339		—		2,339
Equity-settled share-based compensation	15	—	—	2,219		—	—		2,219		—		2,219
Recognition of joint venture	3	—	—	(1,342	)	—	—		(1,342	)	18,573		17,231
Funding from non-controlling interest	16	—	—	—		—	—		—		2,320		2,320
Total comprehensive income for the year		—	—	26,474		—	69,316		95,790		2,150		97,940
Balance, December 31, 2017		119,841	1,047,233	24,998		68,347	(139,693	)	1,000,885		23,043		1,023,928
Exercise of stock options	15	899	8,184	(2,864	)	—	—		5,320		—		5,320
Equity-settled share-based compensation	15	—	—	2,156		—	—		2,156		—		2,156
Funding from non-controlling interest	16	—	—	—		—	—		—		15,196		15,196
Total comprehensive (loss) income for the year		—	—	(40,593	)	—	6,379		(34,214	)	(6,410	)	(40,624	)
Balance, December 31, 2018		120,740	1,055,417	(16,303	)	68,347	(133,314	)	974,147		31,829		1,005,976

The accompanying notes are an integral part of the consolidated financial statements

SSR Mining Inc. Financial Statements Year-End 2018 | 9

Consolidated Statements of Cash Flows

SSR Mining Inc.

(expressed in thousands of United States dollars)

	Note	2018		2017
		$		$
Cash flows from operating activities
Net (loss) income for the year		(31	)	71,466
Adjustments for:
Depreciation, depletion and amortization		100,479		102,482
Net finance expense		20,564		26,467
Impairment reversal		—		(24,357	)
Income tax expense		8,121		3,121
Non-cash foreign exchange gain		(13,002	)	(4,373	)
Net changes in non-cash working capital items	26	(30,934	)	(4,886	)
Other operating activities	26	6,883		3,610
Cash generated from operating activities before interest and taxes		92,080		173,530
Moratorium paid		(5,683	)	(9,270	)
Interest paid		(13,831	)	(15,235	)
Income taxes paid		(12,797	)	(4,300	)
Cash generated by operating activities		59,769		144,725
Cash flows from investing activities
Purchase of property, plant and equipment		(67,747	)	(28,897	)
Capitalized stripping costs		(7,489	)	(22,863	)
Underground mine development costs		(9,074	)	(8,294	)
Capitalized exploration costs		(13,473	)	(5,368	)
Chinchillas project costs		(60,248	)	(11,432	)
Closing payment on formation of joint venture, net of cash acquired		—		(12,972	)
Loan to joint venture partner		(8,032	)	—
Investment in marketable securities	6	(23,057	)	—
Net proceeds from sale of marketable securities	6	63,445		68,641
Interest received		9,219		3,944
Other investing activities		526		1,747
Cash used in investing activities		(115,930	)	(15,494	)
Cash flows from financing activities
Proceeds from exercise of stock options		5,320		2,281
Funding from non-controlling interest		15,196		2,320
Cash generated by financing activities		20,516		4,601
Effect of foreign exchange rate changes on cash and cash equivalents		(5,007	)	(1,095	)
Increase (decrease) in cash and cash equivalents		(40,652	)	132,737
Cash and cash equivalents, beginning of year		459,864		327,127
Cash and cash equivalents, end of year		419,212		459,864

Supplemental cash flow information (note 26)

The accompanying notes are an integral part of the consolidated financial statements

SSR Mining Inc. Financial Statements Year-End 2018 | 10

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

1. NATURE OF OPERATIONS

SSR Mining Inc. ("we", "us", "our" or "SSR Mining") is a company incorporated under the laws of the Province of British Columbia, Canada and our shares are publicly listed on the Toronto Stock Exchange in Canada and the NASDAQ Global Market in the United States. Together with our subsidiaries, we (the “Group”) are principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. We have three producing mines and a portfolio of precious metal dominant projects located throughout the Americas. SSR Mining Inc. is the ultimate parent of the Group.

Our address is Suite 800, 1055 Dunsmuir Street, PO Box 49088, Vancouver, British Columbia, V7X 1G4.

Our focus is on safe, profitable gold and silver production from our Marigold mine in Nevada, U.S., Seabee Gold Operation in Saskatchewan, Canada and our 75% owned Puna Operations in Jujuy, Argentina, and to advance, as market and project conditions permit, our other principal development projects towards development and commercial production.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.

a) Basis of preparation

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The comparative information has also been prepared on this basis, details of which are given below.

These statements were authorized for issue by our Board of Directors on February 21, 2019.

b) Accounting convention

These consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments, which are measured at fair value as described in note 2(r).

c)Basis of consolidation

These consolidated financial statements incorporate the financial statements of SSR Mining Inc. and all of our subsidiaries (note 25(b)).

(i)    Subsidiaries

Subsidiaries are all entities (including structured entities) over which we have control. We control an entity when we are exposed to, or have rights to, variable returns from our involvement with the entity and have the ability to affect those returns through our power over the entity.

SSR Mining Inc. Financial Statements Year-End 2018 | 11

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control is transferred to us until the date that control ceases.

All intercompany transactions and balances have been eliminated on consolidation.

d)Business combinations

A business combination is defined as an acquisition of assets and liabilities that constitute a business. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return to us and our shareholders. A business consists of inputs, including non-current assets, and processes, including operational processes, that when applied to those inputs have the ability to create outputs that provide a return to us and our shareholders. A business also includes those assets and liabilities that do not necessarily have all the inputs and processes required to produce outputs, but can be integrated with our inputs and processes or we could easily replicate the processes to create outputs. When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs, we consider other factors to determine whether the set of activities or assets is a business. Those factors include, but are not limited to, whether the set of activities or assets:

▪ Has begun planned principal activities;

▪ Has employees, intellectual property and other inputs and processes that could be applied to those inputs;

▪ Is pursuing a plan to produce outputs; and

▪ Will be able to obtain access to customers that will purchase the outputs.

Not all of the above factors need to be present for a particular integrated set of activities or assets in the exploration and development stage to qualify as a business.

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair value of the assets and liabilities transferred. The results of businesses acquired during the period are included in the consolidated financial statements from the date of acquisition. The identifiable assets, liabilities and contingent liabilities of the businesses which can be measured reliably are recorded at fair values at the date of acquisition. Provisional fair values are finalized within 12 months of the acquisition date. Acquisition-related costs are expensed as incurred. Measurement period adjustments are adjustments that arise from additional information obtained during the measurement period (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

e)Foreign currency translation

(i)    Functional and presentation currency

Items included in the financial statements of each of our subsidiaries are measured using the currency of the primary economic environment in which the particular entity operates (the “functional currency”). SSR Mining and all of our subsidiaries have a functional currency of United States dollars.

The consolidated financial statements are presented in United States dollars.

(ii)   Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities are translated using the period-end exchange rates. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of (loss) income.

SSR Mining Inc. Financial Statements Year-End 2018 | 12

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

f)Revenue recognition

Our primary source of revenue is from the sale of gold doré or bullion and metal-bearing concentrate. Revenue is recognized in the consolidated financial statements when the following conditions are met:

• the significant risks and rewards of ownership have passed to the customer;

• neither continuing managerial involvement, to the degree usually associated with ownership, nor effective control over the good sold, has been retained;

• the amount of revenue can be measured reliably;

• it is probable that economic benefits associated with the sale will flow to us; and

• the costs incurred or to be incurred in respect of the sale can be measured reliably.

Revenue from the sale of gold doré or bullion is recognized on the trade settlement date when funds are received.

Revenue from the sale of concentrate is recorded net of charges for treatment, refining and penalties. Net revenues from the sale of by-products are included within revenue.

Concentrate sales are recognized on a provisional basis using our estimate of contained metals. Final settlement is based on applicable commodity prices, based on contractually determined quotational periods, and receipt of final weights and assays, which typically occurs two to six months after shipment.

Variations between the price recorded when revenue was initially recognized and the actual final price are caused by changes in metal prices. This feature causes concentrate receivables to be measured at fair value through profit and loss (“FVTPL”).

The above revenue recognition policy is applicable to contracts where revenue transactions were completed in 2017. With any contracts where revenue transactions were completed or entered into in 2018 accounted for in accordance with IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) (note 2v)).

g)Cash and cash equivalents

Cash and cash equivalents include cash on hand and held at banks and short-term investments with an original maturity of 90 days or less, which are readily convertible into a known amount of cash and excludes any restricted cash that is not available for use by us.

SSR Mining Inc. Financial Statements Year-End 2018 | 13

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

h)Inventory

Stockpiled ore, leach pad inventory and finished goods are valued at the lower of average cost and estimated net realizable value (“NRV”). Cost includes all direct costs incurred in production including direct labour and materials, freight, depreciation, depletion and amortization and directly attributable overhead costs. NRV is calculated using the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and all associated selling costs.

Any write-downs of inventory to NRV are recorded within cost of sales in the consolidated statements of (loss) income. If there is a subsequent increase in the value of inventory, the previous write-downs to NRV are reversed up to cost to the extent that the related inventory has not been sold.

Stockpiled ore inventory represents ore that has been extracted from the mine and is available for further processing. The cost of stockpiled ore inventory is derived from the current mining costs incurred up to the point of stockpiling the ore and are removed at average cost as ore is processed. Quantities of stockpiled ore are verified by periodic surveys.

The recovery of gold and by-products from certain oxide ore is achieved through a heap leaching process. Under this method, ore is stacked on leach pads and treated with a chemical solution that dissolves the gold contained within the ore. The resulting pregnant solution is further processed in a plant where the gold is recovered in doré. The cost of leach pad inventory is derived from current mining and leaching costs and removed as ounces of gold are recovered at the average cost per recoverable ounce of gold on the leach pads. Estimates of recoverable gold in the leach pads are calculated based on the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data), and a recovery percentage.

Finished goods inventory includes metal concentrates at site and in transit and doré at a site or refinery or bullion in a metal account.

Materials and supplies inventories are valued at the lower of average cost and NRV. Costs include acquisition, freight and other directly attributable costs. A regular review is undertaken to determine the extent of any provision for obsolescence.

Inventory that is not planned to be processed or used within one year is classified as non-current.

i)Mineral properties

Capitalized costs of mineral properties include the following:

▪ Costs of acquiring exploration and development stage properties in asset acquisitions, or the value attributed to properties acquired in a business combination;

▪ Economically recoverable exploration and evaluation expenses;

▪ Expenditures incurred to develop mining properties;

▪ Certain costs incurred during production;

▪ Estimates of close down and restoration costs; and

▪ Borrowing costs incurred that are attributable to qualifying mineral properties.

SSR Mining Inc. Financial Statements Year-End 2018 | 14

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(i)    Acquisition of mineral properties

The costs of acquiring exploration and development stage properties, including transaction costs, in an asset purchase are capitalized as an exploration and evaluation asset or a mineral property at cost. The value attributed to acquiring mineral properties at an operating mine in a business combination is recognized as a mineral property. The value attributed to acquiring exploration potential in a business combination is recognized as an exploration and evaluation asset.

(ii)   Exploration and evaluation expenditures

Exploration expenditures are the costs incurred in the initial search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with acquiring the rights to explore, prospecting, sampling, mapping, diamond drilling and other work involved in searching for Mineral Resources, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Evaluation expenditures are costs incurred to establish the technical and commercial viability of developing mineral deposits identified through exploration activities or by acquisition.

Evaluation expenditures include the cost of: (i) further defining the volume and grade of deposits through drilling of core samples, trenching and sampling activities in an ore body; (ii) determining the optimal methods of extraction and metallurgical and treatment processes; (iii) studies related to surveying, transportation and infrastructure requirements; (iv) permitting activities; and (v) economic evaluations to determine whether development of mineralized material is commercially justified including preliminary economic assessments, pre-feasibility and final feasibility studies. Exploration and evaluation expenditures are expensed until it has been determined that a property is technically feasible and commercially viable, in which case subsequent evaluation costs incurred to develop a mineral property are capitalized.

(iii)  Development expenditures

Once we have met the criteria for capitalization of exploration and evaluation expenditures, the carrying value of the exploration and evaluation asset is reclassified as a mineral property. All costs, including pre-operating costs are capitalized until the point that the mineral property is capable of operating as intended by us. This is determined by: (i) completion of operational commissioning of major mine and plant components; (ii) operating results being achieved consistently for a period of time; (iii) indicators that these operating results will be continued; and (iv) other factors being present, including one or more of the following: a significant portion of the plant/mill capacity being achieved; a significant portion of available funding being directed towards operating activities; a predetermined, reasonable period of time being passed; or significant milestones for the development of the mineral property being achieved.

In open pit mining operations, it is necessary to incur costs to remove waste material in order to access the ore body, which is known as stripping, with the stripping ratio being the ratio of waste material to ore. Stripping costs incurred prior to the production stage of a mining property (pre-stripping costs) are capitalized as part of the carrying amount of the related mining property.

Once the mineral property is capable of operating as intended, further operating costs, including depreciation, depletion and amortization, are included within inventory as incurred.

SSR Mining Inc. Financial Statements Year-End 2018 | 15

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(iv) Costs incurred during production

During the production phase of an open pit mine, where stripping activities result in improved access to ore, we recognize a capitalized stripping asset when it is probable that the future economic benefit of the improved access will flow to us, the ore to which access has been improved is identifiable, and costs can be reliably measured. Typically identifiable components of an ore body correspond to the phases of a mine plan. Within each identifiable component, the average stripping ratio is estimated; the cost of waste removal in excess of the stripping ratio is capitalized, and the cost of waste and ore removal in line with the average stripping ratio is recorded in inventory. The capitalized stripping asset is amortized using a unit of production method over the identified component of the ore body.

At underground mining operations, we incur development costs to build new shafts, drifts and ramps that enable us to access ore underground. The time over which we will continue to incur these costs depends on the mine life. These underground development costs are capitalized as incurred. Capitalized underground development costs incurred to enable access to specific areas of the underground mine, and which only provide an economic benefit over the period of mining that area, are depreciated on a units of production basis relating to that particular area of the mine.

(v) Borrowing costs

Borrowing costs attributable to the acquisition, construction or production of an asset that takes a substantial period of time to construct are capitalized as part of the cost of the asset until the asset is substantially ready for its intended use or sale. Where funds have been borrowed specifically to finance an asset, the amount capitalized is the actual borrowing costs incurred. Where the funds used to finance an asset form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to our relevant general borrowings during the period.

j)Plant and equipment

Plant and equipment is stated at cost less accumulated depreciation and accumulated impairment charges.

The cost of an item of plant and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and for qualifying assets, the associated borrowing costs.

Where an item of plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of plant and equipment.

Costs incurred for major overhaul of existing equipment and sustaining capital are capitalized as plant and equipment and are subject to depreciation once they are available for use. Major overhauls include improvement programs that increase the productivity or extend the useful life of an asset beyond that initially envisaged. The costs of routine maintenance and repairs that do not constitute improvement programs are accounted for as a cost of inventory.

k)Depreciation

(i)    Mineral properties

Our mineral properties are classified as either those being subject to depletion or not yet subject to depletion. On acquisition of a mineral property, we prepare an estimate of the fair value attributable to Mineral Reserves, Mineral Resources and exploration potential attributable to the property. The fair value attributable to Mineral Resources is classified to mineral properties not subject to depletion. As Mineral Resources are converted into Mineral Reserves at operating properties a portion of the asset balance is reclassified as subject to depletion using an average cost per ounce of Mineral Resource.

SSR Mining Inc. Financial Statements Year-End 2018 | 16

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Mineral properties subject to depletion are depleted using the units-of-production method. In applying the units-of-production method over the recoverable ounces to which the asset specifically relates, depletion is calculated using the recoverable ounces extracted from the mine in the period as a percentage of the total recoverable ounces expected to be extracted in current and future periods based on Mineral Reserves.

No amortization is charged during the evaluation and development phases as the asset is not available for use.

(ii)   Plant and equipment

The carrying amounts of plant and equipment are depreciated to their estimated residual value over the estimated useful lives of the specific assets concerned, or the estimated life-of-mine ("LOM") or lease, if shorter. Depreciation starts on the date when the asset is available for its intended use. The major categories of plant and equipment are depreciated on a straight-line basis using the estimated lives indicated below:

Computer equipment	3 - 7 years
Furniture and fixtures	7 years
Vehicles	2 - 5 years
Mining equipment	5 - 10 years
Mobile equipment components	2 - 9 years
Buildings	LOM
Mine plant equipment	LOM
Underground infrastructure	LOM
Leasehold improvements	Lease term

Land is not depreciated.

Assets under construction are not depreciated until available for their intended use.

We conduct a review of residual values, useful lives and depreciation methods employed for property, plant and equipment annually, and when events and circumstances indicate that such a review should be made. Any changes in estimates that arise from this review are accounted for prospectively.

l)Goodwill

Business acquisitions are accounted for using the acquisition method whereby acquired assets and liabilities are recorded at fair value as of the date of acquisition with the excess of the acquisition amount over such fair value being recorded as goodwill and allocated to cash generating units ("CGUs"). CGUs are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Each individual mining interest that is an operating mine is typically a CGU.

Goodwill arises principally because of the following factors: (i) the ability to capture buyer-specific synergies arising upon a transaction; and (ii) the requirement to record a deferred tax liability for the difference between the assigned values and the tax bases of the assets acquired and liabilities assumed in a business combination.

SSR Mining Inc. Financial Statements Year-End 2018 | 17

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

m)Review of asset carrying values and impairment assessment

Goodwill is not amortized; instead it is tested annually for impairment. In addition, at each reporting period we assess whether there is an indication that goodwill is impaired and, if there is such an indication, we would test for goodwill impairment at that time.

Non-financial assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

We conduct reviews to assess for any indications of impairment of asset values. External factors such as changes in current and forecast metal prices, operating costs and other market factors are also monitored to assess for indications of impairment.

If any such indication exists, an estimate of the recoverable amount is undertaken, being the higher of an asset’s fair value less costs to dispose (“FVLCTD”) and value in use (“VIU”). If the asset’s carrying amount exceeds its recoverable amount then an impairment loss is recognized in the consolidated statements of (loss) income.

FVLCTD is defined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants at the measurement date. Fair value of mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects.

VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal.

Impairment is normally assessed at the level of CGUs, which are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets.

Non-financial assets, other than goodwill, that have been impaired are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed. When a reversal of a previous impairment is recorded, the reversal amount is adjusted for depreciation that would have been recorded had the impairment not taken place. Goodwill that has been previously impaired is not reversed.

n)Share capital

Common shares issued by us are recorded at the net proceeds received which is the fair value of the consideration received less costs incurred in connection with the issue.

o)Share-based payments

Equity-settled share-based payment arrangements such as our stock option plan are initially measured at fair value at the date of grant, which is recognized as a share-based compensation expense in the consolidated statements of (loss) income over the vesting period, with a corresponding increase to equity. We estimate the fair value of stock options granted using the Black-Scholes option pricing model and estimate the expected forfeiture rate at the date of grant.

Arrangements considered to be cash-settled are the Directors’ Deferred Share Unit (“DSU”) Plan, the Restricted Share Unit (“RSU”) Plan and the Performance Share Unit (“PSU”) Plan. The fair values of these are recognized as share-based compensation expenses in the consolidated statements of (loss) income over the vesting period, with a corresponding increase to accrued liabilities. The fair value of DSUs, PSUs, and RSUs is estimated based on the quoted market price of our common shares and are remeasured at each reporting period.

When awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed.

SSR Mining Inc. Financial Statements Year-End 2018 | 18

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

p)Taxation

The income tax expense for the period is comprised of current and deferred tax, and is recognized in the consolidated statements of (loss) income except to the extent that it relates to items recognized directly in shareholders’ equity, in which case the tax is recognized in equity.

(i)   Current income tax

Current tax for each of our taxable entities is based on the local taxable profit for the period at the local statutory tax rates enacted or substantively enacted at the date of the consolidated statements of financial position.

(ii)   Deferred tax

Deferred tax is recognized, using the liability method, on temporary differences between the carrying value of assets and liabilities in the consolidated statements of financial position and the corresponding tax bases used in the computation of taxable profit. Deferred tax is determined using tax rates and tax laws that are enacted or substantively enacted at the date of the consolidated statements of financial position and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled.

Deferred tax assets and liabilities are not recognized if the temporary difference arises on the initial recognition of assets and liabilities in a transaction other than a business combination, that at the time of the transaction, affects neither the taxable nor the accounting profit or loss.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the timing of the reversal of the temporary difference is controlled by us and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available to be utilized against those deductible temporary differences. Deferred tax assets are reviewed at each reporting date and amended to the extent that it is no longer probable that the related tax benefit will be realized. The change in the net deferred income tax asset or liability is included in income except for deferred income tax relating to equity items which is recognized directly in equity.  Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the current tax assets against the current tax liabilities and when they relate to income taxes levied by the same taxation authority and we intend to settle our current tax assets and liabilities on a net basis.

(iii)  Royalties and other tax arrangements

Royalties and other arrangements are treated as taxation arrangements when they have the characteristics of income tax. This is considered to be the case when they are imposed under government authority and the amount payable is calculated by reference to an income measure. Obligations arising from royalty arrangements that do not satisfy these criteria are recognized as current liabilities and included within cost of sales.

(iv)  Value added tax (“VAT”)

VAT may be paid in countries where recoverability is uncertain. In these cases, VAT payments are either deferred within exploration and evaluation assets or inventory costs, or expensed if related to exploration and evaluation costs. If we ultimately recover the amounts that have been deferred, the amount received will be applied to reduce any associated asset. If the amounts were previously expensed, the recovery will be recognized in the consolidated statements of (loss) income.

SSR Mining Inc. Financial Statements Year-End 2018 | 19

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

q) Income per share

Basic income per share is calculated by dividing the net income attributable to our shareholders by the weighted average number of shares outstanding during the reporting period.

Diluted income per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potentially dilutive share equivalents, such as stock options and convertible notes. The “treasury stock method” is used for the assumed proceeds upon exercise of the dilutive instruments to determine the number of shares assumed to be purchased at the average market price during the period.

r)Financial instruments

We classify our financial instruments in the following categories: at FVTPL, fair value through other comprehensive income (“FVTOCI”) or at amortized cost.

(i) Classification

We determine the classification of financial instruments at initial recognition.

Financial assets

▪ DebtThe classification of debt instruments is driven by our business model for managing the financial assets and their contractual cash flow characteristics. A debt instrument is measured at amortized cost if the objective of the business model is to hold the debt instrument for the collection of contractual cash flows, and the asset's contractual cash flows are comprised solely of payments of principal and interest. They are classified as current or non-current assets based on their maturity date. If the business model is not to hold the asset, it is classified as FVTPL.

• EquityEquity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition we can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI.

Financial liabilities

Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or we have opted to measure at FVTPL.

(ii) Measurement

Financial assets and liabilities at FVTPL

Financial assets and liabilities at FVTPL are initially recognized at fair value and transaction costs are expensed in the consolidated statements of (loss) income. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets or liabilities held at FVTPL are included in the consolidated statements of (loss) income in the period in which they arise. Where we have opted to designate a financial liability at FVTPL, any changes associated with our own credit risk will be recognized in OCI.

Financial assets at FVTOCI

Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently, they are measured at fair value, with gains and losses arising from changes from initial recognition recognized in OCI.

Financial assets and liabilities at amortized cost

Financial assets and liabilities at amortized cost are initially recognized at fair value, and subsequently carried at amortized cost less any impairment.

SSR Mining Inc. Financial Statements Year-End 2018 | 20

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Derivative financial instruments

When we enter into derivative contracts, these are intended to reduce the exposures related to assets and liabilities, or forecast transactions. Derivatives are classified as FVTPL unless designated as hedges, as described below.

Derivatives embedded in financial liabilities are treated as separate derivatives when their risks and characteristics are not closely related to their host contracts. However, the classification approach described above is applied to all financial assets, including those that contain embedded derivatives, without the need to separate the embedded derivative from the host contract. Commodity-based derivatives resulting from provisional sales prices of metals in concentrate are classified as FVTPL with changes in value recognized in revenue.

(iii) Impairment of financial assets

Impairment of financial assets at amortized cost

We recognize a loss allowance for expected credit losses on financial assets that are measured at amortized cost.

At each reporting date, we measure the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, we measure the loss allowance for the financial asset at an amount equal to twelve month expected credit losses.

Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the expected credit losses are reversed after the impairment was recognized.

(iv) Derecognition

Derecognition of financial assets and liabilities

Financial assets are derecognized when the investments mature or are sold, and substantially all the risks and rewards of ownership have been transferred. A financial liability is derecognized when the obligation under the liability is discharged, canceled or expired. Gains and losses on derecognition are recognized within finance income and finance costs, respectively. Gains or losses on financial assets classified as FVTOCI remain within accumulated OCI.

(v) Fair value of financial instruments

The fair values of quoted investments are based on current prices. If the market for a financial asset is not active (and for unlisted securities), we establish fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the financial asset’s specific circumstances.

(vi) Hedge accounting

Derivative Instruments

Derivative instruments are recorded at fair value on the consolidated statements of financial position, classified based on contractual maturity. Derivative instruments are classified as either hedges of the fair value of recognized assets or liabilities or of firm commitments (“fair value hedges”), hedges of highly probable forecast transactions (“cash flow hedges”) or non-hedge derivatives. Derivatives designated as either a fair value or cash flow hedge that are expected to be highly effective in achieving offsetting changes in fair value or cash flows are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated. Derivative assets and derivative liabilities are shown separately in the consolidated statements of financial position unless there is a legal right to offset and intent to settle on a net basis.

SSR Mining Inc. Financial Statements Year-End 2018 | 21

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fair Value Hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the consolidated statements of (loss) income, together with any changes in the fair value of the hedged asset or liability or firm commitment that is attributable to the hedged risk.

Cash Flow Hedges

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in OCI. The gain or loss relating to the ineffective portion is recognized in the consolidated statements of (loss) income. Amounts accumulated in OCI are transferred to the consolidated statements of (loss) income in the period when the forecasted transaction impacts earnings. When the forecasted transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously deferred in OCI are transferred from OCI and included in the measurement of the initial carrying amount of the asset or liability.

When a derivative designated as a cash flow hedge expires or is sold and the forecasted transaction is still expected to occur, any cumulative gain or loss relating to the derivative that is recorded in OCI at that time remains in OCI and is recognized in the consolidated statements of (loss) income when the forecasted transaction occurs. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was recorded in OCI is immediately transferred to the consolidated statements of (loss) income.

Non-Hedge Derivatives

Derivative instruments that do not qualify as either fair value or cash flow hedges are recorded at their fair value at the balance sheet date, with changes in fair value recognized in the consolidated statements of (loss) income.

s)Provisions for close down and restoration and for environmental clean-up costs

Close down and restoration costs include dismantling and demolition of infrastructure, the removal of residual materials and remediation of disturbed areas. Estimated close down and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of estimated future costs. The cost estimates are updated during the life of the operation to reflect known development, e.g. revisions to cost estimates and to the estimated lives of the operations, and are subject to formal reviews at regular intervals.

The initial closure provision together with changes resulting from changes in estimated cash flows or discount rates are adjusted within the property, plant and equipment asset to which the provision relates. If no asset remains any change in a provision is charged or credited to the consolidated statements of (loss) income in the period. These costs are then depreciated over the life of the asset to which they relate, typically using the units of production method. The accretion or unwinding of the discount applied in establishing the net present value of provisions is charged to the consolidated statements of (loss) income as a finance expense.

t)Leases

Leases which transfer substantially all of the benefits and risks incidental to the ownership of property are accounted for as finance leases. Finance leases are capitalized at the lease commencement at the lower of the fair market value of the leased property and the net present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charge. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the asset’s useful life and the lease term.

All other leases are accounted for as operating leases wherein rental payments are expensed as incurred.

SSR Mining Inc. Financial Statements Year-End 2018 | 22

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

u)Significant accounting judgments and estimates

The preparation of financial statements in conformity with IFRS requires the use of judgments and/or estimates that affect the amounts reported and disclosed in the consolidated financial statements and related notes. These judgments and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the financial statements. Information about such judgments and estimation is contained in the accounting policies and/or notes to the consolidated financial statements, and the judgments and other sources of estimation uncertainty that have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year are summarized below.

Areas of judgment that have the most significant effect on the application of accounting policies in the consolidated financial statements are:

▪ Review of non-current asset carrying values and impairment assessment;

▪ Determination of capitalized stripping activities;

▪ Determination of capitalization of underground development activities;

▪ Determination of useful lives of property, plant and equipment;

▪ Close down and restoration provision;

▪ Deferred tax assets and liabilities;

▪ Determination of commencement of commercial production;

▪ Functional currency;

▪ Contingencies; and

▪ Determination of the timing of derecognition of exploration and evaluation assets.

Key sources of estimation uncertainty that have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year are summarized below:

▪ Review of non-current asset carrying values and impairment assessment;

▪ Mineral Reserves and Mineral Resources estimates;

▪ Determination of useful lives of property, plant and equipment;

▪ Valuation of inventory;

▪ Valuation of goodwill (note 3);

▪ Close down and restoration provision;

▪ Determination of the fair values of share-based compensation;

▪ Valuation of financial instruments;

▪ Deferred tax assets and liabilities; and

▪ Contingencies.

Each of these judgments and estimates is considered in more detail below.

SSR Mining Inc. Financial Statements Year-End 2018 | 23

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Review of non-current asset carrying values and impairment assessment

In accordance with our accounting policy (note 2(m)), goodwill is tested for impairment annually and each asset or CGU is evaluated every reporting period to determine whether there are any indicators of impairment. If an impairment test is required, a formal estimate of recoverable amount is performed and an impairment charge is recognized to the extent that the carrying amount exceeds the recoverable amount. The recoverable amount of an asset or CGU of assets is measured at the higher of FVLCTD or VIU.

The evaluation of asset carrying values for indications of impairment includes judgments of both external and internal sources of information, including such factors as market and economic conditions, metal prices and forecasts, production budgets and forecasts, and LOM estimates.

The determination of FVLCTD and VIU requires management to make estimates and assumptions about expected production based on current estimates of recoverable metal, commodity prices, operating costs, taxes and export duties, inflation and foreign exchange, salvage value, future capital expenditures and discount rates. The estimates and assumptions are subject to risk and uncertainty; hence, there is the possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the assets. In such circumstances, some or all of the carrying value of the assets may be further impaired or the impairment charge reversed with the impact recorded in the consolidated statements of (loss) income.

In our impairment assessment at December 31, 2018, it was determined that there were indicators of potential impairment on the $64 million carrying value of the Pitarrilla project which resulted in us assessing the recoverable amount of the asset, which has been identified as a CGU. The recoverable amount of the Pitarrilla project was determined to be the FVLCTD, which is based upon the CGU's estimated future after-tax cash flows. The cash flows were determined based on cash flow projections, which incorporate our estimates of forecast metal prices, production based on current estimates of recoverable underground Mineral Resources and future operating costs and capital expenditures. We used a silver price of $17.75 per ounce in the cash flow projections, based on market consensus forecasts. Projected cash flows under the FVLCTD model are after-tax and discounted at 8.5% using an estimated weighted average cost of capital of a market participant adjusted for project and country specific risks. We concluded that these discounted cash flows exceeded the carrying value of the Pitarrilla project and no impairment was required.

Average silver prices would have had to decrease by more than approximately 3% or the discount rate would have to increase to approximately 9.2% for the Project to be impaired.

Mineral Reserves and Mineral Resources estimates

We estimate Mineral Reserves and Mineral Resources based on information prepared by qualified persons as defined by NI 43-101. Mineral Reserves are used in the calculation of depreciation, amortization and impairment charges, for forecasting the timing of the payment of close down and restoration costs, and future taxes. In assessing the life of a mine for accounting purposes, Mineral Resources are only taken into account where there is a high degree of confidence of economic extraction. There are numerous uncertainties inherent in estimating Mineral

Reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of Mineral Reserves and may, ultimately, result in Mineral Reserves estimates being revised. Such changes in Mineral Reserves could impact depreciation and amortization rates, asset carrying values and the provision for close down and restoration.

SSR Mining Inc. Financial Statements Year-End 2018 | 24

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Determination of capitalized stripping activities

We determine whether stripping costs incurred during the production phase of a surface mining operation provide improved access to a component of an ore body that will be mined in a future period, and whether the costs can be reliably measured. We have to apply judgment when identifying components of the mine over which stripping costs are capitalized, in estimating the average stripping ratio for each component, and in using judgment to determine the period over which the capitalized stripping asset is amortized.

Determination of capitalization of underground development activities

We determine whether development costs incurred during the production phase of an underground mining operation provide improved access to a component of an ore body that will be mined in a future period, and whether the costs can be reliably measured. We have to apply judgment when identifying components of the mine over which development costs are capitalized and in determining the period over which the capitalized underground asset is amortized.

Determination of useful lives of property, plant and equipment

We use the units of production method to deplete mineral properties, whereby depletion is calculated using the quantity of ore extracted from the mine in the period as a percentage of the total quantity of ore expected to be extracted in current and future periods. Other assets are depreciated using the straight-line method, which includes significant management judgment to determine useful lives and residual values.

Valuation of inventory

Stockpiled ore and finished goods

Stockpiled ore and finished goods are valued at the lower of average cost and NRV. NRV is calculated as the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and associated selling costs. The determination of forecast sales price, recovery rates, grade, assumed contained metal in stockpiles and production and selling costs requires significant assumptions that may impact the stated value of our inventory and lead to changes in NRV.

Leach pad inventory

In determining the value of the leach pad, we make estimates of quantities and grades of ore stacked on leach pads and in-process, and the recoverable gold in this material to determine the total inventory. Changes in these estimates can result in a change in carrying amounts of inventory, as well as cost of sales. The determination of forecast sales price, recovery rates, grade, assumed contained metal in leach pad inventory and production and selling costs requires significant assumptions that may impact the stated value of our leach pad inventory and lead to changes in NRV.

Material and supplies inventory

In determining the value of material and supplies inventory, we make estimates of the amounts to be used and realizable value through disposals or sales. Changes in these estimates can result in a change in carrying amounts of inventory, as well as cost of sales.

SSR Mining Inc. Financial Statements Year-End 2018 | 25

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Close down and restoration provision

Close down and restoration costs are a consequence of exploration activities and mining, and the majority of close down and restoration costs are incurred near the end of the LOM. Our accounting policy requires the recognition of such provisions when the obligation occurs. The initial provisions are periodically reviewed during the life of the operation to reflect known developments, e.g. updated cost estimates and revisions to the estimated lives of operations. Although the ultimate cost to be incurred is uncertain, we estimate our costs based on studies using current restoration standards and techniques. The initial closure provisions together with changes, other than those arising from the discount applied in establishing the net present value of the provision, are capitalized within mineral properties and depleted over the lives of the assets to which they relate.

The ultimate magnitude of these costs is uncertain, and cost estimates can vary in response to many factors including changes to the relevant legal requirements, whether closure plans achieve intended reclamation goals, the emergence of new restoration techniques or experience at other mine sites, local inflation rates and exchange rates when liabilities are anticipated to be settled in a currency other than the United States dollar. The expected timing of expenditure can also change, for example, in response to changes in Mineral Reserves, production rates or economic conditions. As a result there could be significant adjustments to the provision for close down and restoration, which would affect future financial results.

Deferred tax assets and liabilities

The determination of our tax expense for the period and deferred tax assets and liabilities involves significant estimation and judgment by management. In determining these amounts, we interpret tax legislation in a variety of jurisdictions and make estimates of the expected timing of the reversal of deferred tax assets and liabilities. We also make estimates of future earnings which affect the extent to which potential future tax benefits may be used. We are subject to assessments by various taxation authorities, which may interpret legislation differently. These differences may affect the final amount or the timing of the payment of taxes. We provide for such differences where known based on our best estimate of the probable outcome of these matters.

Determination of commencement of commercial production

The determination of when a mine is in the condition necessary for it to be capable of operating in the manner intended by management (referred to as "commercial production") is a matter of significant judgment which impacts when the Company recognizes revenue, operating costs and depreciation and depletion in the statement of profit and loss. In making this determination, management considers whether (a) the major capital expenditures to bring the mine to the condition necessary for it to be capable of operating in the manner intended was complete; (b) ramping up to nameplate design capacity has been achieved for the operations; (c) the mine and mill were meeting performance design criteria such as mining rates, haulage targets, hourly throughput and process recovery; and (d) a saleable product could be produced.

Functional currency

The determination of a subsidiary’s functional currency often requires significant judgment where the primary economic environment in which the subsidiary operates may not be clear. This can have a significant impact on our consolidated results based on the foreign currency translation methods described in note 2(e).

SSR Mining Inc. Financial Statements Year-End 2018 | 26

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Contingencies

Contingencies can be either possible assets or liabilities arising from past events which, by their nature, will only be resolved when one or more future events not wholly within our control occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. In assessing loss contingencies related to legal, tax or regulatory proceedings that are pending against us or unasserted claims, that may result in such proceedings or regulatory or government actions that may negatively impact our business or operations, we evaluate with our legal counsel the perceived merits of any legal, tax or regulatory proceedings, unasserted claims or actions. Also evaluated are the perceived merits of the nature and amount of relief sought or expected to be sought, when determining the amount, if any, to recognize as a contingent liability or assessing the impact on the carrying value of assets. Contingent assets or liabilities are not recognized in the consolidated financial statements.

Determination of the timing of derecognition of exploration and evaluation assets

Judgment is required in assessing certain criteria to determine when derecognition of an exploration and evaluation asset has occurred.

v)Change in accounting policies

We adopted the requirements of IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) as of January 1, 2018. IFRS 15 covers principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer. We elected to apply IFRS 15 using a modified retrospective approach by recognizing the cumulative effect of initially adopting IFRS 15 as an adjustment to the opening balance sheet at January 1, 2018. Therefore, the comparative information has not been restated and continues to be reported under IAS 18 Revenue. The details of accounting policy changes and the quantitative impact of these changes are described below.

Gold doré and bullion sales

IFRS 15 requires that revenue from contracts with customers be recognized upon the transfer of control over goods or services to the customer. The recognition of revenue upon transfer of control to the customer is consistent with our revenue recognition policy as set out in note 2(f) to our audited consolidated financial statements, as the condition is satisfied on gold doré and bullion sales when title transfers to the customer. Accordingly, upon adoption, this requirement under IFRS 15 resulted in no impact to our financial statements, as the timing of revenue recognition on our gold bullion sales is unchanged.

Concentrate sales

We performed an assessment of our existing concentrate sales agreements and determined that there is no change in the timing of revenue recognition under IFRS 15. The point of transfer of risks and rewards and transfer of control for concentrate sales occur at the same time. IFRS 15 identifies that the shipping component associated with certain concentrate sales may be a separate performance obligation, which would require a portion of the revenue to be deferred and recognized as the obligation is fulfilled. We have determined that the deferred revenue would be insignificant and thus, have not accounted for the shipping component as a separate performance obligation.

IFRS 15 does not consider changes in the fair value of the concentrate receivable measured at fair value through profit and loss as revenue from contracts with customers. Accordingly, we have separately presented the changes as other revenue in note 17.

SSR Mining Inc. Financial Statements Year-End 2018 | 27

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

New Accounting Policy

As a result of IFRS 15, we have adopted the accounting policy set out below, effective January 1, 2018.

Our primary source of revenue is from the sale of gold doré or bullion and metal-bearing concentrate.

Initially we determine what performance obligations our contracts with customers create, and where applicable, allocate the consideration expected to be received between different the performance obligations on the basis of relative stand-alone selling prices. Revenue is then recognized when all of our performance obligations are satisfied. A performance obligation is satisfied when control of the underlying goods or services for that particular performance obligation is transferred to the customer. Control is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset underlying the good or service. In order to evaluate the point in time at which control of the asset has been transferred to a customer we consider the following indicators:

▪ title to the asset has transferred;

▪ physical possession of the asset has transferred;

▪ we have a present right to payment for the asset;

▪ the customer has accepted the asset; and

▪ the customer has the significant risks and rewards of ownership of the asset

Gold doré and bullion sales

Gold doré and bullion is sold primarily to bullion banks in the London spot market. The sales price is fixed on the date of sale based on the gold spot price. Generally, we record revenue from gold bullion sales at the time of physical delivery, which is also the date that title to the gold passes, and cash is received.

Concentrate sales

Under the terms of concentrate sales contracts with independent trading and smelting companies; typically, provisional payment is received based upon the estimated metal content and metal prices at the date of shipment. The final quantity of metal sold is then determined through a settlement process at a date after the product has been delivered, with metal sales prices being based on a specified future date after shipment based on market prices. We record revenues under these contracts at the point that control has passed, which is when the risk and rewards of ownership pass to our customers, typically at port of loading or port of unloading based on the terms of the contract. We estimate the consideration to be received based upon provisional assays adjusted for expected final settlement differences, and using forward market prices on the expected date that final sales prices will be determined.

Variations between the price recorded at the revenue recognition date and the actual final price set under the sales contracts are caused by changes in market prices, which result in the existence of a trade receivable financial instrument that is recorded at fair value through profit and loss (“FVTPL”) each period until final settlement occurs. Changes in fair value are included in other revenue in the consolidated statement of income.

SSR Mining Inc. Financial Statements Year-End 2018 | 28

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

w)Future accounting changes

IFRS 16 Leases

On January 13, 2016, the IASB issued IFRS 16 Leases, which will replace IAS 17 Leases. The standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than twelve months, unless the underlying asset is of low value. A lessee is required to recognize a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The standard is effective for annual reporting periods beginning on or after January 1, 2019. SSR Mining intends to adopt IFRS 16 for the annual reporting period beginning on January 1, 2019 and apply the following practical expedients on initial application:

• application only to contracts that were previously identified as leases, and;

• electing to not recognize leases for which the underlying asset is of low value or considered to be a short-term lease.

We anticipate using the modified retrospective with cumulative effect method of adoption.

The application of IFRS 16 will not have any impact on the amounts recognized in our consolidated financial statements for finance leases where an asset and a related liability for the lease arrangement have been recognized or where SSR Mining is a lessor.

Our assessment of non-cancellable operating lease commitments indicates that our arrangements will meet the definition of a lease under IFRS 16, and therefore, at January 1, 2019, we will recognize a right-of-use asset and a corresponding liability in respect of these leases.

Our operating lease commitments have been disclosed in note 9.

3. ACQUISITIONS AND CHANGE IN INTEREST ON MINERAL PROPERTIES

a)Puna Operations Joint Venture

On March 31, 2017, we exercised our option on the Chinchillas project and on May 31, 2017 formed a jointly owned company with Golden Arrow Resources Corporation ("Golden Arrow") called Puna Operations Inc. ("Puna Operations") for the development of the property. The jointly owned company, holding the Pirquitas and Chinchillas properties, is owned 75% by SSR Mining and we are the operator. This transaction is expected to extend the Puna Operations operating life by approximately eight years.

Under the terms of the arrangement we paid the option exercise payment to Golden Arrow of $12,972,000, net of cash acquired.

At May 31, 2017 we recognized an asset of $28,839,000 representing the fair value of the Chinchillas mineral property acquired. In addition, we recognized a non-controlling interest of $18,573,000. As we retain control of Puna Operations, the difference between the carrying value of the assets acquired and liabilities assumed and the non-controlling interest, was recognized in equity attributable to our shareholders, which totalled $1,342,000.

SSR Mining Inc. Financial Statements Year-End 2018 | 29

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

3. ACQUISITIONS AND CHANGE IN INTEREST ON MINERAL PROPERTIES (Continued)

b)Acquisition of Seabee Gold Operation and Goodwill

On May 31, 2016, we completed the acquisition of Claude Resources Inc. and its Seabee Gold Operation. The acquisition was a business combination and has been accounted for in accordance with the measurement and recognition provisions of IFRS 3. IFRS 3 requires that the purchase consideration be allocated to the assets acquired and liabilities assumed in a business combination based upon their estimated fair values at the date of acquisition.

As part of the purchase price allocation, we recognized goodwill of $49,786,000 on the transaction. We performed the annual goodwill impairment test at December 31, 2018. For the purposes of the goodwill impairment test, the recoverable amount of the Seabee Gold Operation, which is considered to be the CGU, has been determined using a FVLCTD calculation, which exceeded VIU. The valuation was based on cash flow projections, which incorporate our estimates of forecast metal prices, foreign exchange rates, production based on current estimates of recoverable Mineral Reserves and Mineral Resources, future exploration potential, future operating costs and capital expenditures. Projected cash flows under the FVLCTD model are after-tax and discounted using an estimated weighted average cost of capital of a market participant adjusted for asset specific risks. Commodity prices are our estimates of the views of market participants, including a long-term gold price of $1,300 per ounce and the long-term foreign exchange rate of $1.25 Canadian/USD $1.00 . The post-tax real discount rates adjusted for asset specific risks used for the impairment assessments was 7.0%. The calculated recoverable amount of the CGU exceeded the carrying value at December 31, 2018, and therefore no impairment charge has been recorded.

4. CASH AND CASH EQUIVALENTS

	December 31, 2018	December 31, 2017
	$	$
Cash	209,518	131,589
Short-term investments	209,694	328,275
	419,212	459,864

5. TRADE AND OTHER RECEIVABLES

	December 31, 2018	December 31, 2017
	$	$
Trade receivables	11,287	14,848
Value added tax receivables (note 11)	12,811	7,004
Prepayments and deposits	10,880	8,875
Income tax receivable	2,947	1,213
Other taxes receivable	4,274	4,824
Other receivables	642	1,288
	42,841	38,052

No trade receivables are past due and all are expected to be settled within twelve months.

Credit risk is further discussed in note 24(b). We did not hold any collateral for any receivable amounts outstanding at December 31, 2018 or December 31, 2017.

SSR Mining Inc. Financial Statements Year-End 2018 | 30

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

6. MARKETABLE SECURITIES

	December 31, 2018		December 31, 2017
	$		$
Balance, beginning of year	114,001		148,944
Additions	22,674		5,295
Disposals	(63,445	)	(72,132	)
Fair value adjustments	(43,688	)	31,894
Balance, end of year	29,542		114,001

During 2018, we purchased 8.2 million common shares of SilverCrest Metals Inc. ("SilverCrest") for total consideration of $23.1 million and sold our remaining position of 9.0 million common shares of Pretium Resources Inc. ("Pretium") for pre-tax cash proceeds of approximately $63.4 million. The fair value adjustments in 2018 related primarily to the Pretium shares.

On acquisition of the SilverCrest shares, we recognized an expense of $2.8 million related to the premium paid for the shares over the prevailing market price. Due to the subsequent increase in the SilverCrest share price, we recognized a gain of $4.3 million in Other Comprehensive Income at December 31, 2018.

The SilverCrest common shares are subject to a hold period of four months from their December 7, 2018 acquisition date.

7. INVENTORY

	December 31, 2018	December 31, 2017
	$	$
Current:
Finished goods	23,433	19,262
Stockpiled ore	18,195	6,806
Leach pad inventory	162,335	128,783
Materials and supplies	28,785	27,730
	232,748	182,581
Non-current materials and supplies (note 8)	2,006	3,973
	234,754	186,554

As at December 31, 2018, we had total provisions of $3,436,000 (2017 - $7,250,000) for supplies inventory that we no longer expect to utilize.

Following the formation of our Puna Operations in 2017, which extended the operating life of the Pirquitas plant, we partially reversed our existing provision against supplies inventory by $6,342,000.

SSR Mining Inc. Financial Statements Year-End 2018 | 31

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

8. OTHER ASSETS

	December 31, 2018		December 31, 2017
	Current	Non-current	Current	Non-current
	$	$	$	$
Financial assets:
Restricted cash (1)	—	2,035	—	3,079
Deferred consideration (2, 3)	7,345	11,289	2,394	15,639
Derivative asset	—	—	1,287	—
Loan receivable from JV Partner (4)	—	8,214	—	—
Non-financial assets:
Non-current value added tax receivable (note 11)	—	5,991	—	6,751
Non-current inventory (note 7)	—	2,006	—	3,973
Held for sale	1,431	—	1,418	—
	8,776	29,535	5,099	29,442

⁽¹⁾  We have cash and security deposits in relation to our close down and restoration provisions of $1,934,000 (December 31, 2017 - $1,895,000).

⁽²⁾  On November 1, 2016, we sold our Diablillos and M-18 properties in Argentina to AbraPlata Resource Corp ("AbraPlata") (formerly Huayra Minerals Corporation) for consideration of:

• 19.9% equity stake in Abra Plata, with free carried interest until the completion of a financing of $5,000,000 or more, valued at $2,887,000. By December 31, 2018, the financing had been completed;

• Cash payments of $14,100,000 over the following five years ($1,350,000 received by December 31, 2018), valued initially at $7,452,000 using a discount rate of 20%; and

• We have retained a 1.0% net smelter returns royalty on production from each of the projects.

As at December 31, 2018 a payment from AbraPlata due on November 1, 2018 was 61 days past due. However, as the deferred consideration remains fully collateralized by the asset (whose fair value approximates the carrying value of the deferred consideration) an expected credit loss provision was not recorded (note 24b)).

⁽³⁾  On May 2, 2017, we sold our Berenguela project in Peru to Valor Resources Limited ("Valor") for consideration of:

▪ 145,881,177 shares of Valor, valued at $1,098,000;

▪ Additional shares from financing received in 2018, valued initially at $520,000;

▪ Cash payment of $12,000,000 over the next 5 years ($550,000 received by December 31, 2018), originally valued at $6,726,000 using a discount rate of 15%; and

• We have retained a 1.0% net smelter returns royalty on production from the project.

⁽⁴⁾  As of July 6, 2018, we entered into a credit agreement with Golden Arrow (the "Credit Agreement") for a non-revolving term loan (the "Loan") in an aggregate principal amount equal to $10,000,000. The Loan matures on July 22, 2020.

The proceeds borrowed under the Credit Agreement are required to be used by Golden Arrow to fund its contributions under the shareholders' agreement we entered into with Golden Arrow on May 31, 2017, as the sole shareholders of Puna Operations. The Loan is secured by Golden Arrow's ownership and equity interests in Puna Operations.

The Loan bears interest (computed on the basis of the actual number of days elapsed over a year of 365 days and compounded monthly) at a rate per annum equal to the US Base Rate (as such term is defined in the Credit Agreement) plus 10%. Interest on the loan accrues from and including the date of each borrowing under the Credit Agreement, compounded monthly, and shall be capitalized and payable on the maturity date.

SSR Mining Inc. Financial Statements Year-End 2018 | 32

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

9. PROPERTY, PLANT AND EQUIPMENT

	December 31, 2018
	Plant and equipment (1)		Mineral properties subject to depletion (3)		Mineral properties not yet subject to depletion (2)(3)(5)		Exploration and evaluation assets		Total
	$		$		$		$		$
Cost
Balance, beginning of year	545,090		393,273		121,854		91,579		1,151,796
Additions	102,275		33,371		13,771		956		150,373
Disposals	(15,485	)	—		—		(1,307	)	(16,792	)
Costs written off	(9,998	)	—		—		—		(9,998	)
Change in estimate of close down and restoration provision	—		3,269		—		—		3,269
Transfers	—		33,635		(33,635	)	—		—
Balance, end of year	621,882		463,548		101,990		91,228		1,278,648
Accumulated depreciation
Balance, beginning of year	(315,261	)	(177,906	)	—		—		(493,167	)
Charge for the year	(44,772	)	(61,414	)	—		—		(106,186	)
Disposals	12,728								12,728
Write off	9,152		—		—		—		9,152
Balance, end of year	(338,153	)	(239,320	)	—		—		(577,473	)
Net book value at December 31, 2018	283,729		224,228		101,990		91,228		701,175

SSR Mining Inc. Financial Statements Year-End 2018 | 33

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

9. PROPERTY, PLANT AND EQUIPMENT (Continued)

	December 31, 2017
	Plant and equipment (1)		Mineral properties subject to depletion(3)		Mineral properties not yet subject to depletion(2)(3)(5)		Exploration and evaluation assets(4)		Total
	$		$		$		$		$
Cost
Balance, beginning of year	509,008		306,277		133,560		92,720		1,041,565
Additions	33,738		43,118		33,589		758		111,203
Disposals	(13,555	)	—		—		(1,000	)	(14,555	)
Impairment reversal	24,357		—		—		—		24,357
Property write downs	—		(747	)	—		(899	)	(1,646	)
Change in estimate of close down and restoration provision	(8,458	)	(670	)	—		—		(9,128	)
Transfers	—		45,295		(45,295	)	—		—
Balance, end of year	545,090		393,273		121,854		91,579		1,151,796
Accumulated depreciation
Balance, beginning of year	(276,170	)	(101,567	)	—		—		(377,737	)
Charge for the year	(50,915	)	(76,339	)	—		—		(127,254	)
Disposals	11,824		—		—		—		11,824
Balance, end of year	(315,261	)	(177,906	)	—		—		(493,167	)
Net book value at December 31, 2017	229,829		215,367		121,854		91,579		658,629

⁽¹⁾  Includes assets under construction of $44,858,000 at December 31, 2018 (December 31, 2017 - $17,307,000).

⁽²⁾  Includes assets under construction of $Nil at December 31, 2018 (December 31, 2017 - $3,715,000).

⁽³⁾  We converted Inferred Mineral Resources to Mineral Reserves at our Seabee Gold Operation and correspondingly have transferred $33,635,000 (December 31, 2017 - $45,295,000) from mineral properties not yet subject to depletion to being subject to depletion.

⁽⁴⁾  On January 16, 2017, we entered into an option agreement with Silver One Resources Inc. ("Silver One") in respect of our Candelaria project in the United States for consideration consisting of $1,000,000 worth of Silver One shares issued on January 20, 2017, and three annual installments of $1,000,000 worth of Silver One shares. Under the terms of this agreement, Silver One has three years to evaluate the Candelaria project. On January 19, 2019, we received the third installment of $1,000,000 worth of Silver One shares.

(5) We have changed the presentation of the Pitarrilla project in all periods presented in the tables above from exploration and evaluation assets to mineral properties not yet subject to depletion.

Impairment reversal of non-current assets

On May 31, 2017 we formed the jointly-owned Puna Operations (note 3). As a result of this transaction the operating life extension was considered to be an indicator of reversal of previous impairments that had been recognized against Pirquitas plant assets.

The maximum impairment reversal that is permitted is to return the asset balance to the carrying value at which it would have been had no previous impairments been recorded, which was $24,357,000 higher than the existing carrying value.

We determined that the fair value less cost to dispose of the cash generating unit significantly exceeded the maximum permitted impairment reversal. A discounted cash flow analysis was performed using a discount rate of 10% and the following estimated metal prices;

SSR Mining Inc. Financial Statements Year-End 2018 | 34

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

9. PROPERTY, PLANT AND EQUIPMENT (Continued)

	2017	2018	2019	2020	LT
Silver / oz	$17.93	$18.72	$19.14	$19.53	$19.65
Lead / lb	$1.01	$1.03	$1.02	$0.99	$0.94
Zinc / lb	$1.27	$1.31	$1.24	$1.18	$1.06

As a result we recognized an impairment reversal of $24,357,000 in 2017.

Capital commitments and operating leases

In addition to entering into various operational commitments in the normal course of business, we had commitments of approximately $29,989,000 at December 31, 2018 (2017 - $10,207,000) for construction activities at our sites and projects.

Operating leases are recognized as an operating cost in the consolidated statements of income on a straight-line basis over the lease term. At December 31, 2018, we have operating lease commitments totaling $5,260,000 of which $513,000 is expected to be paid within a year, $2,425,000 is expected to be paid within two to five years and $2,322,000 is expected to be paid within six to ten years.

10. CURRENT AND DEFERRED INCOME TAX

Income tax expense differs from the amount that would be computed by applying the Canadian statutory rate of 27% (2017- 26%) to income before income taxes. The reasons for the differences are as follows:

Years ended December 31	2018		2017
	$		$
Income before taxes	8,090		74,587
Statutory tax rate	27.00	%	26.00	%
Expected income tax	2,184		19,392
Decrease resulting from:
Permanent differences	25,408		(17,048	)
Foreign exchange	(13,714	)	4,806
Differences in foreign and future tax rates	(1,086	)	48,167
Mining & overseas withholding tax	4,955		5,134
Expired losses	2,928		3,658
Restructure	114,100		—
Change in estimates in respect of prior years	1,501		(484	)
Movement in deferred tax not recognized	(128,066	)	(60,540	)
Other	(89	)	36
Total income tax expense	8,121		3,121
Current tax expense	8,043		3,094
Deferred tax expense	78		27
Total income tax expense	8,121		3,121

SSR Mining Inc. Financial Statements Year-End 2018 | 35

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

10. CURRENT AND DEFERRED INCOME TAX (Continued)

In the normal course of business we are subject to assessment by taxation authorities in various jurisdictions. These authorities may have different interpretations of tax legislation or tax agreements than those applied by us in computing current and deferred income taxes. These different interpretations may alter the timing or amounts of taxable income or deductions. The final amounts of taxes to be paid or recovered depends on a number of factors including the outcome of audits, appeals and negotiation. We provide for potential differences in interpretation based on the best estimate of the probable outcome of these matters. Changes in these estimates could result in material adjustments to our current and future income taxes.

Restructure of the Argentine Operation

We have restructured our Argentine operations by recharacterizing our intercompany loan to equity and transferring the Chinchillas assets into the same wholly owned subsidiary of Puna Operations that holds the Pirquitas plant. The restructuring was designed to increase the efficiency and administration of the operation and reduce the risk related to historic tax positions.The restructuring resulted in elimination of previously unrecognized deferred tax assets resulting in a movement in deferred tax not recognized of $125.7 million and a change to tax expense of $114.1 million reflecting the recharacterization of the intercompany loan to equity, an increase in tax basis of mining assets, and current tax expense of $4.7 million in the year.

Pretium

We sold the remaining position of 9.0 million Pretium common shares for pre-tax cash proceeds of approximately $63.4 million. The related tax impact is included in Other Comprehensive Income. In the period a $7.8 million income tax payable was recognized relating to the sales of the Pretium shares.

The tax effected items that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities for the years ended December 31, 2018 and 2017 are presented below:

								Balance as at December 31, 2018
	Net balance at beginning of year		Recognized in statement of income		Recognized in OCI	AMT refund		Net		Deferred tax assets		Deferred tax liabilities
	$		$		$	$		$		$		$
Marketable securities	(13,205	)	376		13,867	—		1,038		1,038		—
Inventory	(7,244	)	3,733		—	—		(3,511	)	—		(3,511	)
Property, plant and equipment	(81,294	)	(10,452	)	—	—		(91,746	)	940		(92,686	)
Close down and restoration provision	1,787		1,567		—	—		3,354		3,354		—
Convertible notes	(4,056	)	1,820		—	—		(2,236	)	—		(2,236	)
Carry forward tax loss and tax credits	21,830		(6,469	)	—	—		15,361		15,361		—
Mining and foreign withholding tax	(39,227	)	(1,916	)	—	—		(41,143	)	—		(41,143	)
Executive compensation plans	2,065		1,918		—	—		3,983		3,983		—
Deductibility of other taxes	9,021		424		—	—		9,445		9,445		—
Other	(4,253	)	8,921		850	(449	)	5,069		5,200		(131	)
Net deferred tax (liabilities) assets before set-off	(114,576	)	(78	)	14,717	(449	)	(100,386	)	39,321		(139,707	)
Offset tax	—		—		—	—		—		(31,798	)	31,798
Net deferred tax (liabilities) assets	(114,576	)	(78	)	14,717	(449	)	(100,386	)	7,523		(107,909	)

SSR Mining Inc. Financial Statements Year-End 2018 | 36

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

10. CURRENT AND DEFERRED INCOME TAX (Continued)

							Balance as at December 31, 2017
	Net balance at beginning of year		Recognized in statement of income		Recognized in OCI		Net		Deferred tax assets		Deferred tax liabilities
	$		$		$		$		$		$
Marketable securities	(16,949	)	—		3,744		(13,205	)	—		(13,205	)
Inventory	(1,984	)	(5,260	)	—		(7,244	)	—		(7,244	)
Property, plant and equipment	(96,614	)	15,320		—		(81,294	)	1,016		(82,310	)
Close down and restoration provision	3,917		(2,130	)	—		1,787		1,787		—
Convertible notes	(5,497	)	1,441		—		(4,056	)			(4,056	)
Carry forward tax loss and tax credits	20,682		3,404		(2,256	)	21,830		21,830		—
Mining and foreign withholding tax	(37,151	)	(2,076	)	—		(39,227	)	—		(39,227	)
Executive compensation plans	2,582		(517	)	—		2,065		2,065		—
Deductibility of other taxes	9,459		(438	)	—		9,021		9,021		—
Other	5,764		(9,771	)	(246	)	(4,253	)	2,895		(7,148	)
Net deferred tax (liabilities) assets before set-off	(115,791	)	(27	)	1,242		(114,576	)	38,614		(153,190	)
Offset tax	—		—		—		—		(38,614	)	38,614
Net deferred tax (liabilities) assets	(115,791	)	(27	)	1,242		(114,576	)	—		(114,576	)

As at December 31, 2018, there was a deferred tax liability of $17,617,000 (December 31, 2017 - $22,744,000) for temporary differences of $58,724,000 (December 31, 2017 - $75,814,000) related to investments in subsidiaries. However, this liability was not recognized because we control the dividend policy of our subsidiaries (i.e. we control the timing of reversal of the related taxable temporary differences and we are satisfied that they will not reverse in the foreseeable future).

We recognize tax benefits on losses or other deductible amounts generated in countries where the probable criteria for the recognition of deferred tax assets has been met. Our unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts:

Years ended December 31	2018	2017
	$	$
Inventory	—	11,237
Property, plant and equipment	3,330	79,336
Close down and restoration provision	30,677	38,027
Carry forward tax loss and tax credits	7,962	396,830
Mineral and foreign withholding tax	567	—
Other items	3,883	75,327
Unrecognized deductible temporary differences	46,419	600,757

SSR Mining Inc. Financial Statements Year-End 2018 | 37

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

10. CURRENT AND DEFERRED INCOME TAX (Continued)

Due to the restructure of our Argentine operation the amount of previously unrecognized deferred tax assets was reduced including a decrease in tax loss carry forward of $356.5 million.

At December 31, 2018, we had the following estimated tax operating losses available to reduce future taxable income, including both losses for which deferred tax assets are utilized to offset applicable deferred tax liabilities and losses for which deferred tax assets are not recognized as listed in the table above. Losses expire at various dates and amounts between 2019 and 2038.

As at December 31, 2018	$
Argentina	17,324
Mexico	41,601
Peru	71
Canada	4,256
U.S.A.	9,482
Tax operating losses	72,734

11. VALUE ADDED TAX RECEIVABLE

	December 31, 2018	December 31, 2017
	$	$
Current (note 5)	12,811	7,004
Non-current (note 8)	5,991	6,751
	18,802	13,755

VAT paid in Argentina in relation to the Puna Operations is recoverable under Argentina law during the production stage of a mine and we apply to the Argentina government to recover the applicable VAT on an ongoing basis. There have, at times, been significant delays in obtaining final approvals and, therefore, the collection of VAT and the classification reflects best estimates of timing of recoveries.

The VAT receivables balance in Argentina is denominated in Argentine pesos. Accordingly, foreign currency fluctuations could materially impact the value of the VAT receivables in U.S. dollars, as discussed further in note 24(a)(ii).

We believe that the remaining balance is fully recoverable and have not provided an allowance, as discussed further in note 24(b).

SSR Mining Inc. Financial Statements Year-End 2018 | 38

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

12. TRADE AND OTHER PAYABLES

	December 31, 2018	December 31, 2017
	$	$
Trade payables	15,896	16,740
Accrued liabilities	43,589	29,574
Accrued royalties	4,542	6,276
Derivative liabilities	2,798	—
Income taxes payable	8,463	4,385
Accrued interest on convertible notes (note 14(a))	3,178	3,178
	78,466	60,153

13. PROVISIONS

	December 31, 2018		December 31, 2017
	Current	Non-current	Current	Non-current
	$	$	$	$
Moratorium (1)	4,570	14,487	9,085	36,952
Close down and restoration provision (2)	211	61,961	978	57,352
Other provisions	7	—	1,250	—
	4,788	76,448	11,313	94,304

⁽¹⁾  We entered into a fiscal stability agreement with the Federal Government of Argentina in 1998 for production from the Puna Operations. In December 2007, the National Customs Authority of Argentina (Dirección Nacional de Aduanas) ("Customs") levied an export duty of approximately 10% from concentrate for projects with fiscal stability agreements pre-dating 2002 and Customs had asserted that the Puna Operations was subject to this duty. We had previously challenged the legality of the export duty applied to silver concentrate.

On March 31, 2017, we entered into the tax moratorium system in Argentina to resolve the export duty dispute. Under the conditions of the moratorium, which converted the export duty liability to ARS, we agreed to pay ARS 1,057,444,000 ($68,621,000 undiscounted) with a 5% down payment initially and the balance in installments over 60 months. Outstanding ARS amounts are subject to interest at a minimum rate of 1.5% per month.

With our entry into the tax moratorium for resolution of our export duty dispute, we are no longer challenging the legality of the application of the export duty other than with respect to our right for reimbursement of the $6,646,000 of export duty that we paid.

⁽²⁾  Our close down and restoration provision relates to the restoration and closure of our mining operations and exploration and evaluation assets (note 9).

SSR Mining Inc. Financial Statements Year-End 2018 | 39

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

13. PROVISIONS (Continued)

The changes in the close down and restoration provision during the years ended December 31, 2018 and December 31, 2017 were as follows:

	December 31, 2018		December 31, 2017
	$		$
Balance, beginning of year	58,330		63,909
Settled during the year	(852	)	(926	)
Accretion expense	3,459		3,380
Foreign exchange gain (loss)	(504	)	396
Revisions and new estimated cash flows	1,739		(8,429	)
Balance, end of year	62,172		58,330
Less: current portion	(211	)	(978	)
Non-current close down and restoration provision	61,961		57,352

Following notice of our intent to exercise our option on the Chinchillas project in 2017 (note 3), we re-assessed the estimated timing of reclamation cash flows for the Pirquitas property. The extension of the life of the Pirquitas plant has resulted in cash flows related to decommissioning the plant and reclamation of the mine site being extended out by approximately eight years. The impact was a reduction of our close down and restoration provision of $8,317,000, of which $8,458,000 recorded against the carrying value of the plant, and $141,000 was recognized as a benefit in the income statement as the associated mineral property asset had been fully depreciated.

Material provisions are calculated as the present value of estimated future net cash outflows based on the following key assumptions:

▪ Discount interest rates: Marigold mine 2.8% (2017 - 2.6%), Puna Operations 9.9% (2017 - 9.9%), Seabee Gold Operation 2.3% (2017 - 2.3%).

▪ Settlement of obligations are expected to occur over the next 20 years at the Marigold mine, 15 years at the Puna Operations and 11 years at the Seabee Gold Operation.

▪ A 1% change in the discount rate would increase or decrease the provision on a consolidated basis by approximately $5,559,000, while holding other assumptions consistent.

14. DEBT AND CREDIT FACILITY

a) Debt

We have $265,000,000 of senior convertible unsecured notes (the "Notes") outstanding. The Notes mature on February 1, 2033 and bear a contractual interest rate of 2.875% per annum, payable semi-annually in arrears on February 1 and August 1 of each year. The Notes are convertible into our common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur to us, holders of the Notes may be entitled to an increased conversion rate. The Notes are convertible into our common shares at an initial conversion rate of 50 common shares per $1,000 principal amount of Notes converted, representing an initial conversion price of $20.00 per common share.

At any time before February 1, 2020, we may redeem all or part of the Notes for cash, but only if the last reported sale price of our common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price. On or after February 1, 2020, we may redeem the Notes in full or in part, for cash.

Holders of the Notes have the right to require us to repurchase all or part of their Notes on February 1 of each of 2020, 2023 and 2028, or upon certain fundamental corporate changes. The repurchase price will be equal to 100% of the principal amount of the Notes being converted, plus accrued and unpaid interest to the repurchase date.

SSR Mining Inc. Financial Statements Year-End 2018 | 40

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

14. DEBT AND CREDIT FACILITY (Continued)

At initial recognition, the net proceeds of the Notes were bifurcated into their debt and equity components. The fair value of the debt portion of $178,358,000 was estimated using a discounted cash flow model method based on an expected life of seven years and a discount rate of 8.5%. The residual of $77,723,000 ($68,347,000 net of deferred tax) was allocated to equity.

The debt portion has been recorded at amortized cost, net of transaction costs, and is accreted over the expected life using the effective interest method. The movement in the debt portion of the Notes during the years ended December 31, 2018 and 2017 are comprised of the following:

	December 31, 2018		December 31, 2017
	$		$
Balance, beginning of year	236,358		223,211
Accretion of discount	14,371		13,147
Interest accrued in period	7,619		7,619
Interest paid	(7,619	)	(7,619	)
Balance, end of year	250,729		236,358
Accrued interest outstanding (note 12)	(3,178	)	(3,178	)
Non-current portion of Notes outstanding	247,551		233,180

b)Credit facility

On August 4, 2015, we entered into a $75,000,000 senior secured revolving credit facility (the "Credit Facility") with a syndicate of banks. The Credit Facility may be used for reclamation bonding, working capital and other general corporate purposes. During 2017 we extended the maturity of our Credit Facility to June 8, 2020, and concurrently reduced applicable margins, increased covenant flexibility and added a $25,000,000 accordion feature.

Amounts that are borrowed under the Credit Facility will incur variable interest at London Interbank Offered Rate plus an applicable margin ranging from 2.25% to 3.75% determined based on our net leverage ratio. The Credit Facility also provides for financial letters of credit at 66% of the applicable margin and undrawn fees are 25% of the applicable margin.

All debts, liabilities and obligations under the Credit Facility are guaranteed by our material subsidiaries and secured by certain of our assets, certain of our material subsidiaries, and pledges of the securities of our material subsidiaries. In connection with the Credit Facility, we must also maintain certain net tangible worth and ratios for interest coverage and net leverage. As at December 31, 2018 we were in compliance with these covenants.

As at December 31, 2018, we had utilized $8,000,000 (December 31, 2017 - $7,700,000) of the Credit Facility to support certain letters of credit.

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS

a)Authorized capital

We have unlimited authorized common shares with no par value.

During 2017, we implemented a new share compensation plan for stock options, performance share units and restricted share units with the first units being issued under the plan in 2018. The new plan provides for treasury settlement up to an aggregate total of 6.5% of our issued and outstanding common shares.

SSR Mining Inc. Financial Statements Year-End 2018 | 41

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)

b)Stock options

Our existing incentive plan, approved by our shareholders, under which options to purchase common shares may be granted to officers, employees and others at the discretion of the Board of Directors. The exercise price of each option is set at the date of grant and shall not be less than the closing market price of our stock on the award date. The options can be granted for a maximum term of 10 years with vesting provisions determined by the Board of Directors. Currently, the vesting periods range up to three years, and the term is seven years. New shares from treasury are issued on the exercise of stock options.

The changes in stock options issued during the years ended December 31, 2018 and December 31, 2017 are as follows:

	2018				2017
	Number of stock options		Weighted average exercise price (C$/option)		Number of stock options		Weighted average exercise price (C$/option)
Outstanding, beginning of year	2,976,360		9.35		3,038,707		8.52
Granted	668,664		11.84		489,305		12.50
Exercised	(899,050	)	(7.79	)	(440,317	)	(6.60	)
Expired	(56,700	)	(14.15	)	—		—
Forfeited	(50,525	)	(12.70	)	(111,335	)	(11.25	)
Outstanding, end of year	2,638,749		10.35		2,976,360		9.35

During the year ended December 31, 2018, options granted to officers and employees had exercise prices ranging from C$11.07 to C$13.39 (December 31, 2017 - C$12.01 to C$14.12) and expiry dates ranging from January 1, 2025 to April 1, 2025.

As of December 31, 2018, incentive stock options constitute 2.2% (2017 - 2.5%) of issued and outstanding common share capital. The aggregate intrinsic value of vested share options (market value less exercise price) at December 31, 2018 was $11,898,000 (December 31, 2017 - $4,076,000).

The weighted average fair value of stock options granted during the year ended December 31, 2018 and year ended December 31, 2017 were estimated to be C$5.06 and C$5.97 per stock option, respectively, at the grant date using the Black-Scholes option pricing model, based on the following assumptions:

Years ended December 31	2018	2017
Forfeiture rate (%)	3.0	3.0
Dividend yield (%)	—	—
Average risk-free interest rate (%)	1.88	1.00
Expected life (years)	4.2	4.2
Volatility (%)	55.8	60.9

Option pricing models require the input of highly subjective assumptions. The expected life of the options considered such factors as the average length of time similar option grants in the past have remained outstanding prior to exercise and the vesting period of the grants. Volatility was estimated based upon historical price observations over the expected term. Changes in the subjective input assumptions can materially affect the estimated fair value of the options.

The weighted average share price, at the date of grant, of stock options granted in 2018 was C$11.84 (2017 - C$12.50).

The weighted average share price at the date of the exercise of stock options in 2018 was C$14.13 (2017 - C$13.50).

SSR Mining Inc. Financial Statements Year-End 2018 | 42

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)

The following table summarizes information about stock options outstanding and exercisable at December 31, 2018:

	Stock options outstanding		Stock options exercisable
Exercise prices (C$)	Stock options outstanding	Weighted average remaining contractual life (years)	Stock options exercisable	Weighted average exercise price (C$/option)
3.30 - 7.02	321,592	2.5	321,592	5.83
7.03 - 7.36	630,045	3.4	401,717	7.19
7.37 - 11.95	700,836	4.3	324,536	9.05
11.96 - 24.41	986,276	3.7	443,859	15.56
	2,638,749	3.6	1,491,704	9.79

c)Deferred Share Units

Non-executive directors may elect to receive all or a portion of their annual compensation in the form of DSUs which are linked to the value of our common shares. DSUs are issued on a quarterly basis under the terms of the DSU Plan, at the market value of our common shares at the date of grant. DSUs vest immediately and are redeemable in cash on the date the director ceases to be our director.

Years ended December 31	2018		2017
	Number of DSUs		Number of DSUs
Outstanding, beginning of year	608,763		535,579
Granted	107,318		73,184
Redeemed	(182,383	)	—
Outstanding, end of year	533,698		608,763

DSUs granted in the year ended December 31, 2018 had a fair value of C$12.49 per unit (2017 - C$12.95). DSUs are cash-settled instruments and, therefore, the fair value of the outstanding DSUs at the end of each reporting period is recognized as an accrued liability with the associated compensation cost recorded in general and administrative expenses. As at December 31, 2018, the fair value was C$16.50 per unit (December 31, 2017 - C$11.07 per unit).

At December 31, 2018, an accrued liability of $6,455,000 (2017 - $5,372,000) was outstanding.

d) Restricted Share Units

RSUs are granted to employees based on the value of our share price at the date of grant. The awards have a graded vesting schedule over a three-year period. The terms of the plan provide the Board of Directors the discretion to elect to settle the units in either cash or shares.

To date, all RSUs have been cash-settled and, therefore, are recognized as a liability, with fair value remeasurement at each reporting period. The associated compensation cost is recorded in general and administrative expenses unless directly attributable to our operations, whereby it is included in cost of inventory, or exploration and evaluation costs.

SSR Mining Inc. Financial Statements Year-End 2018 | 43

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)

Years ended December 31	2018		2017
	Number of RSUs		Number of RSUs
Outstanding, beginning of year	541,006		704,055
Granted	322,935		242,565
Settled	(276,983	)	(313,003	)
Forfeited	(161,863	)	(92,611	)
Outstanding, end of year	425,095		541,006

RSUs granted in the year ended December 31, 2018 had a weighted average fair value of C$11.47 per unit (2017 - C$14.06 per unit). RSUs settled in the year ended December 31, 2018 were settled at a fair value of C$12.33 per unit (2017 - C$13.98). As at December 31, 2018, the fair value was C$16.50 per unit (December 31, 2017 - C$11.07 per unit).

At December 31, 2018, an accrued liability of $2,949,000 (2017 - $3,339,000) was outstanding.

e)     Performance Share Units

PSUs are granted to senior executives, and vest after a performance period of three years. The vesting of these awards is based on our total shareholder return in comparison to our peer group and awards vested range from 0% to 200% of initial PSUs granted. The terms of the plan provide the Board of Directors the discretion to elect to settle PSUs in either cash or shares.

To date, all PSUs have been cash-settled and, therefore, are recognized as a liability, with fair value remeasurement at each reporting period. The associated compensation cost is recorded in general and administrative expenses.

Years ended December 31	2018		2017
	Number of PSUs		Number of PSUs
Outstanding, beginning of year	391,432		524,550
Granted	174,900		159,850
Settled	(255,232	)	(190,000	)
Forfeited	—		(102,968	)
Outstanding, end of year	311,100		391,432

PSUs granted in the year ended December 31, 2018 had a weighted average fair value of C$10.72 per unit (2017 - C$12.62 per unit). PSUs settled in the year ended December 31, 2018 were settled at a value of C$23.09 per unit (December 31, 2017 - C$13.97). As at December 31, 2018, the estimated weighted average value was C$26.76 per unit (2017 - C$9.47 per unit).

At December 31, 2018, an accrued liability of $7,230,000 (2017 - $1,299,000) was outstanding.

SSR Mining Inc. Financial Statements Year-End 2018 | 44

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)

f)    Share-based compensation

Total share-based compensation, including all equity and cash-settled arrangements, for the years ended December 31, 2018 and 2017 has been recognized in the consolidated financial statements as follows:

Years ended December 31	2018	2017
	$	$
Equity-settled
Cost of inventory	160	190
General and administrative expense	1,958	1,988
Exploration, evaluation and reclamation expenses	39	41
Cash-settled
Cost of inventory	1,024	1,639
General and administrative expense	11,412	2,237
Exploration, evaluation and reclamation expenses	125	—
Total	14,718	6,095

16. OTHER RESERVES AND NON-CONTROLLING INTEREST

a) Reserves

	2018		2017
	$		$
Foreign currency translation reserve
At beginning of year	781		781
At end of year	781		781
Revaluation reserves
At beginning of year	3,353		(23,121	)
Gain on marketable securities at FVTOCI, net of tax	(37,686	)	25,948
Unrealized gain on effective portion of derivative, net of tax	(2,907	)	526
At end of year	(37,240	)	3,353
Share-based compensation reserve
At beginning of year	50,404		49,524
Stock options exercised	(2,864	)	(1,339	)
Share-based compensation	2,156		2,219
At end of year	49,696		50,404
Other
At beginning of year	(29,540	)	(28,198	)
Recognition of joint venture	—		(1,342	)
At end of year	(29,540	)	(29,540	)
Total other reserves at December 31	(16,303	)	24,998

SSR Mining Inc. Financial Statements Year-End 2018 | 45

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

16. OTHER RESERVES AND NON-CONTROLLING INTEREST (Continued)

b) Non-controlling Interest

	2018		2017
	$		$
At beginning of year	23,043		—
Recognition of non-controlling interest	—		18,573
Funding from non-controlling interest	15,196		2,320
Total comprehensive (loss) income for the year attributable to non-controlling interest	(6,410	)	2,150
Total non-controlling interest at December 31	31,829		23,043

17. REVENUE

Years ended December 31	2018		2017
	$		$
Gold doré and bullion sales	365,996		358,790
Concentrate sales	57,461		88,823
Other revenue	(2,782	)	1,160
	420,675		448,773

18. OPERATING COSTS BY NATURE

a)Cost of sales

Years ended December 31	2018	2017
	$	$
Cost of inventory	245,111	242,998
Depletion, depreciation and amortization	98,719	102,416
Moratorium (settlement) (note 13)	—	(4,303	)
(Recovery) of inventory provision (note 7)	—	(5,710	)
Restructuring costs	—	109
	343,830	335,510

SSR Mining Inc. Financial Statements Year-End 2018 | 46

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

18. OPERATING COSTS BY NATURE (Continued)

b)General and administrative expenses

Years ended December 31	2018	2017
	$	$
Salaries and benefits	12,157	9,029
Share-based compensation	13,371	4,225
Consulting and professional fees	3,036	2,288
Travel expense	1,044	562
Rent expense	842	703
Insurance expense	676	569
Computer expenses	668	789
Depreciation and amortization	194	202
Shareholder and investor relations	99	323
Listing and filing fees	249	251
Directors fees and expenses	347	227
Other expenses	258	1,139
	32,941	20,307

19. FINANCE INCOME AND EXPENSES

a)Interest earned and other finance income

Years ended December 31	2018	2017
	$	$
Interest earned	9,219	4,132
Accretion income on deferred consideration	2,542	1,998
Total interest earned and other finance income	11,761	6,130

b)Interest expense and other finance expenses

Years ended December 31	2018		2017
	$		$
Interest expense on convertible notes (note 14)	(7,619	)	(7,619	)
Accretion expense on convertible notes (note 14)	(14,371	)	(13,147	)
Accretion of close down and restoration provision (note 13)	(3,459	)	(3,380	)
Interest on moratorium	(6,212	)	(7,616	)
Other finance expenses	(1,969	)	(3,108	)
Total interest expense and other finance expenses	(33,630	)	(34,870	)

SSR Mining Inc. Financial Statements Year-End 2018 | 47

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

20. OTHER (EXPENSES) INCOME

Years ended December 31	2018		2017
	$		$
Loss on disposal of plant and equipment	(5,344	)	(3,068	)
Expense related to the premium paid for shares over the prevailing market price	(2,782	)	—
Write-down of mineral properties	—		(906	)
Royalty income	—		1,417
Other	(1,023	)	(510	)
	(9,149	)	(3,067	)

21. INCOME PER SHARE

The calculations of basic and diluted income per share for the years ended December 31, 2018 and 2017 are based on the following:

Years ended December 31	2018			2017
	$			$
(Loss) Income for the year	(31		)	71,466
Non-controlling interest	(6,410		)	2,150
Income attributable to equity holders of SSR Mining used in the calculation of income per share	6,379			69,316
Weighted average number of common shares issued (thousands)	120,137			119,593
Adjustments for dilutive instruments:
Stock options (thousands)	1,217			1,088
Weighted average number of common shares for diluted income per share (thousands)	121,354			120,681
Basic income per share		$0.05			$0.58
Diluted income per share		$0.05			$0.57

SSR Mining Inc. Financial Statements Year-End 2018 | 48

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

22. OPERATING SEGMENTS

We are a resource company focused on the operation, acquisition, exploration and development of precious metal resource properties located in the Americas.

An operating segment is defined as a component:

▪ that engages in business activities from which it may earn revenues and incur expenses;

▪ whose operating results are reviewed regularly by the entity’s chief operating decision maker; and

▪ for which discrete financial information is available.

We have identified operating segments based on the information used by our President and Chief Executive Officer (who is considered to be the chief operating decision maker) to manage the business. We primarily manage our business by looking at individual resource projects and typically segregate these projects between production, development and exploration.

For reporting purposes, exploration and evaluation projects have been aggregated into a single reportable segment as they all have similar characteristics and do not exceed the quantitative thresholds for individual disclosure. We have assessed that all exploration and evaluation segments have similar characteristics as they are engaged in similar activities (mineral exploration) and none of the segments are income-producing.

Our three operating properties, the Marigold mine, the Seabee Gold Operation and the Puna Operations, are considered as individual operating segments which derive their revenues from the sale of precious and other metals. The corporate division earns income that is considered incidental to our activities and therefore does not meet the definition of an operating segment. Consequently, the following reporting segments have been identified:

▪Marigold mine;

▪Seabee Gold Operation;

▪Puna Operations; and

▪Exloration, evaluation and development properties.

SSR Mining Inc. Financial Statements Year-End 2018 | 49

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

22. OPERATING SEGMENTS (Continued)

The following is a summary of the reported amounts of income or loss, and the carrying amounts of assets and liabilities by operating segment:

Year ended and at December 31, 2018	Marigold mine		Seabee Gold Operation		Puna Operations (1)		Exploration, evaluation and development properties		Other reconciling items (2)		Total
	$		$		$		$		$		$
Revenue	250,341		115,655		54,679		—		—		420,675
Cost of inventory	(143,380	)	(46,054	)	(55,677	)	—		—		(245,111	)
Depletion, depreciation and amortization	(56,748	)	(38,818	)	(3,153	)	—		—		(98,719	)
Cost of sales	(200,128	)	(84,872	)	(58,830	)	—		—		(343,830	)
Income from mine operations	50,213		30,783		(4,151	)	—		—		76,845
Exploration, evaluation and reclamation expenses	(769	)	(7,703	)	919		(2,857	)	(3,599	)	(14,009	)
Operating income (loss)	43,399		20,657		(8,457	)	(2,801	)	(22,903	)	29,895
Income (loss) before income tax	26,239		20,204		(9,066	)	(2,751	)	(26,536	)	8,090
Total assets	478,187		448,891		185,298		71,830		336,932		1,521,138
Non-current assets	235,242		321,802		121,890		69,263		26,498		774,695
Total liabilities	(79,210	)	(93,017	)	(62,243	)	(6,330	)	(274,362	)	(515,162	)

Year ended and at December 31, 2017	Marigold mine		Seabee Gold Operation		Puna Operations (1)		Exploration, evaluation and development properties		Other reconciling items (2)		Total
	$		$		$		$		$		$
Revenue	250,825		108,334		89,614		—		—		448,773
Cost of inventory	(129,176	)	(51,683	)	(62,139	)	—		—		(242,998	)
Depletion, depreciation and amortization	(54,983	)	(40,375	)	(7,058	)	—		—		(102,416	)
Export duties reversal (note 13)	—		—		4,303		—		—		4,303
Restructuring costs (note 18)	—		—		(109	)	—		—		(109	)
Inventory (provision) reversal (note 7)	—		(632	)	6,342		—		—		5,710
Cost of sales	(184,159	)	(92,690	)	(58,661	)	—		—		(335,510	)
Income from mine operations	66,666		15,644		30,953		—		—		113,263
Exploration, evaluation and reclamation expenses	(1,875	)	(5,050	)	(324	)	(8,357	)	(375	)	(15,981	)
Impairment reversal (note 9)	—		—		24,357		—		—		24,357
Operating income (loss)	64,935		10,594		52,788		(8,360	)	(18,625	)	101,332
Income (loss) before income tax	63,959		10,126		46,379		(14,840	)	(31,037	)	74,587
Total assets	436,815		418,210		200,590		72,825		409,014		1,537,454
Non-current assets	222,800		346,647		77,112		71,782		798		719,139
Total liabilities	(73,526	)	(92,050	)	(77,850	)	(6,496	)	(263,604	)	(513,526	)

⁽¹⁾  Following the formation of the Puna Operations joint venture in 2017, the Pirquitas property was combined with the Chinchillas project into the Puna Operations operating segment and the segment has been amended accordingly. We consolidate Puna Operations which includes non-controlling interest portion of revenues, and income (loss) from mine operations for the year ended December 31, 2018 of $13,077,000 and $(1,243,000), respectively, (2017: $12,361,000 and $4,039,000)

⁽²⁾  Other reconciling items refer to items that are not reported as part of segment performance as they are managed on a corporate basis.

SSR Mining Inc. Financial Statements Year-End 2018 | 50

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

22. OPERATING SEGMENTS (Continued)

Revenue by product

Our Marigold mine and Seabee Gold Operation produce gold in doré form. This is unrefined gold bullion bars usually consisting of in excess of 90% gold that is refined to pure gold bullion prior to sale to our customers, which are typically bullion banks.

Puna Operations produces silver, zinc and lead concentrates, which are sold to smelters or traders for further refining. During 2018, one customer accounted for 51% (2017 - 7%) of our concentrate revenue.

Years ended December 31	2018	2017
	%	%
Gold	87	80
Silver	12	20
Zinc	1	—
Lead	—	—

Non-current assets by location

	December 31, 2018	December 31, 2017
	$	$
Canada	357,783	348,455
United States	236,054	224,612
Argentina	113,534	79,250
Mexico	66,749	66,131
Other	575	691
Total	774,695	719,139

SSR Mining Inc. Financial Statements Year-End 2018 | 51

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

23. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Our financial instruments include cash and cash equivalents, trade receivables, marketable securities, other financial assets, trade and other payables, moratorium and our Notes.

a)Financial assets and liabilities by category

At December 31, 2018	Amortized cost	FVTPL	FVTOCI	Total
	$	$	$	$
Financial assets
Cash and cash equivalents (note 4)	—	419,212	—	419,212
Trade receivables (1) (note 5)	—	11,287	—	11,287
Marketable securities (note 6)	—	—	29,542	29,542
Other financial assets (note 8)	25,172	3,711	—	28,883
Total financial assets	25,172	434,210	29,542	488,924
Financial liabilities
Trade and other payables	54,118	15,885	—	70,003
Non-current portion of debt (note 14(a))	247,551	—	—	247,551
Total financial liabilities	301,669	15,885	—	317,554

At December 31, 2017	Amortized cost	FVTPL	FVTOCI	Total
	$	$	$	$
Financial assets
Cash and cash equivalents (note 4)	—	459,864	—	459,864
Trade receivables  (1) (note 5)	—	14,848	—	14,848
Marketable securities (note 6)	—	—	114,001	114,001
Other financial assets (note 8)	14,773	7,626	—	22,399
Total financial assets	14,773	482,338	114,001	611,112
Financial liabilities
Trade and other payables	45,759	10,009	—	55,768
Non-current portion of debt (note 14(a))	233,180	—	—	233,180
Total financial liabilities	278,939	10,009	—	288,948

⁽¹⁾  Certain trade receivables are classified as FVTPL due to the derivative identified through provisional pricing arrangements discussed in note 2(f).

SSR Mining Inc. Financial Statements Year-End 2018 | 52

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

23. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

b)Fair value of financial instruments

	December 31, 2018				December 31, 2017
	Carrying value		Fair value		Carrying value		Fair value
	$		$		$		$
Trade receivables	11,287		11,287		14,848		14,848
Marketable securities (note 6)	29,542		29,542		114,001		114,001
Other financial assets (note 8)	28,883		28,883		22,399		22,399
Non-current portion of debt (note 14(a)) (1)	(247,551	)	(263,675	)	(233,180	)	(259,578	)
	(177,839	)	(193,963	)	(81,932	)	(108,330	)

(1)The fair value of the Notes includes both the debt and equity components.

The carrying values of cash and cash equivalents and trade and other payables approximate their fair values due to their short maturity.

Fair value hierarchy

Assets and liabilities that are held at fair value are categorized based on a valuation hierarchy which is determined by the valuation methodology utilized:

	Fair value at December 31, 2018
	Quoted prices in active market (1)		Significant other observable inputs (2)		Significant unobservable inputs (3)	Total
	$		$		$	$
Recurring measurements
Trade receivables	—		11,287		—	11,287
Marketable securities (note 6)	29,542		—		—	29,542
Other financial assets	—		—		3,711	3,711
Accrued liabilities	—		(16,649	)	—	(16,649	)
	29,542		(5,362	)	3,711	27,891
Fair values disclosed
Convertible notes	(263,675	)	—		—	(263,675	)
	(263,675	)	—		—	(263,675	)

SSR Mining Inc. Financial Statements Year-End 2018 | 53

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

23. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

	Fair value at December 31, 2017
	Quoted prices in active market (1)		Significant other observable inputs (2)		Significant unobservable inputs (3)	Total
	$		$		$	$
Recurring measurements
Trade receivables	—		14,848		—	14,848
Marketable securities (note 6)	114,001		—		—	114,001
Other financial assets	—		—		6,338	6,338
Derivative assets	—		1,287		—	1,287
Accrued liabilities	—		(10,009	)	—	(10,009	)
	114,001		6,126		6,338	126,465
Non-recurring measurement
Deferred consideration	—		—		7,399	7,399
	—		—		7,399	7,399
Fair values disclosed
Convertible notes	(259,578	)	—		—	(259,578	)
	(259,578	)	—		—	(259,578	)

⁽¹⁾ Marketable securities of publicly quoted companies, consisting of FVTOCI investments are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. The fair value disclosed for our Notes is also included in Level 1, as the basis of valuation uses a quoted price in an active market.

⁽²⁾ Trade receivables from provisional invoices are included in Level 2 as the basis of valuation uses quoted commodity forward prices. Accrued liabilities relating to DSUs, RSUs, and PSUs and derivative assets and liabilities are included in Level 2 as the basis of valuation uses quoted prices in active markets.

⁽³⁾ Certain items of deferred consideration from the sale of exploration and evaluation assets (note 8) is included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data as detailed in note 2(r)(v). During the year ended December 31, 2018, we transferred $nil from Level 3 to Level 1. During 2017, we transferred $2,057,000 from Level 3 to Level 1 following the reverse take-over ("RTO") of Huayra Minerals Corporation ("HMC") the shares of a previously private company that we classified as Level 3 became publicly traded as AbraPlata Resource Corp. and the fair value is now based upon observable market data (note 8).

24. FINANCIAL RISK MANAGEMENT

We are exposed to a variety of financial risks as a result of our operations, including market risk (which includes price risk, currency risk and interest rate risk), credit risk and liquidity risk. Our overall risk management strategy seeks to reduce potential adverse effects on our financial performance. Risk management is carried out under policies approved by our Board of Directors.

We may, from time to time, use foreign exchange contracts, commodity price contracts, equity hedges and interest rate swaps to manage our exposure to fluctuations in foreign currency, metal and energy prices, marketable securities values and interest rates. We do not have a practice of trading derivatives. Our use of derivatives is limited to specific programs to manage fluctuations in foreign exchange, diesel prices and marketable securities risks, which are subject to the oversight of our Board of Directors.

The risks associated with our financial instruments, and the policies on how we mitigate those risks are set out below. This is not intended to be a comprehensive discussion of all risks.

SSR Mining Inc. Financial Statements Year-End 2018 | 54

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

24. FINANCIAL RISK MANAGEMENT (Continued)

a)Market Risk

This is the risk that the fair values of financial instruments will fluctuate owing to changes in market prices. The significant market risks to which we are exposed are price risk, currency risk and interest rate risk.

(i)  Price Risk

This is the risk that the fair values or future cash flows of our financial instruments will fluctuate because of changes in market prices. Income from mine operations in the next year depends on the metal prices for gold and silver, lead and zinc and also prices of input commodities such as diesel. These prices are affected by numerous factors that are outside of our control, such as:

▪ global or regional consumption patterns;

▪ the supply of, and demand for, these commodities;

▪ speculative activities;

▪ the availability and costs of substitutes;

▪ inflation; and

▪ political and economic conditions, including interest rates and currency values.

The principal financial instruments that we hold which are impacted by commodity prices are our silver concentrate trade receivables. The majority of our sales agreements are subject to pricing terms that settle within one to three months after delivery of concentrate, and this adjustment period represents our trade receivable exposure to variations in commodity prices.

We have not hedged the price of any metal as part of our overall corporate strategy.

We hedge a portion of our diesel consumption with the objective of securing future costs. We executed swap and option contracts under a risk management policy approved by our Board of Directors. In addition, due to the ice road supply at the Seabee Gold Operation, we purchase annual consumable supplies in advance at prices which are generally fixed at time of purchase, not during period of use.

A 10% increase or decrease in the silver prices as at December 31, 2018, with all other variables held constant, would have resulted in a $891,000 (December 31, 2017 - $987,000) increase or decrease to our trade receivables and after-tax net income.

As we do not have trade receivables for gold sales, movements in gold prices will not impact the value of any financial instruments.

The costs relating to our production activities vary depending on market prices on mining consumables including diesel fuel and electricity.

During 2018, under our risk management policy we have used swaps and options to manage a portion of our cost of diesel.

SSR Mining Inc. Financial Statements Year-End 2018 | 55

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

24. FINANCIAL RISK MANAGEMENT (Continued)

Marigold Mine

Our instruments are based on the ultra low sulphur Gulf Coast diesel index for diesel consumed at the Marigold mine. As at December 31, 2018, the spot price of diesel was $1.56/gallon and we have hedged the following future anticipated usage at the Marigold mine:

	2019		2020
Gallons hedged (in thousands)	5,364		3,600
Estimated usage	52.6	%	35.3	%
Floor price ($/gallon)	1.70		1.75
Cap price ($/gallon)	2.34		2.36

For the year ended December 31, 2018, for the Marigold mine we had a mark-to-market loss of $1,544,000 (2017 - gain of $117,000) on outstanding diesel fuel hedges recognized in other comprehensive income. As and when it is determined to be favourable, we may execute additional diesel fuel hedges under our risk management policy.

Seabee Gold Operation

Our instruments are based on the US New York Harbourdiesel index for diesel consumed at the Seabee Gold Operation. As at December 31, 2018, the spot price of diesel was $0.44/litre and we have hedged the following future anticipated usage at the Seabee mine:

	2019		2020
Litres hedged (in thousands)	3,188		—
Estimated usage	75	%	—
Floor price ($/litre)	0.46		—
Cap price ($/litre)	0.55		—

For the year ended December 31, 2018, for the Seabee Gold Operation we had a mark-to-market loss of $144,000(December 31, 2017 - $Nil) on outstanding diesel fuel hedges recognized in other comprehensive income. As and when it is determined to be favourable, we may execute additional diesel fuel hedges under our risk management policy.

We hold certain investments in marketable securities which are measured at fair value, being the closing price of each equity investment at the balance sheet date. We are exposed to changes in share prices which would result in gains and losses being recognized in OCI. A 10% change in prices would have a $2,555,000 impact on total comprehensive income at December 31, 2018 (December 31, 2017 - $9,861,000). We did not hedge any securities in 2018 or 2017.

SSR Mining Inc. Financial Statements Year-End 2018 | 56

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

24. FINANCIAL RISK MANAGEMENT (Continued)

(ii)  Currency Risk

Currency risk is the risk that the fair values or future cash flows of our financial instruments and other assets and liabilities will fluctuate because of changes in foreign currency rates. Our financial instruments are exposed to currency risk where those instruments are denominated in currencies that are not the same as the functional currency of the entity that holds them; exchange gains and losses in these situations impact earnings.

The following are the most significant areas of exposure to currency risk, shown in thousands of U.S. dollars:

	December 31, 2018
	Canadian dollar		Argentine peso
Cash	7,982		1,604
Value added tax receivable	145		17,039
Trade and other payables (excluding VAT and income taxes)	(22,974	)	(9,908	)
Provisions	—		(19,056	)
Total	(14,847	)	(10,321	)

	December 31, 2017
	Canadian dollar		Argentine peso
Cash	5,342		17,223
Value added tax receivable	206		12,242
Other financial assets	200		884
Trade and other payables (excluding VAT and income taxes)	(17,017	)	(5,021	)
Provisions	—		(47,287	)
Total	(11,269	)	(21,959	)

We monitor and manage this risk with the objective of ensuring our company-wide exposure to negative fluctuations in currencies against the U.S. dollar is managed.

Over the course of 2018, ARS continued to devalue by approximately 102% compared to 17% in 2017. Following our entry into the moratorium in Argentina in 2017, our U.S. dollar export duty provision was converted into an Argentine peso liability (note 13). Correspondingly, we now have a net Argentine peso liability position which has resulted in foreign exchange gains as a result of the devaluation of the Argentine peso.

The Canadian dollar was relatively stable through most of 2018, ending the year having depreciated by8.7% (2017 - appreciated by 7%) and closing at $1.36 Canadian dollar per $1.00 U.S. dollar. This has negatively impacted the value of our marketable securities and our Canadian dollar cash, while having a marginally positive impact on our Canadian operating costs and liabilities in U.S. dollar terms.

SSR Mining Inc. Financial Statements Year-End 2018 | 57

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

24. FINANCIAL RISK MANAGEMENT (Continued)

The acquisition of the Seabee Gold Operation in 2016 materially increased our exposure to Canadian dollar operating and capital costs. Under our risk management policy, we have entered into options to manage this exposure. As at December 31, 2018, we had the following hedge positions outstanding:

	2019		2020
Notional amount (in thousands of Canadian dollars)	54,140		30,000
Estimated usage	71.2	%	40.3	%
Floor level (Canadian dollars per $1 U.S. dollar)	1.2500		1.2614
Cap level (Canadian dollars per $1 U.S. dollar)	1.3348		1.3710

For the year ended December 31, 2018, we had a mark-to-market loss of $1,572,000 (2017 - gain of $412,000) on outstanding hedges recognized in other comprehensive income.

A 10% increase or decrease in the U.S. dollar exchange rate, as at December 31, 2018 and December 31, 2017, on financial assets and liabilities denominated in the following currencies, with all other variables held constant, would have resulted in the following impact to our total comprehensive income for the years ended December 31, 2018 and December 31, 2017, respectively:

Years ended December 31	2018	2017
	$	$
Canadian dollar	1,084	701
Argentine peso	715	1,460

(iii)  Interest Rate Risk

Interest rate risk is the risk that the fair values or future cash flows of our financial instruments will fluctuate because of changes in market interest rates. Interest rate risk arises from the interest rate impact on our cash and cash equivalents and our moratorium liability because these are the only financial instruments we hold that are impacted by interest based on variable market interest rates. The Notes have a fixed interest rate and are not exposed to fluctuations in interest rates. A change in interest rates would impact the fair value of the Notes, but because we record the Notes at amortized cost, there would be no impact on our financial results. We monitor our exposure to interest rates closely and have not entered into any derivative contracts to manage our risk.

The resolution of the moratorium in Argentina in 2017 increased our exposure to this risk as the outstanding liability incurs interest based on variable rates with a floor of 1.5% per month.

As at December 31, 2018, the weighted average interest rate earned on our cash and cash equivalents was 2.4%(December 31, 2017 - 0.97%). With other variables unchanged, a 1% change in the annualized interest rate would impact after-tax net income by $3,372,000 (2017 - $2,368,000).

b)Credit Risk

Credit risk is the risk that a third party might fail to discharge its obligations under the terms of a financial contract. Our credit risk is limited to the following instruments:

(i) Credit risk related to financial institutions and cash deposits

Under our investment policy, investments are made only in highly-rated financial institutions and corporate and government securities. We diversify our holdings and consider the risk of loss associated with investments to be low.

SSR Mining Inc. Financial Statements Year-End 2018 | 58

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

24. FINANCIAL RISK MANAGEMENT (Continued)

(ii) Credit risk related to trade receivables

We are exposed to credit risk through our trade receivables on concentrate sales, which are principally with internationally-recognized counterparties. Payments of receivables are scheduled, routine and received within a contractually agreed time frame. We manage this risk by requiring provisional payments of at least 75% of the value of the concentrate shipped and through utilizing multiple counterparties.

(iii) Credit risk related to other financial assets

Our credit risk with respect to other financial assets includes deferred consideration following the sales of various mineral properties and our loan receivable from our joint venture partner. We have security related to these payments in the event of default.

We also have credit risk through our significant VAT receivables and Puna credits balance that is collectible from the government of Argentina. The balance is expected to be recoverable in full, however due to legislative rules and the complex collection process, a significant portion of the asset is classified as non-current until government approval of the recovery claim is approved.

Our maximum exposure to credit risk as at December 31, 2018 and December 31, 2017 was as follows:

	December 31, 2018	December 31, 2017
	$	$
Cash and cash equivalents	419,212	459,864
Value added tax receivable	18,802	13,755
Trade receivables and other assets	11,287	14,848
Other financial assets	28,883	22,399
	478,184	510,866

At December 31, 2018, no amounts were held as collateral except those discussed above related to other financial assets.

c)Liquidity Risk

Liquidity risk is the risk that we will not be able to meet our obligations under our financial instruments as they fall due. We manage our liquidity risk through a rigorous planning and budgeting process, which is reviewed and updated on a regular basis, to help determine the funding requirements to support our current operations, expansion and development plans, and by managing our capital structure as described in note 24(d). Our objective is to ensure that there are sufficient committed financial resources to meet our business requirements for a minimum of twelve months.

To supplement corporate liquidity, we have a Credit Facility (note 14(b)) of which we utilized $8,000,000 (December 31, 2017 - $7,700,000) to secure certain letters of credit.

In addition, we use surety bonds to support certain environmental bonding obligations. As at December 31, 2018, we had surety bonds totaling $54,053,000 outstanding (December 31, 2017 - $61,186,000).

SSR Mining Inc. Financial Statements Year-End 2018 | 59

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

24. FINANCIAL RISK MANAGEMENT (Continued)

The following is a maturity profile of financial liabilities and moratorium commitments presenting undiscounted cash flows to the contractual maturity date:

	Payments due by period (as at December 31, 2018)					At December 31, 2017
	Less than one year	1 - 3 years	4-5 years	After 5 years	Total	Total
	$	$	$	$	$	$
Trade and other payables	70,003	—	—	—	70,003	52,590
Moratorium	4,570	14,487	—	—	19,057	46,037
Notes (i)	—	265,000	—	—	265,000	265,000
Interest on convertible notes (i)	7,619	3,809	—	—	11,428	19,047
Total contractual obligations	82,192	283,296	—	—	365,488	382,674

⁽ⁱ⁾  The Notes mature in 2033 but are redeemable in part or in full at the option of the holder on February 1 at each of 2020, 2023, and 2028, or upon fundamental corporate changes. They are also redeemable by us in part or in full on and after February 1, 2018 (note 14).

In our opinion, working capital at December 31, 2018 together with future cash flows from operations are sufficient to support our commitments through 2019.

d)Capital management

Our objectives when managing capital are:

▪ to safeguard our ability to continue as a going concern in order to develop and operate our current projects and pursue strategic growth initiatives; and

▪ to maintain a flexible capital structure which lowers the cost of capital.

In assessing our capital structure, we include in our assessment the components of shareholders’ equity and our Notes. In order to facilitate the management of capital requirements, we prepare annual expenditure budgets and continuously monitor and review actual and forecasted cash flows. The annual and updated budgets are monitored and approved by the Board of Directors.

To maintain or adjust the capital structure, we may, from time to time, issue new shares, issue new debt, repay debt or dispose of non-core assets. We expect our current capital resources will be sufficient to carry out our exploration plans and support operations through the current operating period.

As of December 31, 2018, we were in compliance with our externally-imposed financial covenants in relation to the Credit Facility (note 14(b)). Our Notes (note 14) do not contain any financial covenants.

SSR Mining Inc. Financial Statements Year-End 2018 | 60

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

25. RELATED PARTY TRANSACTIONS

a)Key management compensation

Key management includes our directors (executive and non-executive) and other key officers, including the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer. The compensation paid or payable to key management for employee services is shown below:

Years ended December 31	2018	2017
	$	$
Salaries and other short-term employee benefits	2,589	2,240
Post-employment benefits	83	30
Termination benefits	1,379	—
Share-based compensation (i)	10,819	3,176
Total compensation	14,870	5,446

⁽ⁱ⁾  Share-based compensation includes mark-to-market adjustments on cumulative DSU and PSU positions as reported in the consolidated statements of (loss) income.

b)Principal Subsidiaries

The consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, the most significant as at December 31, 2018 of which are presented in the following table:

Subsidiary	Location	Ownership	Principal project or purpose
Marigold Mining Company	USA	100%	Marigold
SGO Mining Inc. (formerly Claude Resources Inc.)	Canada	100%	Seabee Gold Operation
Puna Operations Inc.	Canada	75%	Puna Operations
SSR Durango, S.A. de C.V.	Mexico	100%	Pitarrilla
Intertrade Metals Limited Partnership	Canada	100%	Sales and marketing

26. SUPPLEMENTAL CASH FLOW INFORMATION

Changes in working capital items during the years ended December 31, 2018 and 2017 are as follows:

Years ended December 31	2018		2017
	$		$
Trade and other receivables	(4,234	)	23,232
Inventory	(40,144	)	(10,973	)
Trade and other payables	18,753		(10,117	)
Provisions	(5,309	)	(7,028	)
	(30,934	)	(4,886	)

SSR Mining Inc. Financial Statements Year-End 2018 | 61

Notes to the Consolidated Financial Statements

SSR Mining Inc.

(tabular amounts expressed in thousands of United States dollars unless otherwise stated)

26. SUPPLEMENTAL CASH FLOW INFORMATION (Continued)

Other adjustments for non-cash income statement items during the years ended December 31, 2018 and 2017 are as follows:

Years ended December 31	2018	2017
	$	$
Share-based payments	2,157	2,219
Export duty adjustment in cost of sales	—	(4,303	)
Change in estimate of close down and restoration provision	1,580	141
Write down of fixed assets	2,771	1,719
Other	375	3,834
	6,883	3,610

During the years ended December 31, 2018 and 2017, we conducted the following non-cash investing and financing transactions:

Years ended December 31	2018		2017
	$		$
Marketable securities received for sale of exploration and evaluation assets (note 6)	1,751		992
Transfer of share-based payment reserve upon exercise of stock options	(2,864	)	(1,339	)
Acquisition of Chinchillas mineral property (note 3)	—		28,839

SSR Mining Inc. Financial Statements Year-End 2018 | 62

EX-99.2

MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2018

SSR Mining Inc. MD&A Year-End 2018 | 1

CONTENTS
1	Fourth Quarter and Full Year 2018 Highlights
2	Outlook
3	Business Overview
4	Results of Operations
5	Review of Projects and Mineral Reserves and Mineral Resources
6	Review of Annual Financial Results
7	Quarterly Financial Review
8	Financial Instruments and Related Risks
9	Risks and Uncertainties
10	Non-GAAP Financial Measures
11	Critical Accounting Policies and Estimates
12	Internal Control over Financial Reporting and Disclosure Controls and Procedures
13	Cautionary Notes Regarding Forward-Looking Statements and Mineral Reserves and Mineral Resources Estimates

SSR Mining Inc. MD&A Year-End 2018 | 2

Management's Discussion and Analysis of the Financial Position and Results of Operations for the Year Ended December 31, 2018

This Management's Discussion and Analysis ("MD&A") is intended to supplement the audited consolidated financial statements of SSR Mining Inc., formerly Silver Standard Resources Inc., ("SSR Mining", "the Company", "we", "us" or "our") for the year ended December 31, 2018, and the related notes thereto, which have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board ("IFRS").

All figures are expressed in U.S. dollars except where otherwise indicated. This MD&A has been prepared as of February 21, 2019, and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2018.

Additional information, including our most recent Annual Information Form and Annual Report on Form 40-F is available on SEDAR at www.sedar.com, and on the EDGAR section of the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov.

This MD&A contains "forward-looking statements" that are subject to risk factors set out in a cautionary note contained in Section 13. We use certain non-GAAP financial measures in this MD&A which are described in Section 10. We use Mineral Reserves and Mineral Resources classifications in this MD&A, which differ significantly from the classifications required by the SEC as set out in the cautionary note contained in Section 13.

1.FOURTH QUARTER AND FULL YEAR 2018 HIGHLIGHTS

▪ Achieved annual production and cost guidance: Achieved initial guidance for the seventh consecutive year by delivering gold equivalent production of over 345,000 ounces at cash costs of $736 per payable gold equivalent ounce sold.

▪ Continued our track record of Mineral Reserves growth: Successful exploration activities in 2018 increased gold Mineral Reserves at the Marigold mine to 3.3 million ounces and at the Seabee Gold Operation to 608,000 ounces.

▪ Delivered record annual gold production at Seabee: The operation achieved its fifth consecutive annual production record, producing 95,602 ounces of gold, exceeding the top end of our upwardly revised annual guidance. Annual cash costs were $505 per payable ounce of gold sold.

▪ Strong operating performance at Marigold:Deliveredquarterly gold production of 54,306 ounces, resulting in annual production of 205,161 ounces of gold. Reported annual cash costs of $723 per payable ounce of gold sold, at the lower end of our improved guidance.

▪ Delivered updated Marigold life of mine plan: Released updated plan on June 18, 2018, outlining a ten-year mine life, 30% growth in production through 2021, and robust economics.

▪ Declared commercial production at Chinchillas:The mine achieved commercial production on December 1, 2018, marking a major milestone as we reached sustainable ore delivery from the Chinchillas mine to the Pirquitas plant. In December 2018, the Pirquitas mill operated at 3,605 tpd, processing exclusively Chinchillas ore.

▪ Investment in high-grade Las Chispas project: In the fourth quarter we purchased 9.7% of the issued and outstanding common shares of SilverCrest Metals Inc. for $23 million. SilverCrest's Las Chispas project represents exposure to an exciting high-grade development project with exploration upside in a favourable mining jurisdiction and compelling near-term development catalysts.

▪ Balance sheet remains strong: Cash and marketable securities totaled $449 million at year-end 2018 after project development and investments for 2019 growth and beyond.

SSR Mining Inc. MD&A Year-End 2018 | 3

2.OUTLOOK

This section of the MD&A provides management's production, cost, capital, exploration and development expenditure estimates for 2019. These are “forward-looking statements” and subject to the cautionary note regarding the risks associated with forward-looking statements contained in Section 13. Cash costs per payable ounce of gold and silver sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 10.

For the full year 2019, we expect:

Operating Guidance		Marigold mine	Seabee Gold Operation	Puna Operations (75% interest) (4)
Gold Production	oz	200,000 - 220,000	95,000 - 110,000	—
Silver Production (Attributable)	Moz	—	—	6.0 - 7.0 (4.5 - 5.3)
Lead Production (Attributable)	Mlb	—	—	20.0 - 26.0 (15.0 - 19.5)
Zinc Production (Attributable)	Mlb	—	—	15.0 - 20.0 (11.3 - 15.0)
Cash Costs per Payable Ounce Sold (1)	$/oz	750 - 790	525 - 555	8.00 - 10.00
Sustaining Capital Expenditures (2)	$M	35	25	12
Capitalized Stripping / Capitalized Development	$M	20	12	20
Exploration Expenditures (3)	$M	7.5	6	1

⁽¹⁾  We report the non-GAAP financial measure of cash costs per payable ounce of gold and silver sold to manage and evaluate operating performance at the Marigold mine, the Seabee Gold Operation and Puna Operations. See “Non-GAAP Financial Measures” in Section 10.

⁽²⁾  Sustaining capital expenditures for Puna Operations exclude initial capital expenditures related to the development of the Chinchillas project.

⁽³⁾  Includes capitalized and expensed exploration expenditures.

⁽⁴⁾  Shown on a 100% basis unless otherwise indicated by "attributable" which is shown on a 75% basis.

Based on the mid-points of guidance, on a consolidated basis we expect to produce 395,000 gold equivalent ounces in 2019 at gold equivalent cash costs of $700 per ounce. On an attributable basis we expect to produce 375,000 gold equivalent ounces in 2019 at gold equivalent cash costs of $700 per ounce based on the mid-points of guidance.

At the Marigold mine, gold production is expected to increase in 2019 with the full-year benefits from the four haul trucks added to the fleet in mid-2018 and production from the new leach pad beginning in the first quarter of 2019. Due to the ongoing positive operating performance and optimization of pit designs, cash costs guidance of between $750 and $790 per payable gold ounce sold is an improvement to the forecast from the 2018 Technical Report. Capital investments are expected to total $35 million in 2019, including $22 million in the mine for maintenance and purchase of mobile fleet as well as $10 million for accelerated leach pad construction and process infrastructure. To accommodate the higher ore tonnes mined and to provide additional operating flexibility regarding leach cycles, construction of a leach pad is expected to be accelerated to the second half of 2019 from 2020. Capitalized stripping is expected to total $20 million with the majority incurred through the first three quarters of the year. Exploration expenditures totaling $7.5 million re-focuses to Mackay, Valmy and Basalt with the goals of adding Mineral Reserves and defining additional Mineral Resources within these areas. Having completed the Red Dot exploration program in 2018, we intend to complete geotechnical drilling and engineering of the remaining Red Dot Mineral Resources with the objective of evaluating the potential for additional Red Dot Mineral Reserves by mid-2019.

At the Seabee Gold Operation we expect to continue executing our plan of increasing mining and milling rates and to deliver another record gold production year in 2019. The plan includes investment of $7 million in underground mining equipment to increase capacity and reliability. With higher tonnes mined and demonstrated milling infrastructure capacity, cash costs are expected to remain low at between $525 and $555 per payable gold ounce sold. Due to continued exploration success at Seabee, we are embarking on an expansion to tailings capacity in excess of that contemplated in the 2017 Technical Report. The first phase is expected to be completed in 2019 at an investment of $15 million, with the remaining sustaining capital investments related to the mill and surface infrastructure. Capitalized development expenditures of $12 million support higher mining rates and reflect the development strategy for the Santoy complex. Exploration expenditures at Seabee total $6 million to continue underground exploration at depth, expansion of Santoy Gap hanging wall ("HW") and continued testing of surface targets.

SSR Mining Inc. MD&A Year-End 2018 | 4

At Puna Operations, with commercial production of the Chinchillas open pit achieved, 2019 marks the first anticipated full year of ore production from the Chinchillas mine transported for processing at the Pirquitas mill. Puna is expected to produce between 6.0 and 7.0 million ounces of silver at cash costs of between $8.00 and $10.00 per payable silver ounce sold. Reported cash costs may vary quarter to quarter due to the by-product credits arising from the production of lead and zinc as such credits vary based on the timing of sales of each concentrate. Capital investments at Puna of $12 million include $5 million for mine equipment maintenance, and $5 million for plant equipment maintenance. Capitalized stripping is elevated through 2019 as the mine completes the highwall pushback and commences stripping the next phase of the Chinchillas pit. As Chinchillas operations ramp-up through 2019, only waste material will be mined over certain periods of the year with ore stockpiled during the pre-production phase transported to and processed at the Pirquitas mill.

With Puna focused on optimization of the mine, transport and mill operations through 2019, limited exploration expenditures of $1 million are planned in the second half of the year.

As previously announced, the completion of certain Chinchillas project infrastructure carries over into 2019, with the remaining investment of approximately $9 million expected to be incurred in the first quarter. The project remains on budget.

In addition to exploration at our three operating mines, we expect to invest $3 million in exploration on the Fisher project adjacent to our Seabee Gold Operation. Community, development and holding costs related to non-operating properties total approximately $5 million.

Gold equivalent figures for our 2019 operating guidance are based on gold-to-silver ratio of 81:1. Cash costs and capital expenditures guidance is based on an oil price of $65 per barrel and exchange rate of 1.25 Canadian dollar to U.S. dollar.

3.BUSINESS OVERVIEW

Strategy

We are a Canadian-based resource company focused on the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. We have three producing mines and a portfolio of precious metal dominant projects located throughout the Americas. Our focus is on safe, profitable gold and silver production from our Marigold mine in Nevada, U.S., our Seabee Gold Operation in Saskatchewan, Canada, and our 75%-owned Puna Operations in Jujuy, Argentina.

Corporate summary

SSR Mining has an experienced management team of mine-builders and operators with proven capabilities. We have a strong balance sheet with $419.2 million in cash and cash equivalents as at December 31, 2018. We are committed to delivering safe production through relentless emphasis on Operational Excellence. We are also focused on growing production and Mineral Reserves through the exploration and acquisition of assets for accretive growth, while maintaining financial strength.

On January 1, 2018, we appointed Ms. Elizabeth A. Wademan and Mr. Simon A. Fish, to our Board of Directors with the objective to strengthen the Board's expertise in the areas of international capital markets and legal and corporate governance.

On May 3, 2018, we announced the appointment of Kevin O'Kane as Chief Operating Officer effective June 4, 2018, replacing Alan Pangbourne who retired at the end of May 2018.

On June 18, 2018, we released an updated life of mine plan for the Marigold mine in Nevada, U.S., which outlined an anticipated mine-life of over ten-years based on Mineral Reserves and an after-tax net present value of $552 million. We filed a technical report titled “NI 43-101 Technical Report on the Marigold Mine, Humboldt County, Nevada USA” dated July 31, 2018 (the “Marigold Technical Report”) in support of the updated life of mine plan, which is available on SEDAR at www.sedar.com, the EDGAR section of the SEC website at www.sec.gov and on our website.

SSR Mining Inc. MD&A Year-End 2018 | 5

As of June 30, 2018, we sold our remaining position of 9.0 million Pretium Resources Inc. ("Pretium") common shares for pre-tax cash proceeds of approximately $63.4 million and no longer hold any Pretium shares.

On December 1, 2018, we declared commercial production at Puna Operations' Chinchillas mine. Development of the mine, located approximately 45 kilometers from the Pirquitas plant, commenced in early 2018 and extends the life of the Pirquitas plant through mining of ore at Chinchillas, transporting the ore to Pirquitas and processing it through the existing Pirquitas plant.

On December 10, 2018, we completed a transaction with SilverCrest Metals Inc. ("SilverCrest"), which owns the Las Chispas project, a high-grade development project in Mexico, to purchase, by way of private placement, a 9.7% ownership interest representing, 8,220,645 common shares of SilverCrest at a price of C$3.73 per common share for total consideration of C$30.7 million.

In 2018, we achieved our initial guidance for the seventh consecutive year by delivering gold equivalent production of over 345,000 ounces at cash costs of $736 and AISC of $1,087 per payable gold equivalent ounce sold.

Successful exploration activities in 2018 increased gold Mineral Reserves at the Marigold mine by 110,000 ounces to 3.3 million ounces and at the Seabee Gold Operation by 39% to 608,000 ounces, as further discussed in Section 5.

Market overview

Metal prices

The market price of gold, as mined at our Marigold mine and Seabee Gold Operation and silver, lead and zinc, as mined at our Puna Operations are key drivers to our profitability. The gold price spent the first quarter trading between $1,360 per ounce and $1,310 per ounce before sliding to a low of $1,160 per ounce in mid-August. Subsequently, the price recovered to close out the year at $1,283 per ounce. The PM fix average of $1,268 per ounce in 2018 was slightly higher than the 2017 average of $1,257 per ounce. Silver’s price trading pattern mirrored that of gold with the first five months of 2018 trading within a $17.65 to $16.00 per ounce range. From June through August, the price fell from $17.30 per ounce to $13.90 per ounce before bouncing off the low and moving up to close the year at $15.50 per ounce. The 2018 average silver fix of $15.71 per ounce was considerably lower than the 2017 average of $17.05 per ounce. Both gold and silver prices have continued to climb in early 2019 to levels above $1,300 per ounce, and $15.50 per ounce, respectively.

The lead and zinc markets started 2018 with stronger prices than when the year ended. Lead opened the year at $2,500 per tonne and declined to $2,311 per tonne in mid-March. Following a brief rally, the price fell as low as $1,927 per tonne in mid-August and then traded sideways for the balance of the year, closing at $2,021 per tonne. The zinc price followed a similar pattern as lead; zinc opened at $3,316 per tonne and reached $3,595 per tonne in mid-February before trending lower to $3,150 per tonne in mid-June. Following a descent to $2,300 per tonne in mid-September, the price rallied marginally to close 2018 at $2,467 per tonne. Lead and zinc’s average price for 2018 of $2,241 and $2,879 per tonne, respectively, were similar to the 2017 averages of $2,327 and $2,894 per tonne respectively. The prices of lead and zinc had minimal impact on our 2018 financial results but will have a more significant impact in 2019 with the Chinchillas project reaching commercial production.

Currency and commodity markets

The Canadian dollar ("CAD") opened 2018 at $1.25 per U.S. dollar and moved to its strongest point in February at $1.23. From there, the trend was generally weaker with the currency trading to $1.28 in late September until oil prices started to decline. With the Canadian economy and dollar strongly correlated to commodities, CAD fell to $1.37 at year’s end. A stabilized oil price early in January 2019 has helped push CAD to $1.32. The stronger to weaker price action in 2018 was the opposite of 2017. The CAD averaged $1.30 in both 2018 and 2017. Our exposure to the Canadian dollar is significant due to our Canadian Seabee Gold Operation and we have continued our risk management hedging program to protect a portion of our Canadian dollar operating costs through 2020.

The Argentine peso ("ARS") depreciated from ARS 18.60 per U.S. dollar at the start of 2018 to ARS 41.47 in late September before closing at ARS 37.62 against the U.S. dollar. The average price ARS in 2018 was $28.08 compared to $16.55 in 2017. While a weaker currency is positive for Puna Operations operating costs, we expect the high

SSR Mining Inc. MD&A Year-End 2018 | 6

inflation rates in Argentina to somewhat offset the benefits of the devaluation of the currency. Economic difficulties along with reforms introduced by the Macri federal government helped to push the ARS significantly weaker over the course of the year.

West Texas Intermediate (WTI) oil prices were steady throughout most of 2018 until the start of the fourth quarter. The WTI price opened 2018 at $60.20 per barrel and ascended to a year high of $76.90 per barrel in early October. In the span of less than three months, the price fell to $42.36 per barrel before recovering to $45.41 per barrel to finish the year. The average WTI oil price in 2018 was $64.90 per barrel compared to $50.85 per barrel in 2017. Diesel, a product of oil, consumed at both the Seabee Gold Operation and at the Marigold mine plays an important factor in each operations’ cost structure. To mitigate against adverse price movements, a portion of the diesel usage is hedged through to 2020.

Factors impacting commodity and currency markets

Numerous diverse factors, both positive and negative, impacted commodity prices in 2018. The most significant factor was the 5% appreciation year-over-year in the US dollar. The dollar strengthened as the U.S. Federal Reserve raised its U.S. dollar target interest rate four times from 1.50% to 2.50% and the Trump federal government added fiscal stimulus through tax cuts. A global move towards trade protectionism and tariffs such as U.S. imposed steel and aluminum tariffs had a negative impact on the global economy and dampened the gross domestic product of countries around the world. Political instability seen in Great Britain (Brexit), Latin America (Brazil and Venezuela) and the Middle East (Saudi Arabia, Iran and Iraq) continue to dominate the headlines and impact commodity prices.

Consolidated financial summary

(presented in thousands of U.D. dollar, except for per share value)

Selected Financial Data(1)	Three Months Ended December 31				Year Ended December 31
	2018		2017		2018		2017
	$		$		$		$
Revenue	103,712		107,881		420,675		448,773
Income from mine operations (1)	16,536		21,190		76,845		113,263
Gross margin (%)	16		20		18		25
Operating income (1)	3,061		19,937		29,895		101,332
Net (loss) income	(2,544	)	16,850		(31	)	71,466
Basic attributable (loss) income per share	(0.03	)	0.14		0.05		0.58
Adjusted attributable income before tax (1)	(345	)	3,542		28,586		46,281
Adjusted attributable net income (1)	4,369		2,862		27,961		40,074
Adjusted basic attributable income per share (1)	0.04		0.02		0.23		0.34
Cash (used in) generated by operating activities	(3,744	)	45,175		59,769		144,725
Cash used in investing activities	(63,028	)	(9,633	)	(115,930	)	(15,494	)
Cash generated by financing activities	11,903		1,942		20,516		4,601
Financial Position	December 31, 2018				December 31, 2017
Cash and cash equivalents	419,212				459,864
Marketable securities	29,542				114,001
Current assets	733,119				799,597
Current liabilities	83,254				71,466
Working capital (1)	649,865				728,131
Total assets	1,521,138				1,537,454

⁽¹⁾  We report non-GAAP financial measures including income from mine operations, operating income, adjusted attributable income before tax, adjusted attributable net income, adjusted basic attributable income per share, to manage and evaluate our operating performance. See "Non-GAAP Financial Measures" in Section 10.

SSR Mining Inc. MD&A Year-End 2018 | 7

(i) Quarterly financial summary

Revenue in the fourth quarter of 2018 decreased by 4% relative to the comparative quarter in 2017, due principally to lower gold and silver prices. Gold production was similar to the comparative quarter but gold sales were approximately 3,000 ounces lower due to timing of shipments. Silver production was also similar to the comparative quarter as commercial production was reached at the Chinchillas mine on December 1, 2018 providing a strong finish to the quarter as the Pirquitas plant transitioned to solely Chinchillas ore. Silver sales increased marginally relative to the comparative quarter but the increase did not offset the factors discussed above. Sales of lead and zinc commenced in the quarter with the resumption of base metal production from Pirquitas and Chinchillas ores, but sales were well below production due to timeframes required to ramp up international concentrate sales.

Income from mine operations in the fourth quarter of 2018 generated a gross margin of 16%, lower than the 20% gross margin generated in the fourth quarter of 2017, mainly due to lower realized metal prices impacting margins at the Marigold mine and Puna Operations. Relative to the comparative prior year quarter, the Seabee Gold Operation generated higher income from mine operations as lower cost and depreciation more than offset lower realized prices.

In the fourth quarter of 2018, we incurred a net loss of $2.5 million, compared to net income of $16.9 million in the fourth quarter of 2017. In addition to the lower metal prices and finished goods inventory build of gold and concentrates discussed above, we recognized a share-based compensation and payroll expense of $8.3 million principally resulting from stronger relative and absolute share price performance over the quarter. We also recognized an expense of $2.8 million related to the premium paid over the prevailing market price for purchase of the shares of SilverCrest. The subsequent increase in value of SilverCrest shares of $4.3 million was recognized in other comprehensive income. During the quarter, a foreign exchange loss was recognized as the Argentine peso stabilized and strengthened relative to the end of the third quarter. Net income in the fourth quarter of 2017 benefited from a tax recovery of $5 million.

Cash used in operating activities was $3.7 million in the fourth quarter of 2018 compared to $45.2 million generated in the fourth quarter of 2017. Lower metal prices combined with lower gold sales at higher unit costs more than offset higher silver sales at lower unit costs at Puna Operations. Operating activities were impacted by a $22.3 million increase in non-cash working capital due to a combination of increased gold and concentrate finished goods inventories, inventory in circuit at Seabee Gold Operation, Chinchillas ore stockpiles at Puna Operations and a reduction in trade payables at year-end, particularly related to the Chinchillas project. We used $63.0 million in investing activities in the fourth quarter of 2018. We invested $23.1 million in the SilverCrest share purchase, $10.6 million in property, plant and equipment, and $18.9 million in the Chinchillas project and loaned $8 million to our joint venture partner. This compared to $9.6 million of cash used for investing activities in the fourth quarter of 2017 as the quarter benefited from $63.4 million of Pretium share sale proceeds. We received $8.8 million from our joint venture partner for its share of the development costs of the Chinchillas project.

(ii) Annual financial summary

The 6% decrease in revenue for the year of 2018 compared to the year of 2017 was due to an 8% decrease in equivalent payable gold ounces sold somewhat offset by a higher average realized gold price. The decrease was more than offset by lower silver ounces sold from Puna Operations, as lower grade ore stockpiles were processed through the development of the Chinchillas project.

Income from mine operations in 2018 generated a gross margin of 18%, lower than the 25% in 2017. Higher sales of gold at lower cost of sales at the Seabee Gold Operation was more than offset by lower sales of silver at Puna Operations and higher cost of sales at the Marigold mine. In the year ended December 31, 2017, the release of a supplies inventory provision at Puna Operations and the resolution of our export duty claim in Argentina resulted in a $10.5 million reduction to cost of sales, increasing the 2017 reported gross margin.

Our strong relative and absolute share price performance resulted in a $9.1 million higher share-based payment expense in 2018 relative to 2017 being recognized through general and administrative expense. We incurred a $2.8 million expense related to the premium paid over the prevailing market price on recording the investment in SilverCrest shares. The subsequent increase in value of SilverCrest shares of $4.3 million was recognized in other comprehensive income. We reported an elevated effective tax rate due to a $4.7 million tax expense related to the Argentine re-organization recorded in the second quarter of 2018. As a result, a small net loss was reported in 2018. Net income

SSR Mining Inc. MD&A Year-End 2018 | 8

for 2017 benefitted by an impairment reversal of the Pirquitas plant of $24.4 million resulting from its life extension following the formation of Puna Operations.

Cash generated from operating activities was $59.8 million in 2018, compared to $144.7 million in 2017. Higher sales and lower unit costs at the Seabee Gold Operation were more than offset by lower sales combined with higher unit costs both at Puna Operations and the Marigold mine. Non-cash working capital of $36 million was incurred as finished goods and ore inventories were built across all operations and particularly related to the development and ramp up at Chinchillas. We used $115.9 million in investing activities in the year ended December 31, 2018, compared to $15.5 million used in the comparative period of 2017. In 2018, we received $63.4 million from the sales of our remaining common shares of Pretium while investments in our business included $67.7 million in property, plant and equipment, $60.2 million in the Chinchillas project, $23.1 million in SilverCrest share purchase and loaned $8.0 million to our joint venture partner. We received $15.2 million from our joint venture partner for its share of the development and operating costs of the Chinchillas project.

SSR Mining Inc. MD&A Year-End 2018 | 9

4.RESULTS OF OPERATIONS

Consolidated results of operations

The following table presents consolidated operating information for our Marigold mine, our Seabee Gold Operation and our 75% interest in Puna Operations, which comprises the Pirquitas and the Chinchillas properties. Additional operating information is provided in the sections relating to the individual mines.

	Three months ended					Total
Operating data	December 31, 2018	September 30, 2018	June 30, 2018	March 31, 2018	December 31, 2017	2018	2017
Consolidated production and sales:
Gold produced (oz)	74,779	86,290	73,018	66,676	76,995	300,763	286,238
Silver produced ('000 oz)	1,189	666	954	938	1,169	3,747	6,177
Silver produced (attributable) ('000 oz) (1)	892	500	716	704	877	2,812	5,330
Zinc produced ('000 lb) (2)	4,014	3,241	1,520	—	—	8,775	—
Lead produced ('000 lb) (3)	2,735	372	—	—	—	3,107	—
Gold sold (oz)	72,261	88,787	67,156	62,090	75,389	290,294	286,279
Silver sold ('000 oz)	932	623	1,142	1,064	820	3,761	5,994
Silver sold (attributable) ('000 oz) (1)	699	467	857	798	615	2,821	5,088
Zinc sold ('000 lb) (2)	1,983	382	—	—	—	2,365	—
Lead sold ('000 lb) (3)	1,059	—	—	—	—	1,059	—
Cash costs ($/oz) - payable gold from Marigold mine (4)	760	711	700	720	699	723	647
Cash costs ($/oz) - payable gold from Seabee Gold Operation (4)	502	447	616	481	605	505	602
Cash costs ($/oz) - payable silver from Puna Operations (4)	15.02	17.41	14.73	17.07	16.36	15.91	13.07
Gold equivalent production (oz) (5)	88,718	94,808	85,082	78,482	92,594	347,090	393,325
Gold equivalent production (attributable) (oz) (1,5)	85,236	92,685	82,072	75,537	88,698	336,208	358,862
Realized gold price ($/oz) (4)	1,230	1,208	1,304	1,334	1,271	1,263	1,255
Realized silver price ($/oz) (4)	14.42	15.45	16.49	16.79	16.96	15.92	17.10
Consolidated costs:
Cash Costs per equivalent gold ounce sold ($/oz) (4,5)	757	682	758	766	737	736	703
AISC per equivalent gold ounce sold ($/oz) (4,5)	1,168	978	1,121	1,115	1,008	1,088	972
Financial data ($000s)
Revenue	103,712	115,033	104,028	97,902	107,881	420,675	448,773
Income from mine operations	16,536	21,875	21,203	17,231	21,190	76,845	113,263

⁽¹⁾  Figures are on a 75% basis for attributable production and sales at Puna Operations.

⁽²⁾  Data for zinc production and sales relate only to zinc in zinc concentrate.

⁽³⁾  Data for lead production and sales relate only to lead in lead concentrate.

⁽⁴⁾  We report the non-GAAP financial measures of realized metal price, cash costs, and all-in sustaining costs ("AISC") per payable ounce of precious metals sold to manage and evaluate operating performance at our mines. For a better understanding and a reconciliation of these measures to cost of sales, as shown in our Consolidated Statements of Comprehensive (Loss) Income, please refer to “Non-GAAP Financial Measures” in Section 10.

⁽⁵⁾  Gold equivalent ounces have been established using the realized metal prices per payable ounce of precious metals sold in the period and applied to the recovered silver metal content produced by the mines. Zinc and lead production are not included in gold equivalent ounces produced.

SSR Mining Inc. MD&A Year-End 2018 | 10

Marigold Mine, U.S.

	Three months ended				Total
Operating data	December 31, 2018	September 30, 2018	June 30, 2018	March 31, 2018	2018	2017
Total material mined (kt)	17,039	21,284	15,958	16,150	70,431	69,011
Waste removed (kt)	11,361	14,411	8,083	9,052	42,907	43,422
Total ore stacked (kt)	5,679	6,873	7,875	7,099	27,526	25,589
Strip ratio	2.0	2.1	1.0	1.3	1.6	1.7
Mining cost ($/t mined)	1.86	1.51	1.92	1.80	1.76	1.68
Gold stacked grade (g/t)	0.34	0.32	0.42	0.37	0.37	0.35
Processing cost ($/t processed)	1.27	1.12	0.86	0.93	1.03	0.92
Gold recovery (%)	72.9	72.3	74.4	73.6	73.5	73.0
General and admin costs ($/t processed)	0.51	0.50	0.41	0.42	0.45	0.46
Gold produced (oz)	54,306	58,459	49,436	42,960	205,161	202,240
Gold sold (oz)	50,550	59,612	46,644	42,078	198,884	200,192
Realized gold price ($/oz) (1)	1,227	1,207	1,304	1,331	1,261	1,254
Cash costs ($/oz) (1)	760	711	700	720	723	647
AISC ($/oz) (1)	995	965	981	954	974	896
Financial data ($000s)
Revenue	61,861	71,848	60,752	55,880	250,341	250,825
Income from mine operations	9,977	13,254	14,670	12,312	50,213	66,666
Capital expenditures (2)	8,328	25,461	14,481	4,665	52,935	20,364
Capitalized stripping	1,208	2,529	850	2,902	7,489	22,863
Exploration expenditures (3)	2,096	2,956	3,243	1,914	10,209	4,900

⁽¹⁾  We report the non-GAAP financial measures of realized gold price, cash costs and AISC per payable ounce of gold sold to manage and evaluate operating performance at the Marigold mine. For a better understanding and a reconciliation of these measures to cost of sales, as shown in our Consolidated Statements of (Loss) Income, please refer to “Non-GAAP Financial Measures” in Section 10.

⁽²⁾  Includes expansion capital expenditure of $22 million for the twelve months ended December 31, 2018.

⁽³⁾  Includes capitalized and expensed exploration expenditures.

Mine production

In 2018, the Marigold mine produced 205,161 ounces of gold, surpassing the upper end of our revised production guidance. This compares to 202,240 ounces of gold produced in 2017. For the full-year, gold sales were 198,884 ounces due to bullion inventory increasing in the fourth quarter relative to the previous quarter, which we expect to sell in the first quarter of 2019.

Material mined during the year totaled 70.4 million tonnes, a 2% increase as compared to 2017. The mine achieved record annual ore tonnes delivered to the leach pads with over 27.5 million tonnes stacked.

During the fourth quarter of 2018, 17.0 million tonnes of material were mined, down 20% from the third quarter due to scheduled maintenance on the electric rope shovel and longer haul cycles. Construction delays deferred the new leach pad commissioning to the first quarter of 2019 and solution application commenced in January 2019.

Approximately 5.7 million tonnes of ore were delivered to the heap leach pads at a gold grade of 0.34 g/t during the fourth quarter. This compares to 6.9 million tonnes of ore delivered to the heap leach pads at a gold grade of 0.32 g/t in the third quarter. Gold grade mined in the fourth quarter was 6% higher than the third quarter due to mining deeper in the current phase of the Mackay pit. The strip ratio declined to 2.0:1 in the quarter, a 5% reduction compared to the previous quarter.

In the fourth quarter of 2018, the Marigold mine produced 54,306 ounces of gold, representing a 7% reduction as compared to the previous quarter.

SSR Mining Inc. MD&A Year-End 2018 | 11

Mine operating costs

Cash costs and AISC per payable ounce of gold sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 10.

Cash costs, which include all costs of inventory, refining costs and royalties, of $760 per payable ounce of gold sold in the fourth quarter of 2018 were 7% higher than the previous quarter primarily due to planned lower grades mined in the second half of the year. Total mining costs of $1.86 per tonne in the fourth quarter of 2018 were 23% higher than in the previous quarter due to fewer tonnes mined. Processing and general and administrative unit costs were higher in the fourth quarter of 2018 than in the third quarter of 2018 due to lower tonnes mined and processed. Processing and general and administrative costs in the current quarter were comparable on an absolute basis to the preceding quarter while mining costs declined. Cash costs per payable ounce of gold sold in 2018 were $723, higher than the $647 per payable ounce of gold sold in 2017, mainly due to higher leach pad opening inventory unit costs in 2018 relative to 2017.

AISC in the fourth quarter of 2018 was $995 per payable ounce of gold sold compared to $965 in the third quarter due to increased capital spending mostly related to mobile equipment and construction of a new leach pad. AISC of $974 per payable ounce of gold sold in 2018 increased from $896 in 2017, primarily due to higher capital investments and exploration partially offset by lower capitalized stripping.

Mine sales

A total of 50,550 ounces of gold were sold at an average realized price of $1,227 per ounce during the fourth quarter of 2018, a decrease of 15% from the 59,612 ounces of gold sold at an average realized price of $1,207 per ounce during the third quarter of 2018. In 2018, gold sales decreased marginally and totaled 198,884 ounces, compared to 200,192 ounces in 2017.

Exploration

Exploration at Marigold in 2018 successfully replaced mine depletion with growth in Mineral Reserves compared to the end of 2017. Mineral Reserves increased to 3.30 million gold ounces (201.5 million tonnes at an average gold grade of 0.47 g/t), while Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) totaled 5.56 million gold ounces (354.5 million tonnes at an average gold grade of 0.47 g/t).

Drilling activities during the fourth quarter of 2018 targeted infill drilling and upgrade of Mineral Resources at Red Dot and growth at various phases of the Mackay Pit, with work also targeting resource addition. This is consistent with our longer-term objective of completing the necessary infill and geotechnical drilling to complete pit designs and an economic evaluation over the entire Red Dot area by mid-year 2019. During the quarter, we completed 21,260 meters of drilling in 60 reverse circulation ("RC") holes at the Mackay pit and within the Red Dot area. RC drilling for the year totaled 93,276 meters in 259 RC holes.

Following our exploration news release of November 6, 2018, we have received results from an additional 33 RC drill holes that targeted Mineral Resource portions of the Red Dot deposit and its northern extensions. This contributed, in part, to success in achieving our objective of converting Mineral Resources to Mineral Reserves.

For 2019, we are planning 60,000 meters of drilling as our exploration focus returns to resource growth on the prospective Valmy, East Basalt, and North and South Red Dot areas.

SSR Mining Inc. MD&A Year-End 2018 | 12

Seabee Gold Operation, Canada

	Three months ended				Total
Operating data	December 31, 2018	September 30, 2018	June 30, 2018	March 31, 2018	2018	2017
Total ore milled (t)	86,447	88,273	84,010	93,269	351,999	330,415
Ore milled per day (t/day)	940	959	923	1,036	964	905
Gold mill feed grade (g/t)	10.20	9.52	7.95	8.95	9.16	8.25
Mining cost ($/t mined)	57	48	60	59	56	68
Processing cost ($/t processed)	26	26	27	21	25	23
Gold recovery (%)	97.6	97.1	97.3	97.4	97.4	97.4
General and admin cost ($/t processed)	63	47	62	53	56	54
Gold produced (oz)	20,473	27,831	23,582	23,716	95,602	83,998
Gold sold (oz) (1)	21,711	29,175	20,512	20,012	91,410	86,087
Realized gold price ($/oz) (2)	1,236	1,210	1,306	1,340	1,267	1,259
Cash costs ($/oz) (2)	502	447	616	481	505	602
AISC ($/oz) (2)	743	596	854	896	755	843
Financial data ($000s)
Revenue	26,890	35,270	26,706	26,789	115,655	108,334
Income from mine operations	7,347	11,061	5,703	6,672	30,783	15,644
Capital expenditures	625	968	1,035	4,426	7,054	7,190
Capitalized development	2,910	1,812	2,069	2,283	9,074	8,294
Exploration expenditures (3)	1,661	2,860	2,745	2,032	9,298	5,959

⁽¹⁾  Beginning with the first quarter of 2018, the holder of the 3% net smelter return royalty elected to receive its royalty in-kind and we will no longer report these ounces within gold sold.

⁽²⁾  We report the non-GAAP financial measures of realized gold price, cash costs and AISC per payable ounce of gold sold to manage and evaluate operating performance at the Seabee Gold Operation. For a better understanding and a reconciliation of these measures to cost of sales, as shown in our Consolidated Statements of Comprehensive (Loss) Income, please refer to “Non-GAAP Financial Measures” in Section 10.

⁽³⁾  Includes capitalized and expensed exploration expenditures.

Mine production

The Seabee Gold Operation produced 95,602 ounces of gold in 2018, an annual production record resulting from an improved milling rate and higher gold grade.

In 2018, the operation milled 351,999 tonnes of ore, 7% higher than 2017 and another operating record, largely due to our ongoing Operational Excellence initiatives. During the year, average gold mill feed grade was 9.16 g/t, 11% higher compared to the average gold grade milled in 2017. The Santoy mine supplied 93% of ore milled, predominantly from long hole stopes; the remaining ore was sourced from the Seabee mine, which was closed in the second quarter of 2018.

In the fourth quarter of 2018, the operation produced 20,473 ounces of gold, a 26% decrease primarily due to gold ounces contained in-circuit at year-end 2018 due to timing of gold pours.

During the fourth quarter, 86,447 tonnes of ore were milled at an average gold grade of 10.20 g/t and recovery of 97.6%. This compares to 88,273 tonnes of ore milled at an average gold grade of 9.52 g/t and recovery of 97.1% in the third quarter of 2018.

SSR Mining Inc. MD&A Year-End 2018 | 13

Mine operating costs

Cash costs and AISC per payable ounce of gold sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 10.

Cash costs per payable ounce of gold sold, which include all costs of inventory, and refining costs were $502 in the fourth quarter of 2018, higher than the $447 recorded in the third quarter of 2018. Higher cash costs were due to higher unit mining and general and administrative costs and lower production. Costs per tonne mined were $57 in the fourth quarter of 2018, 19% higher than in the previous quarter due to lower tonnes mined. Processing costs per tonne remained comparable to the prior quarter, while general and administrative unit costs increased by 34% in the fourth quarter of 2018 compared to the third quarter of 2018, due to adjustments to payroll accruals between the two quarters and lower tonnes milled. Cash costs per payable ounce of gold sold in 2018 were $505, lower than the $602 per payable ounce sold in 2017 due to lower unit mining costs and higher gold mill feed grade.

AISC per payable ounce of gold sold were $743 in the fourth quarter of 2018, compared to $596 in the third quarter, due to higher cash costs and higher per ounce underground capital development in conjunction with lower ounces sold. In 2018, AISC per payable ounce of gold sold decreased to $755 from $843 in 2017, mainly due to lower cash costs per payable ounce of gold sold.

Mine sales

A total of 21,711 ounces of gold were sold at an average realized price of $1,236 per ounce of gold during the fourth quarter of 2018. This compares to 29,175 ounces of gold sold in the third quarter of 2018 at an average realized price of $1,210 per ounce of gold. Gold sales totaled 91,410 ounces in 2018 compared to 86,087 ounces in 2017. Realized prices were marginally higher in 2018 than in 2017.

Exploration

At the Seabee Gold Operation, our 2018 objectives were to maximize Mineral Resource to Mineral Reserve conversion on the Santoy 8, and Santoy Gap zones. We were successful with those objectives, as 2018 Mineral Reserves increased 39% after depletion to 608,000 gold ounces (Proven Mineral Reserves were 94,500 ounces (0.33 million tonnes at an average gold grade of 9.00 g/t) and Probable Mineral Reserves were 513,500 ounces (1.73 million tonnes at an average gold grade of 9.24 g/t)). Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) at 2018 year-end are 26% higher at 856,000 gold ounces (Measured Mineral Resources were 170,000 ounces (0.45 million tonnes at an average gold grade of 11.7 g/t) and Indicated Mineral Resources were 686,000 ounces (1.85 million tonnes at an average gold grade of 11.56 g/t)). Inferred Mineral Resources for 2018 are 482,000 gold ounces (1.70 million tonnes at an average gold grade of 8.82 g/t), reflecting our focus on conversion activities during the year.

During the fourth quarter of 2018, Seabee Gold Operation completed 15,453 meters of underground drilling for a total of 52,500 meters for the year to infill the Santoy 8A and Santoy Gap deposits. From surface, in the immediate vicinity of the Santoy mine, we completed 6,168 meters of drilling in the fourth quarter for a total of 24,389 meters of drilling for the year exploring at the Santoy Gap targets. Discovery and exploration of the Santoy Gap hanging wall ("HW") resulted in an initial Inferred Mineral Resource being reported in this mineralized structure sitting adjacent to the Santoy main ore zones. Greenfields drilling during the fourth quarter of 2018 totaled 3,552 meters with activities on the adjacent Fisher property, currently under option from Taiga Gold Corp.

For 2019, we are planning to drill 68,000 meters in the area of the Santoy mine, with another 16,000 meters of drilling on greenfields targets on property owned or optioned by us.

SSR Mining Inc. MD&A Year-End 2018 | 14

Puna Operations, Argentina (75% interest)

(amounts presented on a 100% basis)

	Three months ended							Total
Operating data	December 31, 2018		September 30, 2018		June 30, 2018	March 31, 2018		2018		2017
Total material mined (kt) (1)	897		—		—	—		897		—
Waste removed (kt) (1)	696		—		—	—		696		—
Strip ratio (1)	3.5		—		—	—		3.5		—
Mining cost ($/t mined) (1)	2.61		—		—	—		2.61		—
Ore milled (kt)	342		308		396	374		1,420		1,798
Silver mill feed grade (g/t)	133		96		110	115		114		152
Zinc mill feed grade (%)	1.14		1.25		0.71	—		0.84		—
Lead mill feed grade (%) (1)	0.92		—		—	—		0.92		—
Processing cost ($/t milled)	22.18		20.87		17.26	15.34		18.72		13.00
Silver recovery (%)	81.5		69.9		68.1	67.7		72.1		70.3
Zinc recovery (%)	49.5		38.1		31.5	—		39.3		—
Lead recovery (%) (1)	83.1		—		—	—		83.1		—
General and admin cost ($/t milled)	8.16		7.98		7.07	6.33		7.34		5.19
Silver produced ('000 oz)	1,189		666		954	938		3,747		6,177
Silver sold ('000 oz)	932		623		1,142	1,064		3,761		5,994
Zinc produced ('000 lb) (2)	4,014		3,241		1,520	—		8,775		—
Zinc sold ('000 lb) (2)	1,983		382		—	—		2,365		—
Lead produced ('000 lb) (3)	2,735		372		—	—		3,107		—
Lead sold ('000 lb) (3)	1,059		—		—	—		1,059		—
Realized silver price ($/oz) (4)	14.42		15.45		16.49	16.79		15.92		17.10
Cash costs ($/oz) (4,5)	15.02		17.41		14.73	17.07		15.91		13.07
AISC ($/oz) (4,5)	20.45		22.39		17.66	18.37		19.33		14.30
Financial Data ($000s)
Revenue	14,961		7,915		16,570	15,233		54,679		89,614
(Loss) Income from mine operations	(788	)	(2,440	)	830	(1,753	)	(4,151	)	30,953
Capital expenditures	3,849		2,390		2,652	789		9,680		4,604
Deferred stripping	—		—		—	—		—		—
Exploration expenditures (6)	21		6		429	6		462		—

⁽¹⁾  Data is for the period subsequent to December 1, 2018, the date upon which commercial production was declared at the Chinchillas mine.

⁽²⁾  Data for zinc production and sales relate only to zinc in zinc concentrate.

⁽³⁾  Data for lead production and sales relate only to lead in lead concentrate.

⁽⁴⁾  We report the non-GAAP financial measures of realized metal prices, cash costs and AISC per payable ounce of precious metal sold to manage and evaluate operating performance at Puna Operations. For a better understanding and a reconciliation of these measures to cost of sales, as shown in our Consolidated Statements of (Loss) Income, please refer to “Non-GAAP Financial Measures” in Section 10 of our MD&A.

⁽⁵⁾  Cash costs and AISC per payable ounce of silver sold include stockpile inventory costs previously incurred of $5.30 for the three months ended December 31, 2017 (September 31, 2017 - $5.20, June 30, 2017 - $3.30, March 31, 2017 - $2.00) and $3.90 for the year ended December 31, 2017.

⁽⁶⁾  Includes capitalized and expensed exploration expenditures.

SSR Mining Inc. MD&A Year-End 2018 | 15

Mine production

In 2018, Puna Operations, of which we hold 75% interest, produced a total of 3.7 million ounces of silver, 8.8 million pounds of zinc and 3.1 million pounds of lead. On an attributable basis, silver production in 2018 totaled 2.8 million ounces.

During the year, ore was milled at an average of 3,890 tonnes per day. Ore milled contained an average silver grade of 114 g/t. The average silver recovery was 72.1%, a 3% improvement as compared to 2017.

In the fourth quarter of 2018, silver production was 1.2 million ounces, an increase of 79% relative to the third quarter, due mainly to the increased tonnage of higher-grade Chinchillas ore milled. On an attributable basis, silver production for the quarter totaled 0.9 million ounces.

Subsequent to the declaration of commercial production at Chinchillas, material mined in December 2018 totaled 897,000 tonnes, including 201,000 tonnes of ore.

During the fourth quarter of 2018, ore was milled at an average of 3,720 tonnes per day. In December ore was sourced exclusively from Chinchillas and achieved a 3,605 tonnes per day milling rate. Processed ore in the fourth quarter contained an average silver grade of 133 g/t, a 38% increase as compared to the third quarter of 2018, due to processing of high grade Chinchillas ore in December. The average silver recovery in the fourth quarter was 81.5%, a 17% increase over the third quarter.

Mine operating costs

Cash costs and AISC per payable ounce of silver sold are non-GAAP financial measures. Please see the discussion under "Non-GAAP Financial Measures" in Section 10.

Cash costs, which include cost of inventory, treatment and refining costs, provincial royalties, export duties and by-product credits, were $15.02 per payable ounce of silver sold in the fourth quarter of 2018, a decrease from $17.41 per payable ounce of silver sold in the third quarter of 2018. Such decrease was primarily due to higher production resulting from higher silver grade of ore processed and recognition of by-product credits.

Cash costs per payable ounce of silver sold in 2018 increased to $15.91 from $13.07 in 2017. Until commercial production was declared at Chinchillas on December 1, 2018, Puna Operations processed sequentially lower grade stockpile ore since the closure of the Pirquitas open pit in January 2017.

AISC per payable ounce of silver sold in the fourth quarter of2018were at$20.45compared to$22.39in the third quarter due to lower cash costs and higher volumes sold. AISC of$19.33per payable ounce of silver sold in2018were higher than$14.30per payable ounce of silver sold in2017due to higher cash costsand higher capital investments per ounce sold.

Mine sales

Silver sales totaled 0.9 million ounces and attributable sales were 0.7 million in the fourth quarter of 2018, a 49% increase from the third quarter of 2018, due to higher production in the fourth quarter of 2018. Silver sales for the year totaled 3.8 million ounces and attributable share of silver sales in 2018 was 2.8 million ounces. This compares to 6.0 million ounces of silver sold in 2017.

Exploration

At Puna Operations, exploration activities were limited to the collection of detailed drone magnetic data at Chinchillas and the Pirquitas mine areas.

In 2018, we evaluated the potential for an underground mine at the Pirquitas deposit to provide supplemental ore to the Pirquitas mill. The study confirmed a technically feasible and economic project, however with a return below our investment thresholds at current metal prices. We have budgeted $1 million in 2019 for a 3,000-meter drill program to test for extensions to the mineralization that could have a positive impact on the project economics. 

SSR Mining Inc. MD&A Year-End 2018 | 16

Chinchillas Project, Argentina

During the fourth quarter, pre-stripping activities at the Chinchillas project were completed, ore haulage met required tonnages and commercial production was declared on December 1, 2018. Ore feed to the Pirquitas plant has been sourced from the Chinchillas mine since that date. Metallurgical recovery performance of the Chinchillas ore has met or exceeded design.

Construction of the in-pit tailings pumping and delivery system is complete, the slurry pumps have been pre-commissioned, and the tailings pipeline hydraulic test finished. The water reclaim pipeline has been hydrostatically tested and the pumps installed in the barges. The power line to the pumps is finished and in service. Pre-commissioning and commissioning of the tailings system is in process.

The Chinchillas truck shop structure is nearing completion with the installation of the main structural steel, cladding and internal offices. Electrical installation continues and the bridge crane is scheduled for installation in February. Two truck bays are being temporarily used in operations, while the finishing equipping of the facility is in progress.

Certain infrastructure and remaining road upgrades within the scope of the project will continue into the first quarter of 2019 with remaining capital expenditures totaling $9 million. The project remains on budget.

5.REVIEW OF PROJECTS AND MINERAL RESERVES AND MINERAL RESOURCES

Pitarrilla Project, Mexico

In 2018, we advanced a study evaluating the potential for an underground mine at the Pitarrilla project. The study confirmed a technically feasible and economic project; however, with a return below our investment thresholds at current metal prices. We are conducting a review of the geological model evaluating structural controls that may define higher grade areas that were potentially underestimated in the model originally developed for open pit purposes.

Mineral Reserves and Mineral Resources

At December 31, 2018, our total estimated Proven and Probable gold Mineral Reserves were 3.91 million ounces and total estimated silver Proven and Probable Mineral Reserves were 38.7 million ounces. Mineral Reserves estimates for the Marigold mine, the Seabee Gold Operation and Puna Operations have been determined based on prices of $1,250 per ounce of gold and $18.00 per ounce of silver. These prices are unchanged from those used to determine the Mineral Reserves estimate at December 31, 2017, reflecting market conditions and consensus long-term metal prices. All Mineral Resources and Mineral Reserves estimates are reported on a 100% basis, except for Puna Operations. Mineral Resources and Mineral Reserves estimates of silver ounces for Puna Operations are reported on a 75% attributable basis.

At Marigold, our 2018 exploration program led to an increase in Mineral Reserves. Probable Mineral Reserves increased to 3.3 million ounces of gold (201.5 million tonnes at an average gold grade of 0.47 g/t), after accounting for mining depletion and minor modeling reductions, while gold grade increased to 0.47 g/t. The increase in Probable Mineral Reserves is attributable to our successful infill and exploration drilling programs, which converted Mineral Resources at a portion of Red Dot and Mackay, collectively adding 460,000 gold ounces to Mineral Reserves. We added 350,000 ounces of gold Mineral Reserves at Red Dot, which we refer to as Red Dot Phase 1. Depletion of Mineral Reserves due to 2018 gold production totaled 320,000 ounces. Indicated Mineral Resources (inclusive of Mineral Reserves) totaled 5.56 million ounces of gold (354.5 million tonnes at an average gold grade of 0.47 g/t) after accounting for mining depletion and mine plan optimization, offset by our successful exploration program. Inferred Mineral Resources declined to 400,000 ounces of gold (33.6 million tonnes at an average gold grade of 0.37 g/t) due to conversion of Mineral Reserves and Mineral Resources in certain areas, particularly Red Dot. In addition, for further information regarding our Mineral Reserves and Mineral Resources estimate at Marigold, please see the Marigold Technical Report.

At the Seabee Gold Operation, Proven and Probable Mineral Reserves total 608,000 ounces of gold (Proven Mineral Reserves were 94,500 ounces (0.33 million tonnes at an average gold grade of 9.00 g/t) and Probable Mineral Reserves were 513,500 ounces (1.73 million tonnes at an average gold grade of 9.24 g/t)), a 39% increase compared to year-end 2017 as a result of conversion at Santoy 8. Proven and Probable Mineral Reserves increases are due to conversion of 191,000 gold ounces at Santoy 8 and 92,000 gold ounces at Santoy Gap. Measured and Indicated

SSR Mining Inc. MD&A Year-End 2018 | 17

Mineral Resources (inclusive of Mineral Reserves) total 856,000 gold ounces (Measured Mineral Resources were 170,000 ounces (0.45 million tonnes at an average gold grade of 11.76 g/t) and Indicated Mineral Resources were 686,000 ounces (1.85 million tonnes at an average gold grade of 11.56 g/t)) at year-end 2018, reflecting an increase of 207,000 gold ounces at Santoy 8 and 17,000 gold ounces at Santoy Gap. As at December 31, 2018, Inferred Mineral Resources total 482,000 gold ounces (1.70 million tonnes at an average gold grade of 8.82 g/t), inclusive of our inaugural Inferred Mineral Resource estimate at Santoy Gap HW and reflecting a focus on Mineral Resources Conversion in 2018. In addition, for further information regarding our Mineral Reserves and Mineral Resources estimate at the Seabee Gold Operation, please see the technical report entitled “NI 43-101 Technical Report for the Seabee Gold Operation, Saskatchewan, Canada” dated October 20, 2017 ("Seabee Gold Operation Technical Report").

At Puna Operations, Proven and Probable Mineral Reserves decreased to 38.7 million ounces of silver (Proven Mineral Reserves were 4.5 million ounces (0.94 million tonnes at an average silver grade of 196 g/t) and Probable Mineral Reserves were 34.3 million ounces (9.38 million tonnes at an average silver grade of 152 g/t)) due to depletion at the Chinchillas mine, processing Pirquitas stockpiles and modeling adjustments. Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) total 89.0 million ounces of silver (Measured Mineral Resources were 6.6 million ounces (2.11 million tonnes at an average silver grade of 130 g/t) and Indicated Mineral Resources were 82.4 million ounces (29.51 million tonnes at an average silver grade of 116 g/t)) within the open pit, underground and stockpile inventory at both Chinchillas and Pirquitas. Inferred Mineral Resources are estimated to total 31.1 million ounces of silver (22.37 million tonnes at an average silver grade of 58 g/t) at December 31, 2018. In addition, for further information regarding our Mineral Reserves and Mineral Resources estimate at Puna Operations, please see the technical report entitled “NI 43-101 Technical Report Pre-feasibility Study of the Chinchillas Silver-Lead-Zinc Project, Jujuy Province, Argentina” dated May 15, 2017 (the “Chinchillas Technical Report”).

6.REVIEW OF ANNUAL FINANCIAL RESULTS

Income Statement Review

(expressed in thousands of United States dollars, except for per share amounts)

	Years ended December 31
	2018		2017		2016 (1)
	$		$		$
Revenue	420,675		448,773		490,986
Cost of sales	(343,830	)	(335,510	)	(336,980	)
Income from mine operations	76,845		113,263		154,006
Impairment reversal	—		24,357		—
Operating income	29,895		101,332		112,605
Net (loss) income	(31	)	71,466		64,957
Basic income per share attributable to equity holders of SSR Mining	0.05		0.58		0.63
Diluted income per share attributable to equity holders of SSR Mining	0.05		0.57		0.62

⁽¹⁾ Data presented in this table with respect to the Seabee Gold Operation is for the period May 31, 2016, to December 31, 2016, the period for which we were entitled to all economic benefits of the Seabee Gold Operation, following our acquisition of Claude Resources.

Revenue

Realized gold and silver prices are non-GAAP financial measure. Please see the discussion under "Non-GAAP Financial Measures" in Section 10.

Realized gold prices increased by $8 per ounce or less than 1% compared to 2017 while silver prices declined by $1.18 per ounce or 7% compared to 2017. Lower metal prices negatively impact revenue and reported income.

In 2018, we recognized revenues of $420.7 million compared to $448.8 million in 2017 as higher sales from our Seabee Gold Operation were more than offset by the anticipated decrease in sales from our Puna Operations.

SSR Mining Inc. MD&A Year-End 2018 | 18

▪ At the Marigold mine, we sold 198,780 payable ounces of gold at an average realized price of $1,261 per ounce, generating total revenue of $250.3 million in 2018 compared to sales of 200,094 payable ounces of gold at an average realized price of $1,254 per ounce, generating total revenue of $250.8 million in 2017.

▪ At the Seabee Gold Operation, we recognized revenues of $115.7 million in 2018, from the sale of 91,360 payable ounces of gold, at an average realized price of $1,267 per ounce, compared to revenues of $108.3 millionfrom the sale of 86,050 payable ounces of gold at an average realized price of $1,259 per ounce, in 2017 .

▪ At Puna Operations we recognized revenues of $54.7 million in 2018 from the sale of 3.6 million payable ounces of silver at an average realized price of $15.92 per ounce compared to revenue of $89.6 million recognized in 2017 from the sale of 5.8 million payable ounces of silver at an average realized price of $17.10 per ounce. At December 31, 2018, sales contracts containing 0.8 million ounces of silver were subject to final price settlement over the next four months.

Cost of sales

Cost of sales for the year ended December 31, 2018, was $343.8 million, compared to $335.5 million in 2017. In 2017, cost of sales benefited from non-cash adjustments at the Puna Operations totaling $10.6 million.

▪ At the Marigold mine, cost of sales for 2018 was $200.1 million, generating income from mine operations of $50.2 million compared to cost of sales in 2017 of $184.2 million, generating income from mine operations of $66.7 million. Cost of sales were higher at similar sales volumes due to higher inventory costs.

▪ At the Seabee Gold Operation, cost of sales in 2018, was $84.9 million, generating income from mine operations of $30.8 million compared to cost of sales in 2017 of $92.7 million, generating income from mine operations of $15.6 million. Cost of sales were lower despite the increase in sales volumes due to lower inventory costs from higher grades processed and lower depreciation.

▪ At Puna Operations, cost of sales for 2018 was $58.8 million, compared to $58.7 million in 2017, with a resulting loss from mine operations of $4.2 million in 2018, compared to income of $31.0 million in 2017. Low grade Pirquitas stockpiles were processed through 2018 prior to the Chinchillas project reaching commercial completion on December 1, 2018. Cost of sales in 2017 was positively impacted by $6.3 million of non-cash reversal of inventory provision and a positive non-cash impact of $4.3 million of export duties following the resolution of our export duty claim.

Other operating costs

General and administrative expenses for the year ended December 31, 2018, of $32.9 million were higher than the $20.3 million recorded in 2017. Share-based compensation expense was $13.4 million in 2018 higher than the $4.2 million in 2017, due to stronger relative and absolute share price performance.

Expensed exploration and evaluation expenses were $14.0 million in 2018 compared to $16.0 million in 2017. Expenditures principally in the current period related to greenfield exploration work performed at the Seabee Gold Operation and SIB project.

Non-operating items

We recorded $33.6 million of interest expense and other financing costs in 2018, comparable to $34.9 million in 2017. In each period, the interest expense is mainly attributable to our 2.875% convertible senior notes issued in 2013 (the “Notes”). In 2018, we incurred interest expense of $6.2 million (2017 - $7.6 million) following the moratorium settlement in Argentina. On acquisition of the SilverCrest shares, we recognized an expense of $2.8 million related to the premium paid over the prevailing market price for the purchase of the shares of SilverCrest. Due to the subsequent increase in the SilverCrest share price, we recognized a gain of $4.3 million in Other Comprehensive Income at December 31, 2018.

SSR Mining Inc. MD&A Year-End 2018 | 19

We recorded foreign exchange gains for year ended December 31, 2018 of $9.2 million compared to $5.1 million in 2017. Our main foreign exchange exposures are related to net monetary assets and liabilities denominated in ARS and CAD. The gain in the year resulted mainly from a weakening ARS, in which our moratorium liability is denominated, partially offset by VAT receivables balance. The CAD weakened against the USD during 2018.

Taxation

For the year ended December 31, 2018, we recorded an income tax expense of $8.1 million compared to $3.1 million in the year ended December 31, 2017. The total income tax expense in the year consists of current tax expense of $8.0 million and deferred tax expense of $0.1 million. Income tax expense is a result of profitable operations at the Marigold mine and Seabee Gold Operation, metal concentrate and gold sales activities in Canada, and current tax paid of $4.7 million related to the restructure of the Argentina operations. Offsets to the income tax expense items is primarily the general and administrative expenses in Canada.

The total income tax expense for the twelve months ended December 31, 2017 consisted of a current tax expense of $3.0 million and a deferred tax expense of $0.1 million. We recognized an income tax recovery in the year of $6.5 million due to the legislative changes in the United States, primarily due to a significant reduction in income tax rates applicable from January 1, 2018, impacting our Marigold Mine. The residual income tax expense is a result of profitable operations at the Marigold mine and Seabee Gold Operation and concentrates and gold sales activities in Canada. Offsets to the income tax expense items include the general and administrative expenses in Canada.

Net income

Net loss for the year ended December 31, 2018 was $0.03 million compared to a net income of $71.5 million for the year ended December 31, 2017. In the year ended December 31, 2017, we recognized non-cash adjustments to cost of sales due to the resolution of our export duty claim in Argentina of $4.3 million and $6.3 million due to reversal of supplies inventory previously written down at Puna Operations. We also recorded an impairment reversal of the Pirquitas plant of $24.4 million resulting from the Pirquitas life extension following the formation of the joint venture for the Chinchillas project.

Income attributable to the equity holders of SSR Mining was $6.4 million ($0.05 per share) in 2018 compared to $69.3 million ($0.58 per share) in 2017. Income attributable to equity holders of SSR Mining in 2018 was higher as the jointly owned Puna Operations recorded a loss while the remaining business reported a profit.

Other comprehensive income

During 2018, we recognized a loss of $37.7 million on marketable securities compared to a gain of $25.9 million in 2017, due to fair value movements in marketable securities designated as fair value through other comprehensive income.

Financial Position and Liquidity

(expressed in thousands of United States dollars)

	As at December 31
	2018		2017		2016
Cash and cash equivalents	419,212		459,864		327,127
Working capital (1)	649,865		728,131		559,934
Total assets	1,521,138		1,537,454		1,438,688
Non-current financial liabilities	247,551		233,180		220,054
Cash generated by operating activities	59,769		144,725		170.684
Cash (used in) investing activities	(115,930	)	(15,494	)	(43,264	)
Cash generated by (used in) financing activities	20,516		4,601		(11,064	)

⁽¹⁾ We report the non-GAAP financial measure of working capital to manage and evaluate operating performance at our mines. For a better understanding of this measure, please refer to “Non-GAAP Financial Measures” in Section 10.

SSR Mining Inc. MD&A Year-End 2018 | 20

Liquidity

At December 31, 2018, we had $419.2 million of cash and cash equivalents, a decrease of $40.7 million from December 31, 2017. Our cash generated by operating activities was $59.8 million, while $67.7 million was invested in plant and equipment and $16.6 million was invested in capitalized stripping and underground development at our Marigold mine and Seabee Gold Operation, which will benefit future periods. We also invested $60.2 million in the development of the Chinchillas project and $23.1 million in the purchase of SilverCrest shares. We received $63.4 million from the sale of our remaining common shares of Pretium.

At December 31, 2018, our working capital position of $649.9 million, was a decrease of $78.3 million from $728.1 million at December 31, 2017, mainly due to the decline in the market value of common shares of Pretium which have now been sold. We manage our liquidity position with the objective of ensuring sufficient funds are available to meet planned operating requirements and providing support to fund strategic growth initiatives. Our cash balance at December 31, 2018, along with projected operating cash flows, are expected to be sufficient to fund planned activities over the next twelve months from the date of this MD&A. We continue to focus on capital allocation and our cost management strategy, while also implementing various optimization activities at our operations to improve the cash generating capacity of each mine.

Of our cash and cash equivalents balance, $417.1 million was held in Canada or the United States. At December 31, 2018, $1.6 million cash was held in Argentina. All cash is invested in short-term investments or high interest savings accounts under our investment policy with maturities of 90 days or less providing us with sufficient liquidity to meet our foreseeable corporate needs.

Capital Resources

Our objectives when managing capital are to:

▪ safeguard our ability to continue as a going concern in order to operate and optimize our current projects and pursue strategic growth initiatives; and

▪ maintain a flexible capital structure which lowers our cost of capital.

In assessing our capital structure, we include in our assessment the components of shareholders’ equity and our Notes. In order to facilitate the management of capital requirements, we prepare annual budgets and continuously monitor and review actual and forecasted cash flows. The annual budgets are monitored and approved by our Board of Directors.

To maintain or adjust the capital structure, we may, from time to time, issue new shares or debt, repay debt, buy back shares or dispose of non-core assets. We expect our current capital resources will be sufficient to carry out our exploration plans and support operations through the current operating period.

Our $75 million senior secured revolving credit facility along with the $25.0 million accordion extension in 2017, matures on June 8, 2020 . As of December 31, 2018, the facility remained undrawn and we were in compliance with financial covenants to our credit facility. Our Notes do not contain any financial covenants.

Outstanding share data

The authorized capital consists of an unlimited number of common shares without par value. As at February 21, 2019, the following common shares and options were outstanding:

	Number of shares	Exercise price	Remaining life
		C$	(years)
Capital stock	121,115,824
Stock options	2,595,835	4.00 - 24.41	0.05 - 6.86
Other share-based compensation awards	815,805		0.11 - 9.86
Fully diluted	124,527,464

SSR Mining Inc. MD&A Year-End 2018 | 21

7.QUARTERLY FINANCIAL REVIEW

The following table sets out selected financial results for each of the eight most recently completed quarters, expressed in thousands of USD, except per share and per ounce amounts:

	2018						2017
	31-Dec		30-Sep	30-Jun	31-Mar		31-Dec	30-Sep	30-Jun	31-Mar
	$000s		$000s	$000s	$000s		$000s	$000s	$000s	$000s
Revenue	103,712		115,033	104,028	97,902		107,881	106,005	116,982	117,905
Gold equivalent payable ounces sold	82,439		96,337	80,937	74,922		85,883	86,930	97,039	94,576
Realized gold price ($/oz) (1)	1,230		1,208	1,304	1,334		1,271	1,270	1,263	1,220
Realized silver price ($/oz) (1)	14.42		15.45	16.49	16.79		16.96	16.77	17.31	17.35
Income from mine operations	16,536		21,875	21,203	17,231		21,190	22,522	29,462	40,089
(Loss) income before tax	(7,559	)	6,632	9,823	(806	)	13,936	2,175	40,008	18,467
Net (loss) income	(2,544	)	2,228	2,607	(2,322	)	16,850	1,821	37,747	15,047
Attributable (loss) income to equity holders of SSR Mining	(3,486	)	6,374	5,117	(1,626	)	15,883	1,067	37,319	15,047
Basic attributable (loss) income per share	(0.03	)	0.05	0.04	(0.01	)	0.14	0.01	0.31	0.13
Diluted attributable (loss) income per share	(0.03	)	0.05	0.04	(0.01	)	0.14	0.01	0.31	0.12
Cash and cash equivalents	419,212		474,511	493,642	472,901		459,864	424,025	353,530	340,585
Total assets	1,521,138		1,503,717	1,504,987	1,490,123		1,537,454	1,499,220	1,514,567	1,484,224
Working capital (1)	649,865		649,448	671,967	685,731		728,131	684,077	677,811	688,237
Non-current financial liabilities	247,551		243,858	240,234	236,685		233,180	229,810	226,500	223,258

⁽¹⁾ We report the non-GAAP financial measures of realized metal prices per payable ounce of precious metals sold and working capital to manage and evaluate operating performance at our mines. For a better understanding of these measures, please refer to “Non-GAAP Financial Measures” in Section 10.

The volatility in revenue over the past eight quarters has resulted from variable precious metal prices and sales volumes at our operations. There are no significant seasonal fluctuations in the results for the presented periods. Realized gold prices have generally fluctuated between $1,208 and $1,334 per payable ounce of gold sold and realized silver prices have generally fluctuated between $14.42 and $17.35 per payable ounce of silver sold. Sales volumes have been impacted by generally increasing production at the Seabee Gold Operation, normal production variations at the Marigold mine due to its nature as a run-of-mine heap leach operation, and declining production at Puna Operations as the mine processed stockpiles while it transitioned to production from the Chinchillas deposit on December 1, 2018.

Income from mine operations broadly follows the trend in revenue. Although gross margins have reduced following the closure of Puna Operations' Pirquitas pit in early 2017, margins have remained stable since the second half of 2017. Certain periods have been impacted by non-cash adjustments; notably, in the fourth quarter of 2017, there was a $6.3 million reversal of inventory provision as a result of the extended operational plant life at our Puna Operations due to the formation of Puna Operations, and the first quarter of 2017 was positively impacted by the resolution of the export duty claim in Argentina, which resulted in a non-cash reduction to cost of sales of $4.3 million.

Net income before and after income tax has fluctuated significantly over the past eight quarters, which has been heavily influenced by operating performance and impairment reversals and other adjustments. Net income for the fourth quarter of 2018 as negatively impacted by a $2.8 million expense related to the premium paid over the prevailing market price on the purchase of the SilverCrest shares. Net income for the second quarter of 2018 was negatively impacted by the recognition of a $5.8 million income tax expense related to the re-organization of our business units

SSR Mining Inc. MD&A Year-End 2018 | 22

in Argentina and the second quarter of 2017 was positively impacted by an impairment reversal of the Pirquitas plant of $24.4 million resulting from its life extension following the formation of Puna Operations.

Three months ended December 31, 2018, compared to the three months ended December 31, 2017

(expressed in thousands of United States dollars, except for per share amounts)

	Three months ended December 31
	2018		2017
	$		$
Revenue	103,712		107,881
Cost of sales	(87,176	)	(86,691	)
Income from mining operations	16,536		21,190
General and administrative expenses	(12,108	)	(2,082	)
Exploration, evaluation and reclamation (expenses) recovery	(1,367	)	829
Operating income	3,061		19,937
Interest earned and other finance income	3,202		2,165
Interest expense and other finance expenses	(8,205	)	(9,220	)
Other expense	(3,675	)	(185	)
Foreign exchange (loss) gain	(1,942	)	1,239
(Loss) income before tax	(7,559	)	13,936
Income tax recovery	5,015		2,914
Net (loss) income	(2,544	)	16,850

Net loss attributable to our shareholders for the three months ended December 31, 2018 was $3.5 million ($0.03 per share), compared to net income of $15.9 million ($0.14 per share) in the same period of 2017. The following is a summary and discussion of the significant components of income and expenses recorded during the current quarter compared to the same period in the prior year.

Revenue

Realized silver and gold price is a non-GAAP financial measure. Please see the discussion under "Non-GAAP Financial Measures" in Section 10.

Realized gold prices in the current quarter declined by $41 per ounce or 3% compared to the comparative 2017 quarter while silver prices declined by $2.54 per ounce or 15%. Lower metal prices negatively impact revenue and reported income in the current quarter relative to the comparative quarter.

In the three months ended December 31, 2018, we recognized total revenues of $103.7 million, compared to $107.9 million recognized in the comparative period of 2017. This reduction was primarily due to lower sales from both the Marigold mine and Seabee Gold Operation, which more than offset higher sales at Puna Operations.

▪ At the Marigold mine, we recognized revenues of $61.9 million in the fourth quarter of 2018 from the sale of 50,524 payable ounces of gold, at an average realized gold price of $1,227 per payable ounce sold. In the fourth quarter of 2017, revenues were $65.2 million from the sale of 51,399 payable ounces of gold at an average realized gold price of $1,269 per payable ounce sold. Lower revenues in the fourth quarter of 2018 compared to the same period in 2017 were due to lower sales resulting from lower production and realized gold price.

▪ At the Seabee Gold Operation, we recognized revenues of $26.9 million in the fourth quarter of 2018 from the sale of 21,700 payable ounces of gold, at an average realized gold price of $1,236 per payable ounce

SSR Mining Inc. MD&A Year-End 2018 | 23

sold. In the fourth quarter of 2017, revenues were $30.6 million from the sale of 23,963 payable ounces of gold, at an average realized price of $1,276 per ounce. Sales quantities in the fourth quarter of 2018 were 9% lower than in the comparative quarter due to lower production resulting from a temporary build-up of in-circuit inventory due to timing of gold pours.

▪ At Puna Operations, we recognized revenues of $15.0 million in the fourth quarter of 2018, higher than the $12.1 million in the same period in 2017. Sales volumes were higher as commercial production of Chinchillas ore processing commenced on December 1, 2018. We sold 0.9 million payable ounces of silver in the fourth quarter of 2018, higher than the 0.8 million payable ounces sold in the comparative period. Realized silver prices were lower in the fourth quarter of 2018, which averaged $14.42 per ounce, excluding the impact of period-end price adjustments, compared to $16.96 per ounce in the same period in 2017. Higher sales also assisted with a positive mark-to-market impact of $1.3 million in the fourth quarter of 2018, compared to a positive impact of $0.2 million in the fourth quarter of 2017. At December 31, 2018, sales contracts containing 0.8 million ounces of silver were subject to final price settlement over the next four months.

Cost of sales

Cost of sales for the fourth quarter of 2018 was $87.2 million, compared to $86.7 million in the fourth quarter of 2017.

▪ At the Marigold mine, cost of sales in the fourth quarter of 2018 was $51.9 million, generating income from mine operations of $10.0 million for a gross margin of 16%. This compares to cost of sales of $52.4 million in the fourth quarter of 2017, generating income from mine operations of $12.8 million, equal to a gross margin of 20%. The lower margin is due to lower gold prices, higher unit costs of inventory, higher depreciation and depletion per gold ounce sold.

▪ At the Seabee Gold Operation, cost of sales in the fourth quarter was $19.5 million, generating income from mine operations of $7.3 million, equal to a gross margin of 27%. In the comparative period of 2017, cost of sales was $27.6 million, generating income from mine operations of $2.9 million, equal to a gross margin of 10% . The higher margin is mainly due to lower unit cost of inventory and lower depreciation more than offsetting lower gold prices.

▪ At Puna Operations, cost of sales in the fourth quarter of 2018 was $15.7 million, resulting in loss from mine operation of $0.8 million, equal to a negative gross margin of 5.3%. This compares to cost of sales of $6.6 million in the fourth quarter of 2017, generating income from mine operations of $5.5 million, equal to a gross margin of 45%. The lower margin is mainly due to higher unit costs of inventory and a lower realized silver price in the current period, whereas the fourth quarter of 2017 was positively impacted by $6.3 million of non-cash reversal of inventory provision.

Other operating costs

General and administrative expenses in the three months ended December 31, 2018, of $12.1 million were higher than the $2.1 million recorded in the three months ended December 31, 2017. Share-based compensation expense is $8.1 higher in the current quarter resulting from stronger relative and absolute share price performance.

Exploration, evaluation and reclamation costs of $1.4 million for the three months ended December 31, 2018, compared to a recovery of $0.8 million for the three months ended December 31, 2017. The majority of expenditures in the fourth quarter of 2018 related to greenfield exploration work performed at the Seabee Gold Operation.

Non-operating items

During the fourth quarter of 2018, we recorded interest expense and other financing costs of $8.2 million compared to the $9.2 million recorded in the fourth quarter of 2017. In each period, the interest expense is mainly attributable to our Notes. As part of the export duty moratorium settlement with the Argentine government, we also incurred interest expense of $1.5 million in the fourth quarter of 2018 and $2.3 million in the fourth quarter of 2017. The decrease was mainly due to devaluation of the ARS. On acquisition of SilverCrest shares, we recognized an expense of $2.8 million related to the premium paid over the prevailing market price for the purchase of the shares of SilverCrest. Due to the subsequent increase in the SilverCrest share price, we recognized a gain of $4.3 million in Other Comprehensive Income at December 31, 2018.

SSR Mining Inc. MD&A Year-End 2018 | 24

We recorded a foreign exchange loss for the three months ended December 31, 2018, of $1.9 million compared to a gain of $1.2 million in the three months ended December 31, 2017. Our main foreign exchange exposures are related to the ARS and CAD. During the quarter the loss resulted as the ARS stabilized and then strengthened after a significant decline earlier in the year. Our moratorium liability denominated in ARS, is partially offset by VAT receivable balances.

Taxation

For the three months ended December 31, 2018, we recorded a net income tax recovery of $5.0 million compared to $2.9 million in the three months ended December 31, 2017. The total income tax recovery in the quarter consists of a current tax expense of $0.3 million and a deferred tax recovery of $5.3 million. Income tax expense is a result of profitable operations at the Marigold mine and Seabee Gold Operation, and metal concentrate and gold sales activities in Canada. Offsets to the income tax expense items include the general and administrative expenses in Canada, $1.2 million of BC Mining Exploration Tax Credit and a $5.1 million recovery of tax expense related to inflation adjustment to property, plant and equipment and foreign exchange in Argentina.

The income tax expense for the three months ended December 31, 2017 consists of a current tax recovery of $2.2 million and a deferred tax recovery of $0.7 million. We recognized an income tax recovery of $6.5 million due to the legislative changes in the United States, primarily due to a significant reduction in income tax rates applicable from Jan. 1, 2018 impacting Marigold Mine. Further, in the quarter the Province of Saskatchewan reversed an income tax rate reduction that had been previously enacted in the second quarter of 2017, resulting in an income tax expense of $2.1 million. The residual income tax expense is a result of the profitable operations at the Marigold mine and Seabee Gold Operation and concentrates, gold sales activities in Canada, offset by general and administrative expenses in Canada.

Other comprehensive income

During the fourth quarter of 2018, we recognized an unrealized gain of $2.1 million on marketable securities in other comprehensive income, compared to $15.5 million in the fourth quarter of 2017. The primarily gain in the current quarter was driven by valuation movements in our investment in SilverCrest. The prior period change was primarily driven by valuation movements in our investment in Pretium, which we no longer hold.

SSR Mining Inc. MD&A Year-End 2018 | 25

Statements of cash flow

(expressed in thousands of United States dollars)

	Three months ended December 31
	2018		2017
Cash flows from operating activities
Net (loss) income for the period	(2,544	)	16,850
Adjustments for:
Depreciation, depletion and amortization	22,650		29,571
Net finance expense	4,915		6,564
Income tax recovery	(5,015	)	(2,914	)
Non-cash foreign exchange loss (gain)	1,802		(5,369	)
Net changes in non-cash working capital items	(22,285	)	4,037
Other operating activities	181		(1,322	)
Cash (used in) generated by operating activities before interest and income taxes paid	(296	)	47,417
Interest paid	(1,514	)	(2,340	)
Moratorium paid	(1,120	)	(1,947	)
Income taxes (paid) recovered	(814	)	2,045
Cash (used in) generated by operating activities	(3,744	)	45,175
Cash flows from investing activities
Purchase of plant and equipment	(10,597	)	(4,026	)
Capitalized stripping costs	(1,208	)	(5,711	)
Underground mine development costs	(2,910	)	(2,300	)
Capitalized exploration costs	(2,571	)	(1,239	)
Chinchillas project costs	(18,862	)	(11,432	)
Loan to joint venture partner	(8,033	)	—
Investment in marketable securities	(23,057	)	—
Proceeds from sale of marketable securities and other investments	—		14,244
Interest received	2,601		1,393
Other	1,609		(562	)
Cash used in investing activities	(63,028	)	(9,633	)
Cash flows from financing activities
Proceeds from exercise of stock options	3,103		788
Funding from non-controlling interest	8,800		1,154
Cash generated by financing activities	11,903		1,942
Effect of foreign exchange rate changes on cash and cash equivalents	(431	)	(1,645	)
(Decrease) Increase in cash and cash equivalents	(55,300	)	35,839
Cash and cash equivalents, beginning of period	474,511		424,025
Cash and cash equivalents, end of period	419,211		459,864

Cash used in operating activities was $3.7 million in the fourth quarter of 2018 compared to $45.2 million generated in the fourth quarter of 2017. Lower metal prices combined with lower gold sales at higher unit costs more than offset higher silver sales at lower unit costs at Puna Operations. Operating activities were impacted by a $22.3 million build in non-cash working capital due to a combination of increased gold and concentrate finished goods inventories, inventory in circuit at Seabee, Chinchillas ore stockpiles at Puna Operations and a reduction in trade payables at year end, particularly related to the Chinchillas project. We used $63.0 million in investing activities in the fourth quarter of 2018. We invested $23.1 million in the SilverCrest share purchase, $10.6 million in property, plant and equipment, $18.9 million in the Chinchillas project and loaned $8.0 million to our joint venture partner. This compares to $9.6 million in the fourth quarter of 2017 as the quarter benefited from $14.2 million of Pretium share sale proceeds. We received $8.8 million from our joint venture partner for its share of the development costs of the Chinchillas project.

SSR Mining Inc. MD&A Year-End 2018 | 26

8. FINANCIAL INSTRUMENTS AND RELATED RISKS

We are exposed to a variety of financial risks as a result of our operations, including market risk (which includes price risk, currency risk and interest rate risk), credit risk and liquidity risk. Our overall risk management strategy seeks to reduce potential adverse effects on our financial performance. Risk management is carried out under policies approved by our Board of Directors.

We may, from time to time, use foreign exchange contracts, commodity price contracts, equity hedges and interest rate swaps to manage our exposure to fluctuations in foreign currency, metal and energy prices, marketable securities values and interest rates. We do not have a practice of trading derivatives. Our use of derivatives is limited to specific programs to manage fluctuations in foreign exchange, diesel prices and marketable securities risks, which are subject to the oversight of our Board of Directors.

The risks associated with our financial instruments, and the policies on how we mitigate those risks are set out below. This is not intended to be a comprehensive discussion of all risks.

Market Risk

This is the risk that the fair values of financial instruments will fluctuate owing to changes in market prices. The significant market risks to which we are exposed are price risk, currency risk and interest rate risk.

(i)   Price Risk

This is the risk that the fair values or future cash flows of our financial instruments will fluctuate because of changes in market prices. Income from mine operations in the next year depends on the metal prices for gold and silver, lead and zinc and also prices of input commodities such as diesel. These prices are affected by numerous factors that are outside of our control, such as:

▪global or regional consumption patterns;

▪the supply of, and demand for, these commodities;

▪speculative activities;

▪the availability and costs of substitutes;

▪inflation; and

▪political and economic conditions, including interest rates and currency values.

The principal financial instruments that we hold which are impacted by commodity prices are our silver concentrate trade receivables. The majority of our sales agreements are subject to pricing terms that settle within one to three months after delivery of concentrate, and this adjustment period represents our trade receivable exposure to variations in commodity prices.

We have not hedged the price of any metal as part of our overall corporate strategy.

We hedge a portion of our diesel consumption with the objective of securing future costs. We executed swap and option contracts under a risk management policy approved by our Board of Directors. In addition, due to the ice road supply at the Seabee Gold Operation, we purchase annual consumable supplies in advance at prices which are generally fixed at time of purchase, not during period of use.

A 10% increase or decrease in the silver prices as at December 31, 2018, with all other variables held constant, would have resulted in a $0.9 (December 31, 2017 - $1.0) increase or decrease to our trade receivables and after-tax net income.

As we do not have trade receivables for gold sales, movements in gold prices will not impact the value of any financial instruments.

The costs relating to our production activities vary depending on market prices on mining consumables including diesel fuel and electricity.

During 2018, under our risk management policy we have used swaps and options to manage a portion of our cost of diesel.

SSR Mining Inc. MD&A Year-End 2018 | 27

Marigold Mine

Our instruments are based on the ultra low sulphur Gulf Coast diesel index for diesel consumed at the Marigold mine. As at December 31, 2018, the spot price of diesel was $1.56/gallon and we have hedged the following future anticipated usage at the Marigold mine:

	2019		2020
Gallons hedged (in thousands)	5,364		3,600
Estimated usage	52.6	%	35.3	%
Floor price ($/gallon)	1.70		1.75
Cap price ($/gallon)	2.34		2.36

For the year ended December 31, 2018, for the Marigold mine we had a mark-to-market loss of $1.5 million (2017 - $0.1 million) on outstanding diesel fuel hedges recognized in other comprehensive income. As and when it is determined to be favourable, we may execute additional diesel fuel hedges under our risk management policy.

Seabee Gold Operation

Our instruments are based on the US New York Harbour diesel index for diesel consumed at the Seabee Gold Operation. As at December 31, 2018, the spot price of diesel was $0.44/litre and we have hedged the following future anticipated usage at the Seabee mine:

	2019		2020
Litres hedged (in thousands)	3,188		—
Estimated usage	75	%	—
Floor price ($/litre)	0.46		—
Cap price ($/litre)	0.55		—

For the year ended December 31, 2018, for the Seabee Gold Operation we had a mark-to-market loss of $0.1 million (December 31, 2017 - $Nil) on outstanding diesel fuel hedges recognized in other comprehensive income. As and when it is determined to be favourable, we may execute additional diesel fuel hedges under our risk management policy.

We hold certain investments in marketable securities which are measured at fair value, being the closing price of each equity investment at the balance sheet date. We are exposed to changes in share prices which would result in gains and losses being recognized in OCI. A 10% change in prices would have a $2.6 million impact on total comprehensive income at December 31, 2018 (December 31, 2017 - $9.9 million). We did not hedge any securities in 2018 or 2017.

(ii) Currency Risk

Currency risk is the risk that the fair values or future cash flows of our financial instruments and other assets and liabilities will fluctuate because of changes in foreign currency rates. Our financial instruments are exposed to currency risk where those instruments are denominated in currencies that are not the same as the functional currency of the entity that holds them; exchange gains and losses in these situations impact earnings.

The following are the most significant areas of exposure to currency risk, shown in thousands of U.S. dollars:

Currency risk is the risk that the fair values or future cash flows of our financial instruments and other assets and liabilities will fluctuate because of changes in foreign currency rates. Our financial instruments are exposed to currency risk where those instruments are denominated in currencies that are not the same as the functional currency of the entity that holds them; exchange gains and losses in these situations impact earnings.

SSR Mining Inc. MD&A Year-End 2018 | 28

The following are the most significant areas of exposure to currency risk, shown in thousands of U.S. dollars:

	December 31, 2018
	Canadian dollar		Argentine peso
Cash	7,982		1,604
Value added tax receivable	145		17,039
Trade and other payables (excluding VAT and income taxes)	(22,974	)	(9,908	)
Provisions	—		(19,056	)
Total	(14,847	)	(10,321	)

	December 31, 2017
	Canadian dollar		Argentine peso
Cash	5,342		17,223
Value added tax receivable	206		12,242
Other financial assets	200		884
Trade and other payables (excluding VAT and income taxes)	(17,017	)	(5,021	)
Provisions	—		(47,287	)
Total	(11,269	)	(21,959	)

We monitor and manage this risk with the objective of ensuring our company-wide exposure to negative fluctuations in currencies against the U.S. dollar is managed.

Over the course of 2018, ARS continued to devalue by approximately 102% compared to 17% in 2017. Following our entry into the moratorium in Argentina in 2017, our U.S. dollar export duty provision was converted into an Argentine peso liability (see Note 13 to our consolidated financial statements for the year ended December 31, 2018). Correspondingly, we now have a net Argentine peso liability position which has resulted in foreign exchange gains as a result of the devaluation of the Argentine peso.

The Canadian dollar was relatively stable through most of 2018, ending the year having depreciated by 8.7% (2017 - appreciated by 7%) and closing at $1.36 Canadian dollar per $1.00 U.S. dollar. This has negatively impacted the value of our marketable securities and our Canadian dollar cash, while having a marginally positive impact on our Canadian operating costs and liabilities in U.S. dollar terms.

The acquisition of the Seabee Gold Operation in 2016 materially increased our exposure to Canadian dollar operating and capital costs. Under our risk management policy, we have entered into options to manage this exposure. As at December 31, 2018, we had the following hedge positions outstanding:

	2019		2020
Notional amount (in thousands of Canadian dollars)	54,140		30,000
Estimated usage	71.2	%	40.3	%
Floor level (Canadian dollars per $1 U.S. dollar)	1.2500		1.2614
Cap level (Canadian dollars per $1 U.S. dollar)	1.3348		1.3710

For the year ended December 31, 2018, we had a mark-to-market gain of $1.6 million (2017 - gain of $0.4 million) on outstanding hedges recognized in other comprehensive income.

SSR Mining Inc. MD&A Year-End 2018 | 29

A 10% increase or decrease in the U.S. dollar exchange rate, as at December 31, 2018 and December 31, 2017, on financial assets and liabilities denominated in the following currencies, with all other variables held constant, would have resulted in the following impact to our total comprehensive income for the years ended December 31, 2018 and December 31, 2017, respectively:

	2018	2017
	$000s	$000s
Canadian dollar	1,084	701
Argentine peso	715	1,460

(iii)  Interest Rate Risk

Interest rate risk is the risk that the fair values or future cash flows of our financial instruments will fluctuate because of changes in market interest rates. Interest rate risk arises from the interest rate impact on our cash and cash equivalents and our moratorium liability because these are the only financial instruments we hold that are impacted by interest based on variable market interest rates. The Notes have a fixed interest rate and are not exposed to fluctuations in interest rates. A change in interest rates would impact the fair value of the Notes, but because we record the Notes at amortized cost, there would be no impact on our financial results. We monitor our exposure to interest rates closely and have not entered into any derivative contracts to manage our risk.

The resolution of the moratorium in Argentina in 2017 increased our exposure to this risk as the outstanding liability incurs interest based on variable rates with a floor of 1.5% per month.

As at December 31, 2018, the weighted average interest rate earned on our cash and cash equivalents was 2.4% (December 31, 2017 - 0.97%). With other variables unchanged, a 1% change in the annualized interest rate would impact after-tax net income by $3.4 million (2017 - $2.4 million).

a) Credit Risk

Credit risk is the risk that a third party might fail to discharge its obligations under the terms of a financial contract. Our credit risk is limited to the following instruments:

(i) Credit risk related to financial institutions and cash deposits

Under our investment policy, investments are made only in highly-rated financial institutions and corporate and government securities. We diversify our holdings and consider the risk of loss associated with investments to be low.

(ii) Credit risk related to trade receivables

We are exposed to credit risk through our trade receivables on concentrate sales, which are principally with internationally-recognized counterparties. Payments of receivables are scheduled, routine and received within a contractually agreed time frame. We manage this risk by requiring provisional payments of at least 75% of the value of the concentrate shipped and through utilizing multiple counterparties.

(iii) Credit risk related to other financial assets

Our credit risk with respect to other financial assets includes deferred consideration following the sales of various mineral properties. We have security related to these payments in the event of default.

We also have credit risk through our significant VAT receivables and Puna credits balance that is collectible from the government of Argentina. The balance is expected to be recoverable in full, however due to legislative rules and the complex collection process, a significant portion of the asset is classified as non-current until government approval of the recovery claim is approved.

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Our maximum exposure to credit risk as at December 31, 2018 and December 31, 2017 was as follows:

	December 31, 2018	December 31, 2017
	$000s	$000s
Cash and cash equivalents	419,212	459,864
Value added tax receivable	18,802	13,755
Trade and other receivables	11,287	14,848
Other financial assets	37,097	22,399
	486,398	510,866

At December 31, 2018, no amounts were held as collateral except those discussed above related to other financial assets.

b) Liquidity Risk

Liquidity risk is the risk that we will not be able to meet our obligations under our financial instruments as they fall due. We manage our liquidity risk through a rigorous planning and budgeting process, which is reviewed and updated on a regular basis, to help determine the funding requirements to support our current operations, expansion and development plans, and by managing our capital structure as described in Note 24(d) of our consolidated financial statements for the year ended December 31, 2018. Our objective is to ensure that there are sufficient committed financial resources to meet our business requirements for a minimum of twelve months.

To supplement corporate liquidity we have a Credit Facility of which we utilized $8.0 million (December 31, 2017 - $7.7 million) to secure certain letters of credit.

In addition, we use surety bonds to support certain environmental bonding obligations. As at December 31, 2018, we had surety bonds totaling $54.1 million outstanding (December 31, 2017 - $61.2 million).

A detailed discussion of our liquidity position is included in Section 6 and the maturity profile of financial liabilities presenting contractual undiscounted cash flows as at December 31, 2018, is included in Note 24 (c) in our consolidated financial statements for the year ended December 31, 2018.

In our opinion, working capital at December 31, 2018 together with future cash flows from operations are sufficient to support our commitments through 2019.

9.RISKS AND UNCERTAINTIES

The mining industry involves many risks which are inherent to the nature of the business, global economic trends and economic, environmental and social conditions in the geographical areas of operation. As a result, we are subject to a number of risks and uncertainties, each of which could have an adverse effect on our operating results, business prospects or financial position. We continuously assess and evaluate these risks and minimize them by implementing high operating standards and processes to identify, assess, report and monitor risks across our organization.

For a comprehensive list of other risks and uncertainties affecting our business, please refer to the section entitled "Risk Factors" in our most recent Annual Information Form, which is available at www.sedar.com, and our most recent Annual Report on Form 40-F, which is available on the EDGAR section of the SEC website at www.sec.gov.

There has been no significant change in our risks and uncertainties.

10. NON-GAAP FINANCIAL MEASURES

The non-GAAP financial measures presented do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be directly comparable to similar measures presented by other issuers. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-GAAP measures should be read in conjunction with our consolidated financial statements.

SSR Mining Inc. MD&A Year-End 2018 | 31

Non-GAAP financial measures - Cash costs and AISC per payable ounce of precious metals sold

We use the non-GAAP financial measures of cash costs and AISC per payable ounce of precious metals sold to manage and evaluate operating performance. We believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate our performance and ability to generate cash flows. Cash costs per ounce metrics, net of by-product credits, are also used in our internal decision making processes. Accordingly, the data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

In line with the guidance published by the World Gold Council, AISC reflect the full cost of operating our consolidated business as they include the cost of replacing ounces through exploration, cost of sustaining capital and general and administrative expenses. Expansionary capital is not included in this measure.

The following table provides a reconciliation of our condensed consolidated interim and annual statements of income to cash costs and AISC per payable ounce of precious metals sold for the three and twelve month periods indicated below:

SSR Mining Inc. MD&A Year-End 2018 | 32

	Q4		Q3		Q2		Q1		Total		Total
	2018		2018		2018		2018		2018		2017
	$000s		$000s		$000s		$000s		$000s		$000s
Marigold mine
Cost of sales (A)	51,884		58,594		46,082		43,568		200,128		184,159
Add: Treatment and refining costs	78		58		122		114		372		347
Less: By-product revenue	(11	)	(13	)	(24	)	(16	)	(64	)	(50	)
Less: Depreciation, depletion and amortization	(13,571	)	(16,266	)	(13,539	)	(13,372	)	(56,748	)	(54,983	)
Cash costs	38,380		42,373		32,641		30,294		143,688		129,473
Sustaining capital expenditure	8,328		9,343		8,626		4,665		30,962		20,364
Exploration and evaluation costs (sustaining)	2,096		2,956		3,243		1,914		10,209		4,917
Reclamation cost	253		309		376		358		1,296		1,604
Capitalized stripping costs	1,208		2,529		850		2,902		7,489		22,863
AISC	50,265		57,510		45,736		40,133		193,644		179,221
Seabee Gold Operation
Cost of sales (B)	19,544		24,208		21,003		20,117		84,872		92,690
Add: Treatment and refining costs	46		40		41		39		166		131
Less: By-product revenue	(10	)	(12	)	(8	)	(16	)	(46	)	(39	)
Less: Inventory provision	—		—		—		—		—		(632	)
Less: Depreciation, depletion and amortization	(8,678	)	(11,216	)	(8,411	)	(10,513	)	(38,818	)	(40,375	)
Cash costs	10,902		13,020		12,625		9,627		46,174		51,775
Sustaining capital expenditure	624		968		1,035		4,426		7,053		7,190
Capitalized development	2,910		1,812		2,069		2,283		9,074		8,295
Exploration and evaluation costs (sustaining)	1,646		1,557		1,749		1,551		6,503		5,071
Reclamation cost	34		33		34		34		135		200
AISC	16,116		17,390		17,512		17,921		68,939		72,531
Puna Operations (1)
Cost of sales (C)	15,749		10,355		15,740		16,986		58,830		58,661
Add: Treatment and refining costs	807		820		1,228		1,522		4,377		13,092
Add: Gain on moratorium settlement	—		—		—		—				4,303
Less: By-product revenue	(2,719	)	(360	)	—		—		(3,079	)	(56	)
Add: Inventory reversal	—		—		—		—		—		6,342
Less: Restructuring costs	—		—		—		—		—		(109	)
Less: Depreciation, depletion and amortization	(752	)	(478	)	(870	)	(1,053	)	(3,153	)	(7,058	)
Cash costs	13,085		10,337		16,098		17,455		56,975		75,175
Sustaining capital expenditure	3,849		2,390		2,652		789		9,680		4,604
Reclamation cost	888		567		553		540		2,548		2,489
AISC	17,822		13,294		19,303		18,784		69,203		82,268
Cost of sales, per consolidated statement of (loss) income (A+B+C)	87,177		93,157		82,825		80,671		343,830		335,510
AISC (total for all mines)	84,203		88,194		82,551		76,838		331,786		334,020
General and administrative costs	12,108		5,985		8,179		6,669		32,941		20,307
Consolidated AISC	96,311		94,179		90,730		83,507		364,727		354,327

SSR Mining Inc. MD&A Year-End 2018 | 33

	Q4	Q3	Q2	Q1	Total	Total
	2018	2018	2018	2018	2018	2017
	$000s	$000s	$000s	$000s	$000s	$000s
Marigold mine
Payable ounces of gold sold (oz)	50,524	59,583	46,618	42,055	198,780	200,094
Cash costs per gold ounce sold ($/oz)	760	711	700	720	723	647
AISC per gold ounce sold ($/oz)	995	965	981	954	974	896
Seabee Gold Operation
Payable ounces of gold sold (oz)	21,700	29,160	20,500	20,000	91,360	86,050
Cash costs per gold ounce sold ($/oz)	502	447	616	481	505	602
AISC per gold ounce sold ($/oz)	743	596	854	896	755	843
Puna Operations (1)
Payable ounces of silver sold (oz)	871,303	593,739	1,092,778	1,022,275	3,580,095	5,753,459
Cash costs per silver ounce sold ($/oz)	15.02	17.41	14.73	17.07	15.91	13.07
AISC per silver ounce sold ($/oz)	20.45	22.39	17.66	18.37	19.33	14.30
Realized gold price ($/oz)	1,230	1,208	1,304	1,334	1,263	1,255
Realized silver price ($/oz)	14.42	15.45	16.49	16.79	15.92	17.10
Precious metals equivalency
Total cash costs (for all metals)	62,367	65,730	61,364	57,376	246,837	256,423
Equivalent payable gold ounces sold (2)	82,439	96,337	80,937	74,922	335,267	364,538
Cash costs per equivalent gold ounce sold ($/oz)	757	682	758	766	736	703
Consolidated AISC per equivalent gold ounce sold ($/oz)	1,168	978	1,121	1,115	1,088	972

⁽¹⁾ The data presented for Puna Operations is reported on a 100% basis.

⁽²⁾ Gold equivalent ounces have been established using realized metal prices per payable ounce of precious metal sold in the period and applied to the recovered metal content of the gold and silver sold by the Marigold mine, the Seabee Gold Operation and Puna Operations. We have not included zinc and lead as they are considered a by-product.

Non-GAAP financial measures - realized metal prices

Average realized price per ounce of silver sold in each reporting period excludes the period-end price adjustments and final settlements on concentrate shipments. These price adjustments do not apply to gold bullion sales.

Non-GAAP financial measure - working capital

Working capital is a non-GAAP measure calculated as current assets less current liabilities. Working capital does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies.

Non-GAAP financial measure - gross margin from mine operations

Gross margin from mine operations is a non-GAAP measure calculated as the difference between revenue and cost of sales, divided by revenue, expressed as a percentage.

Non-GAAP financial measures - adjusted attributable net income

SSR Mining Inc. MD&A Year-End 2018 | 34

We have included the non-GAAP financial performance measures of adjusted attributable income before tax, adjusted attributable income tax (expense), adjusted attributable net income and adjusted basic attributable income per share. Adjusted net income excludes gains/losses and other costs incurred for acquisitions and disposals of mineral properties and exploration and evaluation assets, impairment charges and reversals, unrealized and realized gains/losses on financial instruments, significant non-cash foreign exchange impacts as well as other significant non-cash, non-recurring items. We exclude these items from net income to provide a measure which allows investors to evaluate the operating results of our underlying core operations and our ability to generate liquidity through operating cash flow to fund working capital requirements, future capital expenditures and service outstanding debt. We believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors may use this information to evaluate our performance. Accordingly, the data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

The following table provides a reconciliation of adjusted net income to the consolidated financial statements:

	Year ended December 31,
	2018		2017
	$000's		$000's
Income before tax per consolidated statements of (loss) income	8,090		74,587
Non-controlling interest	6,410		(2,150	)
Income before tax attributable to our shareholders	14,500		72,437
Adjusted for:
Non-cash finance income and expense	15,252		15,666
Write down of fixed assets	2,749		—
Expense related to the premium paid for shares of SilverCrest over the prevailing market price	2,782		—
Non-cash foreign exchange gain	(11,862	)	(9,327	)
Adjustment to CDRP provision	(1,580	)	—
Write-down (reversal) of VAT and inventory to NRV	—		(5,710	)
Impairment reversal	—		(24,357	)
Effect of resolution of export duty settlement	—		(4,303	)
Restructuring costs	—		109
Other items	6,745		1,766
Adjusted attributable income before tax	28,586		46,281
Income tax (expense), per consolidated statement of (loss) income	(8,121	)	(3,121	)
Initial recognition of deferred tax in Argentina	2,649		—
Tax impact of SilverCrest acquisition	(376	)	—
Deferred tax on sale of mineral properties	—		811
Change in prior period adjustments	662		712
Change in tax rate	(127	)	(5,689	)
Argentina restructuring	4,712		—
Other items	(24	)	1,080
Adjusted attributable income tax expense	(625	)	(6,207	)
Adjusted attributable net income	27,961		40,074
Weighted average shares outstanding (000's)	120,137		119,593
Adjusted basic attributable income per share ($)	0.23		0.34

SSR Mining Inc. MD&A Year-End 2018 | 35

	Three months ended December 31,
	2,018		2,017
	$000's		$000's
(Loss) Income before tax per consolidated statements of (loss) income	(7,559	)	13,936
Non-controlling interest	(942	)	(968	)
Income before tax attributable to our shareholders	(8,501	)	12,968
Adjusted for:
Non-cash finance income and expense	3,745		4,303
Expense related to the premium paid for shares of SilverCrest over the prevailing market price	2,782		—
Adjustment to CDRP provision	(1,580	)	—
Non-cash foreign exchange (gain) loss	745		(2,967	)
Restructuring costs	—		695
Reversal (write-down) of VAT and inventory to NRV	—		(5,710	)
Effect of revaluation of reclamation provision	—		(3,437	)
Other items	2,464		(2,310	)
Adjusted attributable income before tax	(345	)	3,542
Income tax recovery	5,015		2,914
Tax impact of SilverCrest acquisition	(376	)	—
Deferred tax on sale of mineral properties	—		(1,096	)
Change in prior period estimates	116		352
Change in tax rate	—		(3,647	)
Argentina restructuring	(16	)	—
Other items	(25	)	797
Adjusted attributable income tax recovery (expense)	4,714		(680	)
Adjusted attributable net income	4,369		2,862
Weighted average shares outstanding (000's)	120,351		119,832
Adjusted basic attributable income per share ($)	0.04		0.02

11. CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Basis of preparation and accounting policies

Our consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). Note 2 of our consolidated financial statements for the year ended December 31, 2018, provides details of the significant accounting policies and accounting policy decisions for significant or potentially significant areas that have had an impact on our financial statements or may have an impact in future periods. The impact of future accounting changes is disclosed in note 2(w) to our consolidated financial statements.

Critical accounting estimates and judgments

The preparation of financial statements in conformity with IFRS requires the use of judgments and/or estimates that

affect the amounts reported and disclosed in the consolidated financial statements and related notes. Critical accounting estimates represent estimates that are uncertain and for which changes in those estimates could materially impact our consolidated financial statements. Areas of judgment and key sources of estimation uncertainty that have the most significant effect are disclosed in Note 2(u) of our consolidated financial statements for the year ended December 31, 2018.

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12. INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our management, with the participation of the President and Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures. Based upon the results of that evaluation, the President and Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this MD&A, our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by us in the reports that we file is recorded, processed, summarized and reported, within the appropriate time periods and is accumulated and communicated to management, including the President and Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Internal Control Over Financial Reporting

Our management, with the participation of the President and Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Under the supervision of the President and Chief Executive Officer and Chief Financial Officer, our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Our internal control over financial reporting includes policies and procedures that:

• pertain to maintenance of records that accurately and fairly reflect, in reasonable detail, the transactions and dispositions of assets;

• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that our receipts and expenditures are made only in accordance with authorizations of management and our Board of Directors; and

• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our consolidated financial statements.

There has been no change in our internal control over financial reporting during the year ended December 31, 2018, other than the formation of the Puna Operations joint venture, which has not materially affected, or is reasonably not likely to materially affect, our internal control over financial reporting.

Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2018. In making this assessment, management used the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2018.

The effectiveness of our internal control over financial reporting, as of December 31, 2018, has been audited by PricewaterhouseCoopers LLP, who also audited our consolidated financial statements as of and for the years ended December 31, 2018, and 2017, as stated in its report which accompanies our consolidated financial statements.

Limitations of Controls and Procedures

Our management, including the President and Chief Executive Officer and Chief Financial Officer, believes that any disclosure controls and procedures or internal control over financial reporting, no matter how well conceived and operated can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within our organization have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any control system also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all

SSR Mining Inc. MD&A Year-End 2018 | 37

potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not be detected.

13. CAUTIONARY NOTES REGARDING FORWARD-LOOKING STATEMENTS AND MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES

Cautionary Note Regarding Forward-Looking Statements

This MD&A contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements.

Generally, forward-looking statements can be identified by the use of words or phrases such as “expects,” “anticipates,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “believes,” or variations thereof, or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The forward-looking statements in this MD&A relate to, among other things: future production of gold, silver and other metals; timing of production; future costs of inventory, cash costs and AISC per payable ounce of gold, silver and other metals sold; expected exploration and development expenditures; the prices of gold, silver and other metals; our ability to discover new areas of mineralization, to convert Inferred Mineral Resources to Indicated Mineral Resources, to expand Mineral Reserves and to convert Mineral Resources into Mineral Reserves; the timing and extent of capital investment at our operations; the timing and extent of capitalized stripping at our operations; our cash position remaining strong for 2019 growth and beyond; the expansion of the Seabee Gold Operation based on the results of the 2017 Technical Report, including the increase of mining and milling rates; the expansion of tailings at the Seabee Gold Operation, the timing and capacity thereof, and such capacity being in excess of that contemplated under the 2017 Technical Report, the anticipated effect of equipment purchases at the Marigold mine on future production; the construction of a leach pad at the Marigold mine, and the timing and effects thereof; only waste material being mined over certain periods of 2019 at Chinchillas with ore stockpiled during the pre-production phase being transported and processed at the Pirquitas mill; the completion of certain Chinchillas project infrastructure, the timing thereof and such remaining on budget; the prices of lead and zinc having a more significant impact in 2019 with the Chinchillas project reaching commercial production; anticipated community, development and holding costs; the investments made in the Marigold mine and the Seabee Gold Operation benefiting future periods; the expected high inflation rates in Argentina somewhat offsetting the benefits of the devaluation of the currency; the VAT receivable and Puna credits balance being expected to be recoverable in full; current capital resources being sufficient to carry out exploration plans and to support operations through the current operating period; movements in gold prices not impacting the value of any financial instruments; estimated production rates for gold, silver and other metals produced by us; the estimated cost of sustaining capital; ongoing or future development plans and capital replacement; estimates of expected or anticipated economic returns from our mining projects, including future sales of metals, concentrate or other products produced by us and the timing thereof; and our plans and expectations for our properties and operations.

These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, the following: uncertainty of production, development plans and cost estimates for the Marigold mine, the Seabee Gold Operation, Puna Operations and our projects; our ability to replace Mineral Reserves; our ability to obtain necessary permits for the Chinchillas project; commodity price fluctuations; political or economic instability and unexpected regulatory changes; currency and interest rate fluctuations; the possibility of future losses; general economic conditions; fully realizing the value of our shareholdings in SilverCrest and our other marketable securities, due to changes in price, liquidity or disposal cost of such marketable securities; counterparty and market risks related to the sale of our concentrate and metals; uncertainty in the accuracy of Mineral Reserves and Mineral Resources estimates and in our ability to extract mineralization profitably; differences in U.S. and Canadian practices for reporting Mineral Reserves and Mineral Resources; lack of suitable infrastructure or damage to existing infrastructure; future development risks, including start-up delays and cost overruns; our ability to obtain adequate financing for further exploration and development programs and opportunities; uncertainty in acquiring additional commercially mineable mineral rights; delays in obtaining or failure to obtain governmental permits, or non-compliance with our permits; our ability to attract and retain qualified personnel and management; potential labour unrest, including labour actions by our unionized employees at Puna Operations; the impact of governmental regulations, including health, safety and

SSR Mining Inc. MD&A Year-End 2018 | 38

environmental regulations, including increased costs and restrictions on operations due to compliance with such regulations; reclamation and closure requirements for our mineral properties; failure to effectively manage our tailings facilities; social and economic changes following closure of a mine, may lead to adverse impacts and unrest; unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond our control; indigenous peoples’ title claims and rights to consultation and accommodation may affect our existing operations as well as development projects and future acquisitions; assessments by taxation authorities in multiple jurisdictions; recoverability of VAT and significant delays in the collection process in Argentina; claims and legal proceedings, including adverse rulings in litigation against us and/or our directors or officers; compliance with anti-corruption laws and internal controls, and increased regulatory compliance costs; complying with emerging climate change regulations and the impact of climate change, including extreme weather conditions; fully realizing our interest in deferred consideration received in connection with recent divestitures; uncertainties related to title to our mineral properties and the ability to obtain surface rights; the sufficiency of our insurance coverage; civil disobedience in the countries where our mineral properties are located; operational safety and security risks; actions required to be taken by us under human rights law; competition in the mining industry for mineral properties; our ability to complete and successfully integrate an announced acquisition; an event of default under our Notes may significantly reduce our liquidity and adversely affect our business; failure to meet covenants under our senior secured revolving credit facility; conflicts of interest that could arise from certain of our directors’ and officers’ involvement with other natural resource companies; information systems security threats; and those other various risks and uncertainties identified under the heading “Risk Factors” in our most recent Annual Information Form filed with the Canadian securities regulatory authorities and included in our most recent Annual Report on Form 40-F filed with the SEC.

This list is not exhaustive of the factors that may affect any of our forward-looking statements. Our forward-looking statements are based on what our management considers to be reasonable assumptions, beliefs, expectations and opinions based on the information currently available to it. Assumptions have been made regarding, among other things, our ability to carry on our exploration and development activities, our ability to meet our obligations under our property agreements, the timing and results of drilling programs, the discovery of Mineral Resources and Mineral Reserves on our mineral properties, the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction and operation of our projects, the price of the minerals we produce, the costs of operating and exploration expenditures, our ability to operate in a safe, efficient and effective manner, our ability to obtain financing as and when required and on reasonable terms, our ability to continue operating the Marigold mine, the Seabee Gold Operation and Puna Operations, dilution and mining recovery assumptions, assumptions regarding stockpiles, the success of mining, processing, exploration and development activities, the accuracy of geological, mining and metallurgical estimates, no significant unanticipated operational or technical difficulties, maintaining good relations with the communities surrounding the Marigold mine, the Seabee Gold Operation and Puna Operations, no significant events or changes relating to regulatory, environmental, health and safety matters, certain tax matters and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices, foreign exchange rates and inflation rates). You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. We cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management’s assumptions may prove to be incorrect. Our forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and we do not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

Qualified Persons

The scientific and technical information contained in this MD&A relating to the Marigold mine has been reviewed and approved by James Frost, P.E. and James N. Carver, each of whom is a SME Registered Member and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Frost is our Technical Services Superintendent and Mr. Carver is our Chief Geologist at the Marigold mine. The scientific and technical information contained in this MD&A relating to the Seabee Gold Operation has been reviewed and approved by Cameron Chapman, P.Eng., and Jeffrey Kulas, P. Geo., each of whom is a qualified person under NI 43-101. Mr. Chapman is our General Manager and Mr. Kulas is our Manager Geology, Mining Operations at the Seabee Gold Operation. The scientific and technical information contained in this MD&A relating to Puna Operations has been reviewed and approved by Bruce Butcher, P.Eng. and F. Carl Edmunds, P. Geo., each of whom is a qualified person under NI 43-101. Mr. Butcher is our Director, Mine Planning and Mr. Edmunds is our Vice President Exploration.

SSR Mining Inc. MD&A Year-End 2018 | 39

Cautionary Note Regarding Mineral Reserves and Mineral Resources Estimates

This MD&A includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the SEC set out in SEC Industry Guide 7. Consequently, Mineral Reserves and Mineral Resources information included in this MD&A is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Under SEC standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically produced or extracted at the time the reserve determination is made.

In addition, the SEC’s disclosure standards normally do not permit the inclusion of information concerning “Measured Mineral Resources,” “Indicated Mineral Resources” or “Inferred Mineral Resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. U.S. investors should understand that “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Moreover, the requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported by us in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

SSR Mining Inc. MD&A Year-End 2018 | 40

EX-99.3

Consent of Independent Registered Public Accounting Firm

We hereby consent to the incorporation by reference in the registration statements on form S-8 (File No. 333-219848, 333-185498, 333-196116 and 333-198092) of SSR Mining Inc. (the company) of our report dated February 21, 2019 relating to the 2018 and 2017 consolidated financial statements and the effectiveness of internal control over financial reporting of the company as at December 31, 2018, which appears in Exhibit 99.1 to the company’s Form 6-K filed with the U.S. Securities and Exchange Commission on February 21, 2019.

(Signed) "PricewaterhouseCoopers LLP"

Chartered Professional Accountants

Vancouver, Canada

February 21, 2019

EX-99.4

News Release 19-03

February 21, 2019

SSR MINING REPORTS FOURTH QUARTER AND YEAR-END 2018 RESULTS

VANCOUVER, B.C. - SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (“SSR Mining”) reports consolidated financial results for the fourth quarter and year ended December 31, 2018.

Paul Benson, President and CEO said, “SSR Mining had another successful year in 2018 as we continued our track record of achieving production and cost guidance for the seventh consecutive year while transitioning to commercial production at Chinchillas. We maintained a strong balance sheet after a year of investment that brought a new mine into production, delivered reserve growth and included our strategic investment in SilverCrest Metals.

Looking ahead, 2019 consolidated gold production is forecast to grow to nearly 400,000 gold equivalent ounces as all three operations increase output, including our newest mine, Chinchillas, which is ramping up to steady-state operations. And by 2021, our production profile is expected to grow to 440,000 gold equivalent ounces, not including the potential upside at Marigold or success from our brownfield exploration programs. With nearly $420 million of cash and an outlook of increasing production and higher margins, we are well positioned to continue our track record of creating value for shareholders."

Fourth Quarter and Year-End 2018 Highlights:

(All figures are in U.S. dollars unless otherwise noted)

▪ Achieved annual production and cost guidance: Achieved initial guidance for the seventh consecutive year by delivering gold equivalent production of over 345,000 ounces at cash costs of $736 per payable gold equivalent ounce sold.

▪ Continued our track record of Mineral Reserves growth:Successful exploration activities in 2018 increased gold Mineral Reserves at the Marigold mine to 3.3 million ounces and at the Seabee Gold Operation to 608,000 ounces.

▪ Delivered record annual gold production at Seabee:The operation achieved its fifth consecutive annual production record, producing 95,602 ounces of gold, exceeding the top end of our upwardly revised annual guidance. Annual cash costs were $505 per payable ounce of gold sold.

▪ Strong operating performance at Marigold:Deliveredquarterly gold production of 54,306 ounces, resulting in annual production of 205,161 ounces of gold. Reported annual cash costs of $723 per payable ounce of gold sold, at the lower end of our improved guidance.

SSR Mining Inc.	PHONE         +1 604.689.3846	Suite 800 - 1055 Dunsmuir Street
www.ssrmining.com	TOLL FREE+1 888.338.0046	PO Box 49088
		Vancouver, BC, Canada V7X 1G4

▪ Delivered updated Marigold life of mine plan: Released updated plan on June 18, 2018, outlining a ten-year mine life, 30% growth in production through 2021, and robust economics.

▪ Declared commercial production at Chinchillas:The mine achieved commercial production on December 1, 2018, marking a major milestone as we reached sustainable ore delivery from the Chinchillas mine to the Pirquitas plant. In December 2018, the Pirquitas mill operated at 3,605 tpd, processing exclusively Chinchillas ore.

▪ Investment in high-grade Las Chispas project: In the fourth quarter we purchased 9.7% of the issued and outstanding common shares of SilverCrest Metals Inc. for $23 million. SilverCrest's Las Chispas project represents exposure to an exciting high-grade development project with exploration upside in a favourable mining jurisdiction and compelling near-term development catalysts.

▪ Balance sheet remains strong: Cash and marketable securities totaled $449 million at year-end 2018 after project development and investments for 2019 growth and beyond.

SSR Mining Inc. PAGE 2

Marigold Mine, U.S.

	Three months ended				Total
Operating data	December 31, 2018	September 30, 2018	June 30, 2018	March 31, 2018	2018	2017
Total material mined (kt)	17,039	21,284	15,958	16,150	70,431	69,011
Waste removed (kt)	11,361	14,411	8,083	9,052	42,907	43,422
Total ore stacked (kt)	5,679	6,873	7,875	7,099	27,526	25,589
Strip ratio	2.0	2.1	1.0	1.3	1.6	1.7
Mining cost ($/t mined)	1.86	1.51	1.92	1.80	1.76	1.68
Gold stacked grade (g/t)	0.34	0.32	0.42	0.37	0.37	0.35
Processing cost ($/t processed)	1.27	1.12	0.86	0.93	1.03	0.92
Gold recovery (%)	72.9	72.3	74.4	73.6	73.5	73.0
General and admin cost ($/t processed)	0.51	0.50	0.41	0.42	0.45	0.46
Gold produced (oz)	54,306	58,459	49,436	42,960	205,161	202,240
Gold sold (oz)	50,550	59,612	46,644	42,078	198,884	200,192
Realized gold price ($/oz) (1)	1,227	1,207	1,304	1,331	1,261	1,254
Cash costs ($/oz) (1)	760	711	700	720	723	647
AISC ($/oz) (1)	995	965	981	954	974	896
Financial data ($000s)
Revenue	61,861	71,848	60,752	55,880	250,341	250,825
Income from mine operations	9,977	13,254	14,670	12,312	50,213	66,666
Capital expenditures (2)	8,328	25,461	14,481	4,665	52,935	20,364
Capitalized stripping	1,208	2,529	850	2,902	7,489	22,863
Exploration expenditures (3)	2,096	2,956	3,243	1,914	10,209	4,900

⁽¹⁾  We report the non-GAAP financial measures of realized gold price, cash costs and all-in sustaining costs ("AISC") per payable ounce of gold sold to manage and evaluate operating performance at the Marigold mine. See “Cautionary Note Regarding Non-GAAP Measures”.

⁽²⁾  Includes expansion capital expenditure of $22 million for the twelve months ended December 31, 2018.

⁽³⁾  Includes capitalized and expensed exploration expenditures.

Mine production

In 2018, the Marigold mine produced 205,161 ounces of gold, surpassing the upper end of our revised production guidance. This compares to 202,240 ounces of gold produced in 2017. For the full-year, gold sales were 198,884 ounces due to bullion inventory increasing in the fourth quarter relative to the previous quarter, which we expect to sell in the first quarter of 2019.

Material mined during the year totaled 70.4 million tonnes, a 2% increase as compared to 2017. The mine achieved record annual ore tonnes delivered to the leach pads with over 27.5 million tonnes stacked.

SSR Mining Inc. PAGE 3

During the fourth quarter of 2018, 17.0 million tonnes of material were mined, down 20% from the third quarter due to scheduled maintenance on the electric rope shovel and longer haul cycles. Construction delays deferred the new leach pad commissioning to the first quarter of 2019 and solution application commenced in January 2019.

Approximately 5.7 million tonnes of ore were delivered to the heap leach pads at a gold grade of 0.34 g/t during the fourth quarter. This compares to 6.9 million tonnes of ore delivered to the heap leach pads at a gold grade of 0.32 g/t in the third quarter. Gold grade mined in the fourth quarter was 6% higher than the third quarter due to mining deeper in the current phase of the Mackay pit. The strip ratio declined to 2.0:1 in the quarter, a 5% reduction compared to the previous quarter.

In the fourth quarter of 2018, the Marigold mine produced 54,306 ounces of gold, representing a 7% reduction as compared to the previous quarter.

Mine operating costs

Cash costs and AISC per payable ounce of gold sold are non-GAAP financial measures. Please see “Cautionary Note Regarding Non-GAAP Measures”.

Cash costs, which include all costs of inventory, refining costs and royalties, of $760 per payable ounce of gold sold in the fourth quarter of 2018 were 7% higher than the previous quarter primarily due to planned lower grades mined in the second half of the year. Total mining costs of $1.86 per tonne in the fourth quarter of 2018 were 23% higher than in the previous quarter due to fewer tonnes mined. Processing and general and administrative unit costs were higher in the fourth quarter of 2018 than in the third quarter of 2018 due to lower tonnes mined and processed. Processing and general and administrative costs in the current quarter were comparable on an absolute basis to the preceding quarter while mining costs declined. Cash costs per payable ounce of gold sold in 2018 were $723, higher than the $647 per payable ounce of gold sold in 2017, mainly due to higher leach pad opening inventory unit costs in 2018 relative to 2017.

AISC in the fourth quarter of 2018 was $995 per payable ounce of gold sold compared to $965 in the third quarter due to increased capital spending mostly related to mobile equipment and construction of a new leach pad. AISC of $974 per payable ounce of gold sold in 2018 increased from $896 in 2017, primarily due to higher capital investments and exploration partially offset by lower capitalized stripping.

Mine sales

A total of 50,550 ounces of gold were sold at an average realized price of $1,227 per ounce during the fourth quarter of 2018, a decrease of 15% from the 59,612 ounces of gold sold at an average realized price of $1,207 per ounce during the third quarter of 2018. In 2018, gold sales decreased marginally and totaled 198,884 ounces, compared to 200,192 ounces in 2017.

Exploration

Exploration at Marigold in 2018 successfully replaced mine depletion with growth in Mineral Reserves compared to the end of 2017. Mineral Reserves increased to 3.30 million gold ounces (201.5 million tonnes at an average gold grade of 0.47 g/t), while Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) totaled 5.56 million gold ounces (354.5 million tonnes at an average gold grade of 0.47 g/t).

SSR Mining Inc. PAGE 4

Drilling activities during the fourth quarter of 2018 targeted infill drilling and upgrade of Mineral Resources at Red Dot and growth at various phases of the Mackay Pit, with work also targeting resource addition. This is consistent with our longer-term objective of completing the necessary infill and geotechnical drilling to complete pit designs and an economic evaluation over the entire Red Dot area by mid-year 2019. During the quarter, we completed 21,260 meters of drilling in 60 reverse circulation ("RC") holes at the Mackay pit and within the Red Dot area. RC drilling for the year totaled 93,276 meters in 259 RC holes.

Following our exploration news release of November 6, 2018, we have received results from an additional 33 RC drill holes that targeted Mineral Resource portions of the Red Dot deposit and its northern extensions. This contributed, in part, to success in achieving our objective of converting Mineral Resources to Mineral Reserves.

For 2019, we are planning 60,000 meters of drilling as our exploration focus returns to resource growth on the prospective Valmy, East Basalt, and North and South Red Dot areas.

SSR Mining Inc. PAGE 5

Seabee Gold Operation, Canada

	Three months ended				Total	2017
Operating data	December 31, 2018	September 30, 2018	June 30, 2018	March 31, 2018	2018
Total ore milled (t)	86,447	88,273	84,010	93,269	351,999	330,415
Ore milled per day (t/day)	940	959	923	1,036	964	905
Gold mill feed grade (g/t)	10.20	9.52	7.95	8.95	9.16	8.25
Mining cost ($/t mined)	57	48	60	59	56	68
Processing cost ($/t processed)	26	26	27	21	25	23
Gold recovery (%)	97.6	97.1	97.3	97.4	97.4	97.4
General and admin cost ($/t processed)	63	47	62	53	56	54
Gold produced (oz)	20,473	27,831	23,582	23,716	95,602	83,998
Gold sold (oz) (1)	21,711	29,175	20,512	20,012	91,410	86,087
Realized gold price ($/oz) (2)	1,236	1,210	1,306	1,340	1,267	1,259
Cash costs ($/oz) (2)	502	447	616	481	505	602
AISC ($/oz) (2)	743	596	854	896	755	843
Financial data ($000s)
Revenue	26,890	35,270	26,706	26,789	115,655	108,334
Income from mine operations	7,347	11,061	5,703	6,672	30,783	15,644
Capital expenditures	625	968	1,035	4,426	7,054	7,190
Capitalized development	2,910	1,812	2,069	2,283	9,074	8,294
Exploration expenditures (3)	1,661	2,860	2,745	2,032	9,298	5,959

⁽¹⁾  Beginning with the first quarter of 2018, the holder of the 3% net smelter return royalty elected to receive its royalty in-kind and we will no longer report these ounces within gold sold.

⁽²⁾  We report the non-GAAP financial measures of realized gold price, cash costs and AISC per payable ounce of gold sold to manage and evaluate operating performance at the Seabee Gold Operation. See “Cautionary Note Regarding Non-GAAP Measures”.

⁽³⁾  Includes capitalized and expensed exploration expenditures.

Mine production

The Seabee Gold Operation produced 95,602 ounces of gold in 2018, an annual production record resulting from an improved milling rate and higher gold grade.

In 2018, the operation milled 351,999 tonnes of ore, 7% higher than 2017 and another operating record, largely due to our ongoing Operational Excellence initiatives. During the year, average gold mill feed grade was 9.16 g/t, 11% higher compared to the average gold grade milled in 2017. The Santoy mine supplied 93% of ore milled, predominantly from long hole stopes; the remaining ore was sourced from the Seabee mine, which was closed in the second quarter of 2018.

In the fourth quarter of 2018, the operation produced 20,473 ounces of gold, a 26% decrease primarily due to gold ounces contained in-circuit at year-end 2018 due to timing of gold pours.

SSR Mining Inc. PAGE 6

During the fourth quarter, 86,447 tonnes of ore were milled at an average gold grade of 10.20 g/t and recovery of 97.6%. This compares to 88,273 tonnes of ore milled at an average gold grade of 9.52 g/t and recovery of 97.1% in the third quarter of 2018.

Mine operating costs

Cash costs and AISC per payable ounce of gold sold are non-GAAP financial measures. Please see “Cautionary Note Regarding Non-GAAP Measures”.

Cash costs per payable ounce of gold sold, which include all costs of inventory, and refining costs were $502in the fourth quarter of 2018, higher than the $447 recorded in the third quarter of 2018. Higher cash costs were due to higher unit mining and general and administrative costs and lower production. Costs per tonne mined were $57 in the fourth quarter of 2018, 19% higher than in the previous quarter due to lower tonnes mined. Processing costs per tonne remained comparable to the prior quarter, while general and administrative unit costs increased by 34% in the fourth quarter of 2018 compared to the third quarter of 2018, due to adjustments to payroll accruals between the two quarters and lower tonnes milled. Cash costs per payable ounce of gold sold in 2018 were $505, lower than the $602 per payable ounce sold in 2017 due to lower unit mining costs and higher gold mill feed grade.

AISC per payable ounce of gold sold were $743 in the fourth quarter of 2018, compared to $596 in the third quarter, due to higher cash costs and higher per ounce underground capital development in conjunction with lower ounces sold. In 2018, AISC per payable ounce of gold sold decreased to $755 from $843 in 2017, mainly due to lower cash costs per payable ounce of gold sold.

Mine sales

A total of 21,711 ounces of gold were sold at an average realized price of $1,236 per ounce of gold during the fourth quarter of 2018. This compares to 29,175 ounces of gold sold in the third quarter of 2018 at an average realized price of $1,210 per ounce of gold. Gold sales totaled 91,410 ounces in 2018 compared to 86,087 ounces in 2017. Realized prices were marginally higher in 2018 than in 2017.

Exploration

At the Seabee Gold Operation, our 2018 objectives were to maximize Mineral Resource to Mineral Reserve conversion on the Santoy 8, and Santoy Gap zones. We were successful with those objectives, as 2018 Mineral Reserves increased 39% after depletion to 608,000 gold ounces (Proven Mineral Reserves were 94,500 ounces (0.33 million tonnes at an average gold grade of 9.00 g/t) and Probable Mineral Reserves were 513,500 ounces (1.73 million tonnes at an average gold grade of 9.24 g/t)). Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) at 2018 year-end are 26% higher at 856,000 gold ounces (Measured Mineral Resources were 170,000 ounces (0.45 million tonnes at an average gold grade of 11.7 g/t) and Indicated Mineral Resources were 686,000 ounces (1.85 million tonnes at an average gold grade of 11.56 g/t)). Inferred Mineral Resources for 2018 are 482,000 gold ounces (1.70 million tonnes at an average gold grade of 8.82 g/t), reflecting our focus on conversion activities during the year.

During the fourth quarter of 2018, Seabee Gold Operation completed 15,453 meters of underground drilling for a total of 52,500 meters for the year to infill the Santoy 8A and Santoy Gap deposits.

SSR Mining Inc. PAGE 7

From surface, in the immediate vicinity of the Santoy mine, we completed 6,168 meters of drilling in the fourth quarter for a total of 24,389 meters of drilling for the year exploring at the Santoy Gap targets. Discovery and exploration of the Santoy Gap hanging wall ("HW") resulted in an initial Inferred Mineral Resource being reported in this mineralized structure sitting adjacent to the Santoy main ore zones. Greenfields drilling during the fourth quarter of 2018 totaled 3,552 meters with activities on the adjacent Fisher property, currently under option from Taiga Gold Corp.

For 2019, we are planning to drill 68,000 meters in the area of the Santoy mine, with another 16,000 meters of drilling on greenfields targets on property owned or optioned by us.

SSR Mining Inc. PAGE 8

Puna Operations, Argentina (75% interest)

(amounts presented on a 100% basis)

	Three months ended							Total
Operating data	December 31, 2018		September 30, 2018		June 30, 2018	March 31, 2018		2018		2017
Total material mined (kt) (1)	897		—		—	—		897		—
Waste removed (kt) (1)	696		—		—	—		696		—
Strip ratio (1)	3.5		—		—	—		3.5		—
Mining cost ($/t mined) (1)	2.61		—		—	—		2.61		—
Ore milled (kt)	342		308		396	374		1,420		1,798
Silver mill feed grade (g/t)	133		96		110	115		114		152
Zinc mill feed grade (%)	1.14		1.25		0.71	—		0.84		—
Lead mill feed grade (%) (1)	0.92		—		—	—		0.92		—
Processing cost ($/t milled)	22.18		20.87		17.26	15.34		18.72		13.00
Silver recovery (%)	81.5		69.9		68.1	67.7		72.1		70.3
Zinc recovery (%)	49.5		38.1		31.5	—		39.3		—
Lead recovery (%) (1)	83.1		—		—	—		83.1		—
General and admin cost ($/t milled)	8.16		7.98		7.07	6.33		7.34		5.19
Silver produced ('000 oz)	1,189		666		954	938		3,747		6,177
Silver sold ('000 oz)	932		623		1,142	1,064		3,761		5,994
Zinc produced ('000 lb) (2)	4,014		3,241		1,520	—		8,775		—
Zinc sold ('000 lb) (2)	1,983		382		—	—		2,365		—
Lead produced ('000 lb) (3)	2,735		372		—	—		3,107		—
Lead sold ('000 lb) (3)	1,059		—		—	—		1,059		—
Realized silver price ($/oz) (4)	14.42		15.45		16.49	16.79		15.92		17.10
Cash costs ($/oz) (4, 5)	15.02		17.41		14.73	17.07		15.91		13.07
AISC ($/oz) (4, 5)	20.45		22.39		17.66	18.37		19.33		14.30
Financial Data ($000s)
Revenue	14,961		7,915		16,570	15,233		54,679		89,614
Income from mine operations	(788	)	(2,440	)	830	(1,753	)	(4,151	)	30,953
Capital expenditures	3,849		2,390		2,652	789		9,680		4,604
Deferred stripping	—		—		—	—		—		—
Exploration expenditures (6)	21		6		429	6		462		—

⁽¹⁾  Data is for the period subsequent to December 1, 2018, the date upon which commercial production was declared at the Chinchillas mine.

⁽²⁾  Data for zinc production and sales relate only to zinc in zinc concentrate.

⁽³⁾  Data for lead production and sales relate only to lead in lead concentrate.

⁽⁴⁾  We report the non-GAAP financial measures of realized metal prices, cash costs and AISC per payable ounce of precious metal sold to manage and evaluate operating performance at Puna Operations. See “Cautionary Note Regarding Non-GAAP Measures”.

⁽⁵⁾  Cash costs and AISC per payable ounce of silver sold include stockpile inventory costs previously incurred of $5.30 for the three months ended December 31, 2017 (September 31, 2017 - $5.20, June 30, 2017 - $3.30, March 31, 2017 - $2.00) and $3.90 for the year ended December 31, 2017.

⁽⁶⁾  Includes capitalized and expensed exploration expenditures.

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Mine production

In 2018, Puna Operations, of which we hold 75% interest, produced a total of 3.7 million ounces of silver, 8.8 million pounds of zinc and 3.1 million pounds of lead. On an attributable basis, silver production in 2018 totaled 2.8 million ounces.

During the year, ore was milled at an average of 3,890 tonnes per day. Ore milled contained an average silver grade of 114 g/t. The average silver recovery was 72.1%, a 3% improvement as compared to 2017.

In the fourth quarter of 2018, silver production was 1.2 million ounces, an increase of 79% relative to the third quarter, due mainly to the increased tonnage of higher-grade Chinchillas ore milled. On an attributable basis, silver production for the quarter totaled 0.9 million ounces.

Subsequent to the declaration of commercial production at Chinchillas, material mined in December 2018 totaled 897,000 tonnes, including 201,000 tonnes of ore.

During the fourth quarter of 2018, ore was milled at an average of 3,720 tonnes per day. In December ore was sourced exclusively from Chinchillas and achieved a 3,605 tonnes per day milling rate. Processed ore in the fourth quarter contained an average silver grade of 133 g/t, a 38% increase as compared to the third quarter of 2018, due to processing of high grade Chinchillas ore in December. The average silver recovery in the fourth quarter was 81.5%, a 17% increase over the third quarter.

Mine operating costs

Cash costs and AISC per payable ounce of silver sold are non-GAAP financial measures. Please see “Cautionary Note Regarding Non-GAAP Measures”.

Cash costs, which include cost of inventory, treatment and refining costs, provincial royalties, export duties and by-product credits, were $15.02 per payable ounce of silver sold in the fourth quarter of 2018, a decrease from $17.41 per payable ounce of silver sold in the third quarter of 2018. Such decrease was primarily due to higher production resulting from higher silver grade of ore processed and recognition of by-product credits.

Cash costs per payable ounce of silver sold in 2018 increased to $15.91 from $13.07 in 2017. Until commercial production was declared at Chinchillas on December 1, 2018, Puna Operations processed sequentially lower grade stockpile ore since the closure of the Pirquitas open pit in January 2017.

AISC per payable ounce of silver sold in the fourth quarter of 2018 were at $20.45 compared to $22.39 in the third quarter due to lower cash costs and higher volumes sold. AISC of $19.33 per payable ounce of silver sold in 2018 were higher than $14.30 per payable ounce of silver sold in 2017 due to higher cash costs and higher capital investments per ounce sold.

Mine sales

Silver sales totaled 0.9 million ounces and attributable sales were 0.7 million in the fourth quarter of 2018, a 49% increase from the third quarter of 2018, due to higher production in the fourth

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quarter of 2018. Silver sales for the year totaled 3.8 million ounces and attributable share of silver sales in 2018 was 2.8 million ounces. This compares to 6.0 million ounces of silver sold in 2017.

Exploration

At Puna Operations, exploration activities were limited to the collection of detailed drone magnetic data at Chinchillas and the Pirquitas mine areas.

In 2018, we evaluated the potential for an underground mine at the Pirquitas deposit to provide supplemental ore to the Pirquitas mill. The study confirmed a technically feasible and economic project, however with a return below our investment thresholds at current metal prices. We have budgeted $1 million in 2019 for a 3,000-meter drill program to test for extensions to the mineralization that could have a positive impact on the project economics. 

Chinchillas Project, Argentina

During the fourth quarter, pre-stripping activities at the Chinchillas project were completed, ore haulage met required tonnages and commercial production was declared on December 1, 2018. Ore feed to the Pirquitas plant has been sourced from the Chinchillas mine since that date. Metallurgical recovery performance of the Chinchillas ore has met or exceeded design.

Construction of the in-pit tailings pumping and delivery system is complete, the slurry pumps have been pre-commissioned, and the tailings pipeline hydraulic test finished. The water reclaim pipeline has been hydrostatically tested and the pumps installed in the barges. The power line to the pumps is finished and in service. Pre-commissioning and commissioning of the tailings system is in process.

The Chinchillas truck shop structure is nearing completion with the installation of the main structural steel, cladding and internal offices. Electrical installation continues and the bridge crane is scheduled for installation in February. Two truck bays are being temporarily used in operations, while the finishing equipping of the facility is in progress.

Certain infrastructure and remaining road upgrades within the scope of the project will continue into the first quarter of 2019 with remaining capital expenditures totaling $9 million. The project remains on budget.

Other Projects

Pitarrilla Project, Mexico

In 2018, we advanced a study evaluating the potential for an underground mine at the Pitarrilla project. The study confirmed a technically feasible and economic project; however, with a return below our investment thresholds at current metal prices. We are conducting a review of the geological model evaluating structural controls that may define higher grade areas that were potentially underestimated in the model originally developed for open pit purposes.

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Outlook

This section of the news release provides management's production, cost, capital, exploration and development expenditure estimates for 2019. See "Cautionary Note Regarding Forward-Looking Statements."

For the full year 2019, we expect:

Operating Guidance		Marigold mine	Seabee Gold Operation	Puna Operations (75% interest)(4)
Gold Production	oz	200,000 - 220,000	95,000 - 110,000	—
Silver Production (Attributable)	Moz	—	—	6.0 - 7.0 (4.5 - 5.3)
Lead Production (Attributable)	Mlb	—	—	20.0 - 26.0 (15.0 - 19.5)
Zinc Production (Attributable)	Mlb	—	—	15.0 - 20.0 (11.3 - 15.0)
Cash Costs per Payable Ounce Sold (1)	$/oz	750 - 790	525 - 555	8.00 - 10.00
Sustaining Capital Expenditures (2)	$M	35	25	12
Capitalized Stripping / Capitalized Development	$M	20	12	20
Exploration Expenditures (3)	$M	7.5	6	1

⁽¹⁾  We report the non-GAAP financial measure of cash costs per payable ounce of gold and silver sold to manage and evaluate operating performance at the Marigold mine, the Seabee Gold Operation and Puna Operations. See “Cautionary Note Regarding Non-GAAP Measures”.

⁽²⁾  Sustaining capital expenditures for Puna Operations exclude initial capital expenditures related to the development of the Chinchillas project.

⁽³⁾  Includes capitalized and expensed exploration expenditures.

⁽⁴⁾  Shown on a 100% basis unless otherwise indicated by "attributable" which is shown on a 75% basis.

Based on the mid-points of guidance, on a consolidated basis we expect to produce 395,000 gold equivalent ounces in 2019 at gold equivalent cash costs of $700 per ounce. On an attributable basis we expect to produce 375,000 gold equivalent ounces in 2019 at gold equivalent cash costs of $700 per ounce based on the mid-points of guidance.

At the Marigold mine, gold production is expected to increase in 2019 with the full-year benefits from the four haul trucks added to the fleet in mid-2018 and production from the new leach pad beginning in the first quarter of 2019. Due to the ongoing positive operating performance and optimization of pit designs, cash costs guidance of between $750 and $790 per payable gold ounce sold is an improvement to the forecast from the 2018 Technical Report. Capital investments are expected to total $35 million in 2019, including $22 million in the mine for maintenance and purchase of mobile fleet as well as $10 million for accelerated leach pad construction and process infrastructure. To accommodate the higher ore tonnes mined and to provide additional operating flexibility regarding leach cycles, construction of a leach pad is expected to be accelerated to the second half of 2019 from 2020. Capitalized stripping is expected to total $20 million with the majority incurred through the first three quarters of the year. Exploration expenditures totaling $7.5 million re-focuses to Mackay, Valmy and Basalt with the goals of adding Mineral Reserves and defining additional Mineral Resources within these areas. Having completed the Red Dot exploration program in 2018, we intend to complete geotechnical drilling and engineering of the remaining Red Dot Mineral Resources with the objective of evaluating the potential for additional Red Dot Mineral Reserves by mid-2019.

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At the Seabee Gold Operation, we expect to continue executing our plan of increasing mining and milling rates and to deliver another record gold production year in 2019. The plan includes investment of $7 million in underground mining equipment to increase capacity and reliability. With higher tonnes mined and demonstrated milling infrastructure capacity, cash costs are expected to remain low at between $525 and $555 per payable gold ounce sold. Due to continued exploration success at Seabee, we are embarking on an expansion to tailings capacity in excess of that contemplated in the 2017 Technical Report. The first phase is expected to be completed in 2019 at an investment of $15 million, with the remaining sustaining capital investments related to the mill and surface infrastructure. Capitalized development expenditures of $12 million support higher mining rates and reflect the development strategy for the Santoy complex. Exploration expenditures at Seabee total $6 million to continue underground exploration at depth, expansion of Santoy Gap HW and continued testing of surface targets.

At Puna Operations, with commercial production of the Chinchillas open pit achieved, 2019 marks the first anticipated full year of ore production from the Chinchillas mine transported for processing at the Pirquitas mill. Puna is expected to produce between 6.0 and 7.0 million ounces of silver at cash costs of between $8.00 and $10.00 per payable silver ounce sold. Reported cash costs may vary quarter to quarter due to the by-product credits arising from the production of lead and zinc as such credits vary based on the timing of sales of each concentrate. Capital investments at Puna of $12 million include $5 million for mine equipment maintenance, and $5 million for plant equipment maintenance. Capitalized stripping is elevated through 2019 as the mine completes the highwall pushback and commences stripping the next phase of the Chinchillas pit. As Chinchillas operations ramp-up through 2019, only waste material will be mined over certain periods of the year with ore stockpiled during the pre-production phase transported to and processed at the Pirquitas mill.

With Puna focused on optimization of the mine, transport and mill operations through 2019, limited exploration expenditures of $1 million are planned in the second half of the year.

As previously announced, the completion of certain Chinchillas project infrastructure carries over into 2019, with the remaining investment of approximately $9 million expected to be incurred in the first quarter. The project remains on budget.

In addition to exploration at our three operating mines, we expect to invest $3 million in exploration on the Fisher project adjacent to our Seabee Gold Operation. Community, development and holding costs related to non-operating properties total approximately $5 million.

Gold equivalent figures for our 2019 operating guidance are based on gold-to-silver ratio of 81:1. Cash costs and capital expenditures guidance is based on an oil price of $65 per barrel and exchange rate of 1.25 Canadian dollar to U.S. dollar.

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Consolidated Financial Summary

(presented in thousands of U.S., dollars, except for per share value)

Selected Financial Data(1)
	Three Months Ended December 31				Year Ended December 31
	2018		2017		2018		2017
	$		$		$		$
Revenue	103,712		107,881		420,675		448,773
Income from mine operations (1)	16,536		21,190		76,845		113,263
Gross margin	16	%	20	%	18	%	25	%
Operating income (1)	3,061		19,937		29,895		101,332
Net (loss) income	(2,544	)	16,850		(31	)	71,466
Basic attributable (loss) income per share	(0.03	)	0.14		0.05		0.58
Adjusted attributable income before tax (1)	(345	)	3,542		28,586		46,281
Adjusted attributable net income (1)	4,369		2,862		27,961		40,074
Adjusted basic attributable income per share (1)	0.04		0.02		0.23		0.34
Cash (used in) generated by operating activities	(3,744	)	45,175		59,769		144,725
Cash used in investing activities	(63,028	)	(9,633	)	(115,930	)	(15,494	)
Cash generated by financing activities	11,903		1,942		20,516		4,601
Financial Position	December 31, 2018				December 31, 2017
Cash and cash equivalents	419,212				459,864
Marketable securities	29,542				114,001
Current assets	733,119				799,597
Current liabilities	83,254				71,466
Working capital (1)	649,865				728,131
Total assets	1,521,138				1,537,454

⁽¹⁾  We report non-GAAP financial measures including income from mine operations, operating income, adjusted attributable income before tax, adjusted attributable net income, adjusted basic attributable income per share, to manage and evaluate our operating performance. Please see “Cautionary Note Regarding Non-GAAP Measures”.

Quarterly financial summary

Revenue in the fourth quarter of 2018 decreased by 4% relative to the comparative quarter in 2017, due principally to lower gold and silver prices. Gold production was similar to the comparative quarter but gold sales were approximately 3,000 ounces lower due to timing of shipments. Silver production was also similar to the comparative quarter as commercial production was reached at the Chinchillas mine on December 1, 2018 providing a strong finish to the quarter as the Pirquitas plant transitioned to solely Chinchillas ore. Silver sales increased marginally relative to the comparative quarter but the increase did not offset the factors discussed above. Sales of lead and zinc commenced in the quarter with the resumption of base metal production from Pirquitas and Chinchillas ores, but sales were well below production due to timeframes required to ramp up international concentrate sales.

Income from mine operations in the fourth quarter of 2018 generated a gross margin of 16%, lower than the 20% gross margin generated in the fourth quarter of 2017, mainly due to lower realized metal prices impacting margins at the Marigold mine and Puna Operations. Relative to the

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comparative prior year quarter, the Seabee Gold Operation generated higher income from mine operations as lower cost and depreciation more than offset lower realized prices.

In the fourth quarter of 2018, we incurred a net loss of $2.5 million, compared to net income of $16.9 million in the fourth quarter of 2017. In addition to the lower metal prices and finished goods inventory build of gold and concentrates discussed above, we recognized a share-based compensation and payroll expense of $8.3 million principally resulting from stronger relative and absolute share price performance over the quarter. We also recognized an expense of $2.8 million related to the premium paid over the prevailing market price for purchase of the shares of SilverCrest Metals Inc. ("SilverCrest"). The subsequent increase in value of SilverCrest shares of $4.3 million was recognized in other comprehensive income. During the quarter, a foreign exchange loss was recognized as the Argentine peso stabilized and strengthened relative to the end of the third quarter. Net income in the fourth quarter of 2017 benefited from a tax recovery of $5 million.

Cash used in operating activities was $3.7 million in the fourth quarter of 2018 compared to $45.2 million generated in the fourth quarter of 2017. Lower metal prices combined with lower gold sales at higher unit costs more than offset higher silver sales at lower unit costs at Puna Operations. Operating activities were impacted by a $22.3 million increase in non-cash working capital due to a combination of increased gold and concentrate finished goods inventories, inventory in circuit at Seabee Gold Operation, Chinchillas ore stockpiles at Puna Operations and a reduction in trade payables at year-end, particularly related to the Chinchillas project. We used $63.0 million in investing activities in the fourth quarter of 2018. We invested $23.1 million in the SilverCrest share purchase, $10.6 million in property, plant and equipment, and $18.9 million in the Chinchillas project and loaned $8 million to our joint venture partner. This compared to $9.6 million of cash used for investing activities in the fourth quarter of 2017 as the quarter benefited from $63.4 million of Pretium share sale proceeds. We received $8.8 million from our joint venture partner for its share of the development costs of the Chinchillas project.

Annual financial summary

The 6% decrease in revenue for the year of 2018 compared to the year of 2017 was due to an 8% decrease in equivalent payable gold ounces sold somewhat offset by a higher average realized gold price. The decrease was more than offset by lower silver ounces sold from Puna Operations, as lower grade ore stockpiles were processed through the development of the Chinchillas project.

Income from mine operations in 2018 generated a gross margin of 18%, lower than the 25% in 2017. Higher sales of gold at lower cost of sales at the Seabee Gold Operation was more than offset by lower sales of silver at Puna Operations and higher cost of sales at the Marigold mine. In the year ended December 31, 2017, the release of a supplies inventory provision at Puna Operations and the resolution of our export duty claim in Argentina resulted in a $10.5 million reduction to cost of sales, increasing the 2017 reported gross margin.

Our strong relative and absolute share price performance resulted in a $9.1 million higher share-based payment expense in 2018 relative to 2017 being recognized through general and administrative expense. We incurred a $2.8 million expense related to the premium paid over the prevailing market price on recording the investment in SilverCrest shares. The subsequent increase in value of SilverCrest shares of $4.3 million was recognized in other comprehensive income. We reported an elevated effective tax rate due to a $4.7 million tax expense related to the Argentine re-organization recorded in the second quarter of 2018. As a result, a small net loss was reported

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in 2018. Net income for 2017 benefitted by an impairment reversal of the Pirquitas plant of $24.4 million resulting from its life extension following the formation of Puna Operations.

Cash generated from operating activities was $59.8 million in 2018, compared to $144.7 million in 2017. Higher sales and lower unit costs at the Seabee Gold Operation were more than offset by lower sales combined with higher unit costs both at Puna Operations and the Marigold mine. Non-cash working capital of $36 million was incurred as finished goods and ore inventories were built across all operations and particularly related to the development and ramp up at Chinchillas. We used $115.9 million in investing activities in the year ended December 31, 2018, compared to $15.5 million used in the comparative period of 2017. In 2018, we received $63.4 million from the sales of our remaining common shares of Pretium Resources Inc. ("Pretium") while investments in our business included $67.7 million in property, plant and equipment, $60.2 million in the Chinchillas project, $23.1 million in SilverCrest share purchase and loaned $8.0 million to our joint venture partner. We received $15.2 million from our joint venture partner for its share of the development and operating costs of the Chinchillas project.

Corporate Summary

SSR Mining has an experienced management team of mine-builders and operators with proven capabilities. We have a strong balance sheet with $419.2 million in cash and cash equivalents as at December 31, 2018. We are committed to delivering safe production through relentless emphasis on Operational Excellence. We are also focused on growing production and Mineral Reserves through the exploration and acquisition of assets for accretive growth, while maintaining financial strength.

On January 1, 2018, we appointed Ms. Elizabeth A. Wademan and Mr. Simon A. Fish, to our Board of Directors with the objective to strengthen the Board's expertise in the areas of international capital markets and legal and corporate governance.

On May 3, 2018, we announced the appointment of Kevin O'Kane as Chief Operating Officer effective June 4, 2018, replacing Alan Pangbourne who retired at the end of May 2018.

On June 18, 2018, we released an updated life of mine plan for the Marigold mine in Nevada, U.S., which outlined an anticipated mine-life of over ten-years based on Mineral Reserves and an after-tax net present value of $552 million. We filed a technical report titled “NI 43-101 Technical Report on the Marigold Mine, Humboldt County, Nevada USA” dated July 31, 2018 (the “Marigold Technical Report”) in support of the updated life of mine plan, which is available on SEDAR at www.sedar.com, the EDGAR section of the SEC website at www.sec.gov and on our website.

As of June 30, 2018, we sold our remaining position of 9.0 million Pretium common shares for pre-tax cash proceeds of approximately $63.4 million and no longer hold any Pretium shares.

On December 1, 2018, we declared commercial production at Puna Operations' Chinchillas mine. Development of the mine, located approximately 45 kilometers from the Pirquitas plant, commenced in early 2018 and extends the life of the Pirquitas plant through mining of ore at Chinchillas, transporting the ore to Pirquitas and processing it through the existing Pirquitas plant.

On December 10, 2018, we completed a transaction with SilverCrest which owns the Las Chispas project, a high-grade development project in Mexico, to purchase, by way of private placement, a

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9.7% ownership interest representing, 8,220,645 common shares of SilverCrest at a price of C$3.73 per common share for total consideration of C$30.7 million.

In 2018, we achieved our initial guidance for the seventh consecutive year by delivering gold equivalent production of over 345,000 ounces at cash costs of $736 and AISC of $1,087 per payable gold equivalent ounce sold.

Successful exploration activities in 2018 increased gold Mineral Reserves at the Marigold mine by 110,000 ounces to 3.3 million ounces and at the Seabee Gold Operation by 39% to 608,000 ounces.

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Mineral Reserves and Mineral Resources

At December 31, 2018, our total estimated Proven and Probable gold Mineral Reserves were 3.91 million ounces and total estimated silver Proven and Probable Mineral Reserves were 38.7 million ounces. Mineral Reserves estimates for the Marigold mine, the Seabee Gold Operation and Puna Operations have been determined based on prices of $1,250 per ounce of gold and $18.00 per ounce of silver. These prices are unchanged from those used to determine the Mineral Reserves estimate at December 31, 2017, reflecting market conditions and consensus long-term metal prices. All Mineral Resources and Mineral Reserves estimates are reported on a 100% basis, except for Puna Operations. Mineral Resources and Mineral Reserves estimates of silver ounces for Puna Operations are reported on a 75% attributable basis.

At Marigold, our 2018 exploration program led to an increase in Mineral Reserves. Probable Mineral Reserves increased to 3.3 million ounces of gold (201.5 million tonnes at an average gold grade of 0.47 g/t), after accounting for mining depletion and minor modeling reductions, while gold grade increased to 0.47 g/t. The increase in Probable Mineral Reserves is attributable to our successful infill and exploration drilling programs, which converted Mineral Resources at a portion of Red Dot and Mackay, collectively adding 460,000 gold ounces to Mineral Reserves. We added 350,000 ounces of gold Mineral Reserves at Red Dot, which we refer to as Red Dot Phase 1. Depletion of Mineral Reserves due to 2018 gold production totaled 320,000 ounces. Indicated Mineral Resources (inclusive of Mineral Reserves) totaled 5.56 million ounces of gold (354.5 million tonnes at an average gold grade of 0.47 g/t) after accounting for mining depletion and mine plan optimization, offset by our successful exploration program. Inferred Mineral Resources declined to 400,000 ounces of gold (33.6 million tonnes at an average gold grade of 0.37 g/t) due to conversion of Mineral Reserves and Mineral Resources in certain areas, particularly Red Dot. In addition, for further information regarding our Mineral Reserves and Mineral Resources estimate at Marigold, please see the Marigold Technical Report.

At the Seabee Gold Operation, Proven and Probable Mineral Reserves total 608,000 ounces of gold (Proven Mineral Reserves were 94,500 ounces (0.33 million tonnes at an average gold grade of 9.00 g/t) and Probable Mineral Reserves were 513,500 ounces (1.73 million tonnes at an average gold grade of 9.24 g/t)), a 39% increase compared to year-end 2017 as a result of conversion at Santoy 8. Proven and Probable Mineral Reserves increases are due to conversion of 191,000 gold ounces at Santoy 8 and 92,000 gold ounces at Santoy Gap. Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) total 856,000 gold ounces (Measured Mineral Resources were 170,000 ounces (0.45 million tonnes at an average gold grade of 11.76 g/t) and Indicated Mineral Resources were 686,000 ounces (1.85 million tonnes at an average gold grade of 11.56 g/t)) at year-end 2018, reflecting an increase of 207,000 gold ounces at Santoy 8 and 17,000 gold ounces at Santoy Gap. As at December 31, 2018, Inferred Mineral Resources total 482,000 gold ounces (1.70 million tonnes at an average gold grade of 8.82 g/t), inclusive of our inaugural Inferred Mineral Resource estimate at Santoy Gap HW and reflecting a focus on Mineral Resources Conversion in 2018. In addition, for further information regarding our Mineral Reserves and Mineral Resources estimate at the Seabee Gold Operation, please see the technical report entitled “NI 43-101 Technical Report for the Seabee Gold Operation, Saskatchewan, Canada” dated October 20, 2017 ("Seabee Gold Operation Technical Report").

At Puna Operations, Proven and Probable Mineral Reserves decreased to 38.7 million ounces of silver (Proven Mineral Reserves were 4.5 million ounces (0.94 million tonnes at an average silver grade of 196 g/t) and Probable Mineral Reserves were 34.3 million ounces (9.38 million tonnes at an average silver grade of 152 g/t)) due to depletion at the Chinchillas mine, processing Pirquitas stockpiles and modeling adjustments. Measured and Indicated Mineral Resources (inclusive of

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Mineral Reserves) total 89.0 million ounces of silver (Measured Mineral Resources were 6.6 million ounces (2.11 million tonnes at an average silver grade of 130 g/t) and Indicated Mineral Resources were 82.4 million ounces (29.51 million tonnes at an average silver grade of 116 g/t)) within the open pit, underground and stockpile inventory at both Chinchillas and Pirquitas. Inferred Mineral Resources are estimated to total 31.1 million ounces of silver (22.37 million tonnes at an average silver grade of 58 g/t) at December 31, 2018. In addition, for further information regarding our Mineral Reserves and Mineral Resources estimate at Puna Operations, please see the technical report entitled “NI 43-101 Technical Report Pre-feasibility Study of the Chinchillas Silver-Lead-Zinc Project, Jujuy Province, Argentina” dated May 15, 2017 (the “Chinchillas Technical Report”).

Details on Mineral Reserves and Mineral Resources by mine including tonnes, grades, ounces and notes, are presented below.

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Mineral Reserves and Resources

(As of December 31, 2018)

								SSRM Interest	SSRM Interest
	Location	Tonnes	Silver	Gold	Lead	Zinc	SSRM	Silver	Gold
		millions	g/t	g/t	%	%	% Interest	million oz	million oz
MINERAL RESERVES:
Proven Mineral Reserves
Seabee	Canada	0.33		9.00			100		0.09
Chinchillas	Argentina	0.94	196		0.67	0.33	75	4.5
Total								4.5	0.09
Probable Mineral Reserves
Marigold	U.S.	201.50		0.47			100		3.06
Marigold Leach Pad Inventory	U.S.						100		0.24
Seabee	Canada	1.73		9.24			100		0.51
Chinchillas	Argentina	7.91	161		1.35	0.47	75	30.7
Chinchillas Stockpiles	Argentina	0.60	157		0.96	0.68	75	2.3
Pirquitas Stockpiles	Argentina	0.87	64			1.43	75	1.3
Total								34.3	3.81
Proven and Probable Mineral Reserves
Marigold	U.S.	201.50		0.47			100		3.06
Marigold Leach Pad Inventory	U.S.						100		0.24
Seabee	Canada	2.05		9.20			100		0.61
Chinchillas	Argentina	8.85	165		1.28	0.46	75	35.1
Chinchillas Stockpiles	Argentina	0.60	157		0.96	0.68	75	2.3
Pirquitas Stockpiles	Argentina	0.87	64			1.43	75	1.3
Total Proven and Probable								38.7	3.91

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								SSRM Interest	SSRM Interest
	Location	Tonnes	Silver	Gold	Lead	Zinc	SSRM	Silver	Gold
		millions	g/t	g/t	%	%	% Interest	million oz	million oz
MINERAL RESOURCES:
Measured Mineral Resource (inclusive of Proven Mineral Reserves)
Seabee	Canada	0.45		11.76			100		0.17
Chinchillas	Argentina	2.11	130		0.52	0.39	75	6.6
Pitarrilla	Mexico	12.35	90		0.70	1.22	100	35.7
Total								42.4	0.17
Indicated Mineral Resources (inclusive of Probable Mineral Reserves)
Marigold	U.S.	354.50		0.47			100		5.32
Marigold Leach Pad Inventory	U.S.						100		0.24
Seabee	Canada	1.85		11.56			100		0.69
Chinchillas	Argentina	26.01	100		0.94	0.62	75	62.5
Pirquitas UG	Argentina	2.63	292			4.46	75	18.6
Pirquitas Stockpiles	Argentina	0.87	64			1.43	75	1.3
Pitarrilla	Mexico	147.02	97		0.32	0.87	100	460.7
Pitarrilla UG	Mexico	5.43	165		0.68	1.34	100	28.8
San Luis	Peru	0.48	578	22.40			100	9.0	0.35
Amisk	Canada	30.15	6	0.85			100	6.0	0.83
Total								586.9	7.42
Measured and Indicated Mineral Resources (inclusive of Mineral Reserves)
Marigold	U.S.	354.50		0.47			100		5.32
Marigold Leach Pad Inventory	U.S.						100		0.24
Seabee	Canada	2.29		11.60			100		0.86
Chinchillas	Argentina	28.13	102		0.91	0.60	75	69.1
Pirquitas UG	Argentina	2.63	292			4.46	75	18.6
Pirquitas Stockpiles	Argentina	0.87	64			1.43	75	1.3
Pitarrilla	Mexico	159.36	97		0.35	0.89	100	496.5
Pitarrilla UG	Mexico	5.43	165		0.68	1.34	100	28.8
San Luis	Peru	0.48	578	22.40			100	9.0	0.35
Amisk	Canada	30.15	6	0.85			100	6.0	0.83
Total Measured and Indicated								629.3	7.59
Inferred Mineral Resources
Marigold	U.S.	33.60		0.37			100		0.40
Seabee	Canada	1.70		8.82			100		0.48
Chinchillas	Argentina	21.29	50		0.54	0.81	75	25.7
Pirquitas UG	Argentina	1.08	207			7.45	75	5.4
Pitarrilla	Mexico	8.52	77		0.18	0.58	100	21.2
Pitarrilla UG	Mexico	1.23	138		0.89	1.25	100	5.5
San Luis	Peru	0.02	270	5.60			100	0.2	0.00
Amisk	Canada	28.65	4	0.64			100	3.7	0.59
Total Inferred								61.6	1.48

SSR Mining Inc. PAGE 21

Notes to Mineral Reserves and Mineral Resources Table

All estimates set forth in the Mineral Reserves and Mineral Resources table have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). The estimates of Mineral Reserves and Mineral Resources for each property other than the Marigold mine, the Seabee Gold Operation and the Amisk project have been reviewed and approved by Bruce Butcher, P.Eng., our Director, Mine Planning, and F. Carl Edmunds, P.Geo., our Vice President, Exploration, each of whom is a qualified person.

Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration.

Mineral Reserves and Mineral Resources estimates of silver ounces for Puna Operations, comprised of Chinchillas and Pirquitas, are reported on a 75% attributable basis. Mineral Reserves and Mineral Resources figures have some rounding applied, and thus totals may not sum exactly. All ounces reported herein represent troy ounces, and “g/t” represents grams per tonne. All $ references are in U.S. dollars. All Mineral Reserves and Mineral Resources estimates are as at December 31, 2018.

Metal prices utilized for Mineral Reserves estimates are $1,250 per ounce of gold, $18.00 per ounce of silver, $0.90 per pound of lead and $1.00 per pound of zinc. Metal prices utilized for Mineral Resources estimates are $1,400 per ounce of gold, $20.00 per ounce of silver, $1.10 per pound of lead and $1.30 per pound of zinc, except as noted below for each of the Chinchillas project, the San Luis project and the Amisk project.

All technical reports for the properties are available under our profile on the SEDAR website at www.sedar.com or on our website at www.ssrmining.com.

Marigold Mine

▪ Except for updates to cost parameters, all other key assumptions, parameters and methods used to estimate Mineral Reserves and Mineral Resources and the data verification procedures followed are set out in the Marigold Technical Report. For additional information about the Marigold mine, readers are encouraged to review the Marigold Technical Report.

▪ Mineral Reserves estimate was prepared under the supervision of James Frost, P.E., a qualified person and our Technical Services Superintendent at the Marigold mine, and is reported at a cut-off grade of 0.065 g/t payable gold.

▪ Mineral Resources estimate was prepared under the supervision of James N. Carver, SME Registered Member, our Chief Geologist at the Marigold mine, and Karthik Rathnam, MAusIMM (CP), our Resource Manager, Corporate, each of whom is a qualified person. Mineral Resources estimate is reported based on an optimized pit shell at a cut-off grade of 0.065 g/t payable gold, and includes an estimate of Mineral Resources for mineralized stockpiles using Inverse Distance cubed.

Seabee Gold Operation

▪ Except for updates to cost parameters, mill recovery and dilution to include recent operating results, and resource modeling techniques based on recommendations set forth in the Seabee Gold Operation Technical Report, all other key assumptions, parameters and methods used to estimate Mineral Reserves and Mineral Resources and the data verification procedures followed are set out in the Seabee Gold Operation Technical Report. For additional information about the Seabee Gold Operation, readers are encouraged to review the Seabee Gold Operation Technical Report.

▪ Mineral Reserves estimate was prepared under the supervision of Kevin Fitzpatrick, P.Eng., a qualified person and our Engineering Supervisor at the Seabee Gold Operation. Mineral Reserves estimate for the Santoy mine is reported at a cut-off grade of 3.31 g/t gold.

SSR Mining Inc. PAGE 22

▪ Mineral Resources estimate was prepared under the supervision of Jeffrey Kulas, P.Geo., a qualified person and our Manager Geology, Mining Operations at the Seabee Gold Operation.

▪ Block modeling techniques were used for Mineral Resources and Mineral Reserves evaluation for the Santoy mine and Porky West deposits.

▪ The preliminary economic assessment set forth in the Seabee Gold Operation Technical Report is preliminary in nature, and it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized.

Puna Operations

▪ Chinchillas Mineral Reserves estimate is reported at a cut-off grade of $37.80 per tonne net smelter return (“NSR”). For additional information on the key assumptions, parameters and methods used to estimate Chinchillas Mineral Reserves and the data verification procedures followed, readers are encouraged to review the Chinchillas Technical Report.

▪ Chinchillas Mineral Resources estimate is reported at a base case cut-off grade, which reflects the transport to and processing of ore at the Pirquitas plant, of 60.00 grams per tonne silver equivalent based on projected operating costs and using metal price assumptions of $22.50 per ounce of silver, $1.00 per pound of lead and $1.10 per pound of zinc. For additional information on the key assumptions, parameters and methods used to estimate Chinchillas Mineral Resources and the data verification procedures followed, readers are encouraged to review the Chinchillas Technical Report.

▪ Pirquitas underground Mineral Resources (Pirquitas UG) estimate is reported below the completed open pit shell; Mineral Resources estimate for the Mining Area (which includes San Miguel, Chocaya, Oploca and Potosí zones) is reported at a cut-off grade of $100.00 per tonne NSR for San Miguel, Oploca and Potosi, and $90.00 per tonne NSR for Cortaderas.

▪ Pirquitas Mineral Reserves and Pirquitas Mineral Resources estimates in surface stockpiles are reported at a cut-off grade of $20.00 per tonne NSR, respectively, and were determined based on grade, rehandling costs and recovery estimates from metallurgical testing.

San Luis Project

▪ Mineral Resources estimate is reported at a cut-off grade of 6.0 g/t gold equivalent, using metal price assumptions of $600 per ounce of gold and $9.25 per ounce of silver.

Pitarrilla Project

▪ Mineral Resources estimate for the open pit is reported at a cut-off grade of $16.38 per tonne NSR for direct leach material, and $16.40 per tonne NSR for flotation/leach material.

▪ Underground Mineral Resources (Pitarrilla UG) estimate is reported below the constrained open pit resource shell above a cut-off grade of $80.00 per tonne NSR, using grade shells that have been trimmed to exclude distal and lone blocks that would not support development costs.

Amisk Project

▪ Mineral Resources estimate was prepared by Sebastien Bernier, P.Geo., a qualified person. Mineral Resources estimate is reported at a cut-off grade of 0.40 grams of gold equivalent per tonne using metal price assumptions of $1,100 per ounce of gold and $16.00 per ounce of silver inside conceptual pit shells optimized using metallurgical and process recovery of 87%, overall ore mining and processing costs of $15.00 per tonne and overall pit slope of fifty-five degrees.

SSR Mining Inc. PAGE 23

Qualified Persons

Except as otherwise set out herein, the scientific and technical information contained in this news release relating to the Marigold mine has been reviewed and approved by James Frost, PE and James N. Carver, each of whom is a SME Registered Member and a qualified person under NI 43-101. Mr. Frost is our Technical Services Superintendent and Mr. Carver is our Chief Geologist at the Marigold mine. The scientific and technical data contained in this news release relating to the Seabee Gold Operation has been reviewed and approved by Cameron Chapman, P.Eng., and Jeffrey Kulas, P. Geo., each of whom is a qualified person under NI 43-101. Mr. Chapman is our General Manager and Mr. Kulas is our Manager Geology, Mining Operations at the Seabee Gold Operation. The scientific and technical information contained in this news release relating to Puna Operations has been reviewed and approved by Bruce Butcher, P.Eng., and F. Carl Edmunds, P. Geo., each of whom is a qualified person under NI 43-101. Mr. Butcher is our Director, Mine Planning and Mr. Edmunds is our Vice President, Exploration.

Management Discussion & Analysis and Conference Call

This news release should be read in conjunction with our audited consolidated financial statements and the MD&A as filed with the Canadian Securities Administrators and available at www.sedar.com or our website at www.ssrmining.com.

▪ Conference call and webcast: Friday, February 22, 2019, at 11:00 a.m. EST.

Toll-free in U.S. and Canada:	+1 (800) 319-4610
All other callers:	+1 (416) 915-3239
Webcast:	http://ir.ssrmining.com/investors/events

▪ The conference call will be archived and available on our website.

Audio replay will be available for two weeks by calling:

Toll-free in U.S. and Canada:	+1 (855) 669-9658, replay code 2861
All other callers:	+1 (412) 317-0088, replay code 2861

About SSR Mining

SSR Mining Inc. is a Canadian-based precious metals producer with three operations, including the Marigold mine in Nevada, U.S., the Seabee Gold Operation in Saskatchewan, Canada and the 75%-owned and operated Puna Operations joint venture in Jujuy, Argentina. We also have two feasibility stage projects and a portfolio of exploration properties in North and South America. We are committed to delivering safe production through relentless emphasis on Operational Excellence. We are also focused on growing production and Mineral Reserves through the exploration and acquisition of assets for accretive growth, while maintaining financial strength.

SOURCE: SSR Mining Inc.

For further information contact:

W. John DeCooman, Jr.

Senior Vice President, Business Development and Strategy

SSR Mining Inc.

Vancouver, BC

N.A. toll-free: +1 (888) 338-0046

All others: +1 (604) 689-3846

E-Mail: invest@ssrmining.com

To receive SSR Mining's news releases by e-mail, please register using the SSR Mining website at www.ssrmining.com.

Cautionary Note Regarding Forward-Looking Statements:

This news release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements.

Generally, forward-looking statements can be identified by the use of words or phrases such as “expects,” “anticipates,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “believes,” or variations thereof, or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The forward-looking statements in this news release relate to, among other things: future production of gold, silver and other metals; timing of production; future costs of inventory, cash costs and AISC per payable ounce of gold, silver and other metals sold; expected exploration and development expenditures; the prices of gold, silver and other metals; our ability to discover new areas of mineralization, to convert Inferred Mineral Resources to Indicated Mineral Resources, to expand Mineral Reserves and to convert Mineral Resources into Mineral Reserves; the timing and extent of capital investment at our operations; the timing and extent of capitalized stripping at our operations; the Seabee Gold Operation continuing to deliver growth and Puna Operations ramping-up to steady-state operations in 2019; our cash position remaining strong for 2019 growth and beyond; the expansion of the Seabee Gold Operation based on the results of the 2017 Technical Report, including the increase of mining and milling rates; the expansion of tailings at the Seabee Gold Operation, the timing and capacity thereof, and such capacity being in excess of that contemplated under the 2017 Technical Report, the anticipated effect of equipment purchases at the Marigold mine on future production; the construction of a leach pad at the Marigold mine, and the timing and effects thereof; only waste material being mined over certain periods of 2019 at Chinchillas with ore stockpiled during the pre-production phase being transported and processed at the Pirquitas mill; the completion of certain Chinchillas project infrastructure, the timing thereof and such remaining on budget; anticipated community, development and holding costs; estimated production rates for gold, silver and other metals produced by us; the estimated cost of sustaining capital; ongoing or future development plans and capital replacement, estimates of expected or anticipated economic returns from our mining projects, including future sales of metals, concentrate or other products produced by us and the timing thereof; and our plans and expectations for our properties and operations.

These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, the following: uncertainty of production, development plans and cost estimates for the Marigold mine, the Seabee Gold Operation, Puna Operations and our projects; our ability to replace Mineral Reserves; our ability to obtain necessary permits for the Chinchillas project; commodity price fluctuations; political or economic instability and unexpected regulatory changes; currency and interest rate fluctuations; the possibility of future losses; general economic conditions; fully realizing the value of our shareholdings in SilverCrest Metals Inc. and our other marketable securities, due to changes in price, liquidity or disposal

SSR Mining Inc. PAGE 24

cost of such marketable securities; counterparty and market risks related to the sale of our concentrate and metals; uncertainty in the accuracy of Mineral Reserves and Mineral Resources estimates and in our ability to extract mineralization profitably; differences in U.S. and Canadian practices for reporting Mineral Reserves and Mineral Resources; lack of suitable infrastructure or damage to existing infrastructure; future development risks, including start-up delays and cost overruns; our ability to obtain adequate financing for further exploration and development programs and opportunities; uncertainty in acquiring additional commercially mineable mineral rights; delays in obtaining or failure to obtain governmental permits, or non-compliance with our permits; our ability to attract and retain qualified personnel and management; potential labour unrest, including labour actions by our unionized employees at Puna Operations; the impact of governmental regulations, including health, safety and environmental regulations, including increased costs and restrictions on operations due to compliance with such regulations; reclamation and closure requirements for our mineral properties; failure to effectively manage our tailings facilities; social and economic changes following closure of a mine, may lead to adverse impacts and unrest; unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond our control; indigenous peoples’ title claims and rights to consultation and accommodation may affect our existing operations as well as development projects and future acquisitions; assessments by taxation authorities in multiple jurisdictions; claims and legal proceedings, including adverse rulings in litigation against us and/or our directors or officers; compliance with anti-corruption laws and internal controls, and increased regulatory compliance costs; complying with emerging climate change regulations and the impact of climate change, including extreme weather conditions; fully realizing our interest in deferred consideration received in connection with recent divestitures; uncertainties related to title to our mineral properties and the ability to obtain surface rights; the sufficiency of our insurance coverage; civil disobedience in the countries where our mineral properties are located; operational safety and security risks; actions required to be taken by us under human rights law; competition in the mining industry for mineral properties; our ability to complete and successfully integrate an announced acquisition; an event of default under our Notes may significantly reduce our liquidity and adversely affect our business; failure to meet covenants under our senior secured revolving credit facility; conflicts of interest that could arise from certain of our directors’ and officers’ involvement with other natural resource companies; information systems security threats; and those other various risks and uncertainties identified under the heading “Risk Factors” in our most recent Annual Information Form filed with the Canadian securities regulatory authorities and included in our most recent Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (“SEC”).

This list is not exhaustive of the factors that may affect any of our forward-looking statements. Our forward-looking statements are based on what our management considers to be reasonable assumptions, beliefs, expectations and opinions based on the information currently available to it. Assumptions have been made regarding, among other things, our ability to carry on our exploration and development activities, our ability to meet our obligations under our property agreements, the timing and results of drilling programs, the discovery of Mineral Resources and Mineral Reserves on our mineral properties, the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction and operation of our projects, the price of the minerals we produce, the costs of operating and exploration expenditures, our ability to operate in a safe, efficient and effective manner, our ability to obtain financing as and when required and on reasonable terms, our ability to continue operating the Marigold mine, the Seabee Gold Operation and Puna Operations, dilution and mining recovery assumptions, assumptions regarding stockpiles, the success of mining, processing, exploration and development activities, the accuracy of geological, mining and metallurgical estimates, no significant unanticipated operational or technical difficulties, maintaining good relations with the communities surrounding the Marigold mine, the Seabee Gold Operation and Puna Operations, no significant events or changes relating to regulatory, environmental, health and safety matters, certain tax matters and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices, foreign exchange rates and inflation rates). You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. We cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management’s assumptions may prove to be incorrect. Our forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and we do not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other

SSR Mining Inc. PAGE 25

than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the SEC set out in SEC Industry Guide 7. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Under SEC standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically produced or extracted at the time the reserve determination is made.

In addition, the SEC’s disclosure standards normally do not permit the inclusion of information concerning “Measured Mineral Resources,” “Indicated Mineral Resources” or “Inferred Mineral Resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. U.S. investors should understand that “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Moreover, the requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported by us in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Cautionary Note Regarding Non-GAAP Measures

This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”), including cash costs and AISC per payable ounce of precious metals sold, realized metal prices, adjusted attributable income (loss) before tax, adjusted attributable net income (loss), adjusted basic attributable income (loss) per share, operating income and working capital. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures reported by other companies. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-GAAP measures should be read in conjunction with our consolidated financial statements. Readers should refer to “Non-GAAP and Additional GAAP Financial Measures” in section 10 of our MD&A, available under our corporate profile at www.sedar.com or on our website at www.ssrmining.com, for a more detailed discussion of how we calculate such measures and for a reconciliation of such measures to IFRS terms.

SSR Mining Inc. PAGE 26

XML

Document and Entity Information	12 Months Ended
	Dec. 31, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	SSR MINING INC.
Entity Central Index Key	0000921638
Current Fiscal Year End Date	--12-31
Document Type	6-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false

XML

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 419,212	$ 459,864
Trade and other receivables	42,841	38,052
Marketable securities	29,542	114,001
Inventory	232,748	182,581
Other	8,776	5,099
Current assets	733,119	799,597
Non-current assets
Property, plant and equipment	701,175	658,629
Deferred income tax assets	7,523	0
Goodwill	49,786	49,786
Other	29,535	29,442
Total assets	1,521,138	1,537,454
Current liabilities
Trade and other payables	78,466	60,153
Provisions	4,788	11,313
Current liabilities	83,254	71,466
Non-current liabilities
Deferred income tax liabilities	107,909	114,576
Provisions	76,448	94,304
Debt	247,551	233,180
Total liabilities	515,162	513,526
Shareholders' equity
Share capital	1,055,417	1,047,233
Other reserves	(16,303)	24,998
Equity component of convertible notes	68,347	68,347
Deficit	(133,314)	(139,693)
Total shareholders' equity attributable to SSR Mining shareholders	974,147	1,000,885
Non-controlling interest	31,829	23,043
Total equity	1,005,976	1,023,928
Total liabilities and equity	$ 1,521,138	$ 1,537,454

XML

Consolidated Statements of (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Profit or loss [abstract]
Revenue	$ 420,675	$ 448,773
Cost of sales	(343,830)	(335,510)
Income from mine operations	76,845	113,263
General and administrative expenses	(32,941)	(20,307)
Exploration, evaluation and reclamation expenses	(14,009)	(15,981)
Impairment reversal	0	24,357
Operating income	29,895	101,332
Interest earned and other finance income	11,761	6,130
Interest expense and other finance costs	(33,630)	(34,870)
Other expenses	(9,149)	(3,067)
Foreign exchange gain	9,213	5,062
Income before tax	8,090	74,587
Income tax expense	(8,121)	(3,121)
Net (loss) income	(31)	71,466
Attributable to:
Equity holders of SSR Mining	6,379	69,316
Non-controlling interest	$ (6,410)	$ 2,150
Net income per share attributable to equity holders of SSR Mining
Basic (usd per share)	$ 0.05	$ 0.58
Diluted (usd per share)	$ 0.05	$ 0.57

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement of comprehensive income [abstract]
Net (loss) income	$ (31)	$ 71,466
Items that will not be reclassified to net income:
(Loss) gain on marketable securities, at FVTOCI, net of tax $6,059 and ($4,729)	(37,686)	25,948
Items that may be subsequently reclassified to net income:
Unrealized (loss) gain on effective portion of derivative, net of tax $850 and ($246)	(2,907)	526
Total other comprehensive (loss) income	(40,593)	26,474
Total comprehensive (loss) income	(40,624)	97,940
Attributable to:
Equity holders of SSR Mining	(34,214)	95,790
Non-controlling interest	$ (6,410)	$ 2,150

XML

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement of comprehensive income [abstract]
Income tax relating to components of other comprehensive income that will be reclassified to profit or loss	$ 850	$ (246)
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss	$ 6,059	$ (4,729)

XML

Consolidated Statements of Changes in Shareholders' Equity $ in Thousands	USD ($) shares	Common Shares USD ($) shares	Other reserves (note 16) USD ($)	Equity component of convertible notes USD ($)	Deficit USD ($)	Total equity attributable to equity holders of SSR Mining USD ($)	Non-controlling interest USD ($)
Beginning balance (in shares) at Dec. 31, 2016 | shares		119,401,000
Beginning balance at Dec. 31, 2016	$ 901,879	$ 1,043,555	$ (1,014)	$ 68,347	$ (209,009)	$ 901,879	$ 0
Exercise of stock options (in shares) | shares	440,317	440,000
Exercise of stock options	$ 2,339	$ 3,678	(1,339)			2,339
Equity-settled share-based compensation	2,219		2,219			2,219
Recognition of joint venture	17,231		(1,342)			(1,342)	18,573
Funding from non-controlling interest	2,320						2,320
Total comprehensive (loss) income for the year	97,940		26,474		69,316	95,790	2,150
Ending balance at Dec. 31, 2017	$ 1,023,928	$ 1,047,233	24,998	68,347	(139,693)	1,000,885	23,043
Ending balance (in shares) at Dec. 31, 2017 | shares		119,841,000
Exercise of stock options (in shares) | shares	899,050	899,000
Exercise of stock options	$ 5,320	$ 8,184	(2,864)			5,320
Equity-settled share-based compensation	2,156		2,156			2,156
Recognition of joint venture							0
Funding from non-controlling interest	15,196						15,196
Total comprehensive (loss) income for the year	(40,624)		(40,593)		6,379	(34,214)	(6,410)
Ending balance at Dec. 31, 2018	$ 1,005,976	$ 1,055,417	$ (16,303)	$ 68,347	$ (133,314)	$ 974,147	$ 31,829
Ending balance (in shares) at Dec. 31, 2018 | shares		120,740,000

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net (loss) income for the year	$ (31)	$ 71,466
Adjustments for:
Depreciation, depletion and amortization	100,479	102,482
Net finance expense	20,564	26,467
Impairment reversal	0	(24,357)
Income tax expense	8,121	3,121
Non-cash foreign exchange gain	(13,002)	(4,373)
Net changes in non-cash working capital items	(30,934)	(4,886)
Other operating activities	6,883	3,610
Cash generated from operating activities before interest and taxes	92,080	173,530
Moratorium paid	(5,683)	(9,270)
Interest paid	(13,831)	(15,235)
Income taxes paid	(12,797)	(4,300)
Cash generated by operating activities	59,769	144,725
Cash flows from investing activities
Purchase of property, plant and equipment	(67,747)	(28,897)
Capitalized stripping costs	(7,489)	(22,863)
Underground mine development costs	(9,074)	(8,294)
Capitalized exploration costs	(13,473)	(5,368)
Chinchillas project costs	(60,248)	(11,432)
Closing payment on formation of joint venture, net of cash acquired	0	(12,972)
Loan to joint venture partner	(8,032)	0
Investment in marketable securities	(23,057)	0
Net proceeds from sale of marketable securities	63,445	68,641
Interest received	9,219	3,944
Other investing activities	526	1,747
Cash used in investing activities	(115,930)	(15,494)
Cash flows from financing activities
Proceeds from exercise of stock options	5,320	2,281
Funding from non-controlling interest	15,196	2,320
Cash generated by financing activities	20,516	4,601
Effect of foreign exchange rate changes on cash and cash equivalents	(5,007)	(1,095)
Increase (decrease) in cash and cash equivalents	(40,652)	132,737
Cash and cash equivalents, beginning of year	459,864	327,127
Cash and cash equivalents, end of year	$ 419,212	$ 459,864

XML

NATURE OF OPERATIONS

12 Months Ended

Dec. 31, 2018

Nature Of Operations [Abstract]

NATURE OF OPERATIONS

NATURE OF OPERATIONS

SSR Mining Inc. ("we", "us", "our" or "SSR Mining") is a company incorporated under the laws of the Province of British Columbia, Canada and our shares are publicly listed on the Toronto Stock Exchange in Canada and the NASDAQ Global Market in the United States. Together with our subsidiaries, we (the “Group”) are principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. We have three producing mines and a portfolio of precious metal dominant projects located throughout the Americas. SSR Mining Inc. is the ultimate parent of the Group.

Our address is Suite 800, 1055 Dunsmuir Street, PO Box 49088, Vancouver, British Columbia, V7X 1G4.

Our focus is on safe, profitable gold and silver production from our Marigold mine in Nevada, U.S., Seabee Gold Operation in Saskatchewan, Canada and our 75% owned Puna Operations in Jujuy, Argentina, and to advance, as market and project conditions permit, our other principal development projects towards development and commercial production.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2018

Disclosure Of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.

a) Basis of preparation

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The comparative information has also been prepared on this basis, details of which are given below.

These statements were authorized for issue by our Board of Directors on February 21, 2019.

b) Accounting convention

These consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments, which are measured at fair value as described in note 2(r).

c)Basis of consolidation

These consolidated financial statements incorporate the financial statements of SSR Mining Inc. and all of our subsidiaries (note 25(b)).

(i)    Subsidiaries

Subsidiaries are all entities (including structured entities) over which we have control. We control an entity when we are exposed to, or have rights to, variable returns from our involvement with the entity and have the ability to affect those returns through our power over the entity.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control is transferred to us until the date that control ceases.

All intercompany transactions and balances have been eliminated on consolidation.

d)Business combinations

A business combination is defined as an acquisition of assets and liabilities that constitute a business. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return to us and our shareholders. A business consists of inputs, including non-current assets, and processes, including operational processes, that when applied to those inputs have the ability to create outputs that provide a return to us and our shareholders. A business also includes those assets and liabilities that do not necessarily have all the inputs and processes required to produce outputs, but can be integrated with our inputs and processes or we could easily replicate the processes to create outputs. When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs, we consider other factors to determine whether the set of activities or assets is a business. Those factors include, but are not limited to, whether the set of activities or assets:

▪ Has begun planned principal activities;

▪ Has employees, intellectual property and other inputs and processes that could be applied to those inputs;

▪ Is pursuing a plan to produce outputs; and

▪ Will be able to obtain access to customers that will purchase the outputs.

Not all of the above factors need to be present for a particular integrated set of activities or assets in the exploration and development stage to qualify as a business.

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair value of the assets and liabilities transferred. The results of businesses acquired during the period are included in the consolidated financial statements from the date of acquisition. The identifiable assets, liabilities and contingent liabilities of the businesses which can be measured reliably are recorded at fair values at the date of acquisition. Provisional fair values are finalized within 12 months of the acquisition date. Acquisition-related costs are expensed as incurred. Measurement period adjustments are adjustments that arise from additional information obtained during the measurement period (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

e)Foreign currency translation

(i)    Functional and presentation currency

Items included in the financial statements of each of our subsidiaries are measured using the currency of the primary economic environment in which the particular entity operates (the “functional currency”). SSR Mining and all of our subsidiaries have a functional currency of United States dollars.

The consolidated financial statements are presented in United States dollars.

(ii)   Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities are translated using the period-end exchange rates. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of (loss) income.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

f)Revenue recognition

Our primary source of revenue is from the sale of gold doré or bullion and metal-bearing concentrate. Revenue is recognized in the consolidated financial statements when the following conditions are met:

• the significant risks and rewards of ownership have passed to the customer;

• neither continuing managerial involvement, to the degree usually associated with ownership, nor effective control over the good sold, has been retained;

• the amount of revenue can be measured reliably;

• it is probable that economic benefits associated with the sale will flow to us; and

• the costs incurred or to be incurred in respect of the sale can be measured reliably.

Revenue from the sale of gold doré or bullion is recognized on the trade settlement date when funds are received.

Revenue from the sale of concentrate is recorded net of charges for treatment, refining and penalties. Net revenues from the sale of by-products are included within revenue.

Concentrate sales are recognized on a provisional basis using our estimate of contained metals. Final settlement is based on applicable commodity prices, based on contractually determined quotational periods, and receipt of final weights and assays, which typically occurs two to six months after shipment.

Variations between the price recorded when revenue was initially recognized and the actual final price are caused by changes in metal prices. This feature causes concentrate receivables to be measured at fair value through profit and loss (“FVTPL”).

The above revenue recognition policy is applicable to contracts where revenue transactions were completed in 2017. With any contracts where revenue transactions were completed or entered into in 2018 accounted for in accordance with IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) (note 2v)).

g)Cash and cash equivalents

Cash and cash equivalents include cash on hand and held at banks and short-term investments with an original maturity of 90 days or less, which are readily convertible into a known amount of cash and excludes any restricted cash that is not available for use by us.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

h)Inventory

Stockpiled ore, leach pad inventory and finished goods are valued at the lower of average cost and estimated net realizable value (“NRV”). Cost includes all direct costs incurred in production including direct labour and materials, freight, depreciation, depletion and amortization and directly attributable overhead costs. NRV is calculated using the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and all associated selling costs.

Any write-downs of inventory to NRV are recorded within cost of sales in the consolidated statements of (loss) income. If there is a subsequent increase in the value of inventory, the previous write-downs to NRV are reversed up to cost to the extent that the related inventory has not been sold.

Stockpiled ore inventory represents ore that has been extracted from the mine and is available for further processing. The cost of stockpiled ore inventory is derived from the current mining costs incurred up to the point of stockpiling the ore and are removed at average cost as ore is processed. Quantities of stockpiled ore are verified by periodic surveys.

The recovery of gold and by-products from certain oxide ore is achieved through a heap leaching process. Under this method, ore is stacked on leach pads and treated with a chemical solution that dissolves the gold contained within the ore. The resulting pregnant solution is further processed in a plant where the gold is recovered in doré. The cost of leach pad inventory is derived from current mining and leaching costs and removed as ounces of gold are recovered at the average cost per recoverable ounce of gold on the leach pads. Estimates of recoverable gold in the leach pads are calculated based on the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data), and a recovery percentage.

Finished goods inventory includes metal concentrates at site and in transit and doré at a site or refinery or bullion in a metal account.

Materials and supplies inventories are valued at the lower of average cost and NRV. Costs include acquisition, freight and other directly attributable costs. A regular review is undertaken to determine the extent of any provision for obsolescence.

Inventory that is not planned to be processed or used within one year is classified as non-current.

i)Mineral properties

Capitalized costs of mineral properties include the following:

▪ Costs of acquiring exploration and development stage properties in asset acquisitions, or the value attributed to properties acquired in a business combination;

▪ Economically recoverable exploration and evaluation expenses;

▪ Expenditures incurred to develop mining properties;

▪ Certain costs incurred during production;

▪ Estimates of close down and restoration costs; and

▪ Borrowing costs incurred that are attributable to qualifying mineral properties.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(i)    Acquisition of mineral properties

The costs of acquiring exploration and development stage properties, including transaction costs, in an asset purchase are capitalized as an exploration and evaluation asset or a mineral property at cost. The value attributed to acquiring mineral properties at an operating mine in a business combination is recognized as a mineral property. The value attributed to acquiring exploration potential in a business combination is recognized as an exploration and evaluation asset.

(ii)   Exploration and evaluation expenditures

Exploration expenditures are the costs incurred in the initial search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with acquiring the rights to explore, prospecting, sampling, mapping, diamond drilling and other work involved in searching for Mineral Resources, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Evaluation expenditures are costs incurred to establish the technical and commercial viability of developing mineral deposits identified through exploration activities or by acquisition.

Evaluation expenditures include the cost of: (i) further defining the volume and grade of deposits through drilling of core samples, trenching and sampling activities in an ore body; (ii) determining the optimal methods of extraction and metallurgical and treatment processes; (iii) studies related to surveying, transportation and infrastructure requirements; (iv) permitting activities; and (v) economic evaluations to determine whether development of mineralized material is commercially justified including preliminary economic assessments, pre-feasibility and final feasibility studies. Exploration and evaluation expenditures are expensed until it has been determined that a property is technically feasible and commercially viable, in which case subsequent evaluation costs incurred to develop a mineral property are capitalized.

(iii)  Development expenditures

Once we have met the criteria for capitalization of exploration and evaluation expenditures, the carrying value of the exploration and evaluation asset is reclassified as a mineral property. All costs, including pre-operating costs are capitalized until the point that the mineral property is capable of operating as intended by us. This is determined by: (i) completion of operational commissioning of major mine and plant components; (ii) operating results being achieved consistently for a period of time; (iii) indicators that these operating results will be continued; and (iv) other factors being present, including one or more of the following: a significant portion of the plant/mill capacity being achieved; a significant portion of available funding being directed towards operating activities; a predetermined, reasonable period of time being passed; or significant milestones for the development of the mineral property being achieved.

In open pit mining operations, it is necessary to incur costs to remove waste material in order to access the ore body, which is known as stripping, with the stripping ratio being the ratio of waste material to ore. Stripping costs incurred prior to the production stage of a mining property (pre-stripping costs) are capitalized as part of the carrying amount of the related mining property.

Once the mineral property is capable of operating as intended, further operating costs, including depreciation, depletion and amortization, are included within inventory as incurred.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(iv) Costs incurred during production

During the production phase of an open pit mine, where stripping activities result in improved access to ore, we recognize a capitalized stripping asset when it is probable that the future economic benefit of the improved access will flow to us, the ore to which access has been improved is identifiable, and costs can be reliably measured. Typically identifiable components of an ore body correspond to the phases of a mine plan. Within each identifiable component, the average stripping ratio is estimated; the cost of waste removal in excess of the stripping ratio is capitalized, and the cost of waste and ore removal in line with the average stripping ratio is recorded in inventory. The capitalized stripping asset is amortized using a unit of production method over the identified component of the ore body.

At underground mining operations, we incur development costs to build new shafts, drifts and ramps that enable us to access ore underground. The time over which we will continue to incur these costs depends on the mine life. These underground development costs are capitalized as incurred. Capitalized underground development costs incurred to enable access to specific areas of the underground mine, and which only provide an economic benefit over the period of mining that area, are depreciated on a units of production basis relating to that particular area of the mine.

(v) Borrowing costs

Borrowing costs attributable to the acquisition, construction or production of an asset that takes a substantial period of time to construct are capitalized as part of the cost of the asset until the asset is substantially ready for its intended use or sale. Where funds have been borrowed specifically to finance an asset, the amount capitalized is the actual borrowing costs incurred. Where the funds used to finance an asset form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to our relevant general borrowings during the period.

j)Plant and equipment

Plant and equipment is stated at cost less accumulated depreciation and accumulated impairment charges.

The cost of an item of plant and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and for qualifying assets, the associated borrowing costs.

Where an item of plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of plant and equipment.

Costs incurred for major overhaul of existing equipment and sustaining capital are capitalized as plant and equipment and are subject to depreciation once they are available for use. Major overhauls include improvement programs that increase the productivity or extend the useful life of an asset beyond that initially envisaged. The costs of routine maintenance and repairs that do not constitute improvement programs are accounted for as a cost of inventory.

k)Depreciation

(i)    Mineral properties

Our mineral properties are classified as either those being subject to depletion or not yet subject to depletion. On acquisition of a mineral property, we prepare an estimate of the fair value attributable to Mineral Reserves, Mineral Resources and exploration potential attributable to the property. The fair value attributable to Mineral Resources is classified to mineral properties not subject to depletion. As Mineral Resources are converted into Mineral Reserves at operating properties a portion of the asset balance is reclassified as subject to depletion using an average cost per ounce of Mineral Resource.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Mineral properties subject to depletion are depleted using the units-of-production method. In applying the units-of-production method over the recoverable ounces to which the asset specifically relates, depletion is calculated using the recoverable ounces extracted from the mine in the period as a percentage of the total recoverable ounces expected to be extracted in current and future periods based on Mineral Reserves.

No amortization is charged during the evaluation and development phases as the asset is not available for use.

(ii)   Plant and equipment

The carrying amounts of plant and equipment are depreciated to their estimated residual value over the estimated useful lives of the specific assets concerned, or the estimated life-of-mine ("LOM") or lease, if shorter. Depreciation starts on the date when the asset is available for its intended use. The major categories of plant and equipment are depreciated on a straight-line basis using the estimated lives indicated below:

Computer equipment	3 - 7 years
Furniture and fixtures	7 years
Vehicles	2 - 5 years
Mining equipment	5 - 10 years
Mobile equipment components	2 - 9 years
Buildings	LOM
Mine plant equipment	LOM
Underground infrastructure	LOM
Leasehold improvements	Lease term

Land is not depreciated.

Assets under construction are not depreciated until available for their intended use.

We conduct a review of residual values, useful lives and depreciation methods employed for property, plant and equipment annually, and when events and circumstances indicate that such a review should be made. Any changes in estimates that arise from this review are accounted for prospectively.

l)Goodwill

Business acquisitions are accounted for using the acquisition method whereby acquired assets and liabilities are recorded at fair value as of the date of acquisition with the excess of the acquisition amount over such fair value being recorded as goodwill and allocated to cash generating units ("CGUs"). CGUs are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Each individual mining interest that is an operating mine is typically a CGU.

Goodwill arises principally because of the following factors: (i) the ability to capture buyer-specific synergies arising upon a transaction; and (ii) the requirement to record a deferred tax liability for the difference between the assigned values and the tax bases of the assets acquired and liabilities assumed in a business combination.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

m)Review of asset carrying values and impairment assessment

Goodwill is not amortized; instead it is tested annually for impairment. In addition, at each reporting period we assess whether there is an indication that goodwill is impaired and, if there is such an indication, we would test for goodwill impairment at that time.

Non-financial assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

We conduct reviews to assess for any indications of impairment of asset values. External factors such as changes in current and forecast metal prices, operating costs and other market factors are also monitored to assess for indications of impairment.

If any such indication exists, an estimate of the recoverable amount is undertaken, being the higher of an asset’s fair value less costs to dispose (“FVLCTD”) and value in use (“VIU”). If the asset’s carrying amount exceeds its recoverable amount then an impairment loss is recognized in the consolidated statements of (loss) income.

FVLCTD is defined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants at the measurement date. Fair value of mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects.

VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal.

Impairment is normally assessed at the level of CGUs, which are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets.

Non-financial assets, other than goodwill, that have been impaired are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed. When a reversal of a previous impairment is recorded, the reversal amount is adjusted for depreciation that would have been recorded had the impairment not taken place. Goodwill that has been previously impaired is not reversed.

n)Share capital

Common shares issued by us are recorded at the net proceeds received which is the fair value of the consideration received less costs incurred in connection with the issue.

o)Share-based payments

Equity-settled share-based payment arrangements such as our stock option plan are initially measured at fair value at the date of grant, which is recognized as a share-based compensation expense in the consolidated statements of (loss) income over the vesting period, with a corresponding increase to equity. We estimate the fair value of stock options granted using the Black-Scholes option pricing model and estimate the expected forfeiture rate at the date of grant.

Arrangements considered to be cash-settled are the Directors’ Deferred Share Unit (“DSU”) Plan, the Restricted Share Unit (“RSU”) Plan and the Performance Share Unit (“PSU”) Plan. The fair values of these are recognized as share-based compensation expenses in the consolidated statements of (loss) income over the vesting period, with a corresponding increase to accrued liabilities. The fair value of DSUs, PSUs, and RSUs is estimated based on the quoted market price of our common shares and are remeasured at each reporting period.

When awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

p)Taxation

The income tax expense for the period is comprised of current and deferred tax, and is recognized in the consolidated statements of (loss) income except to the extent that it relates to items recognized directly in shareholders’ equity, in which case the tax is recognized in equity.

(i)   Current income tax

Current tax for each of our taxable entities is based on the local taxable profit for the period at the local statutory tax rates enacted or substantively enacted at the date of the consolidated statements of financial position.

(ii)   Deferred tax

Deferred tax is recognized, using the liability method, on temporary differences between the carrying value of assets and liabilities in the consolidated statements of financial position and the corresponding tax bases used in the computation of taxable profit. Deferred tax is determined using tax rates and tax laws that are enacted or substantively enacted at the date of the consolidated statements of financial position and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled.

Deferred tax assets and liabilities are not recognized if the temporary difference arises on the initial recognition of assets and liabilities in a transaction other than a business combination, that at the time of the transaction, affects neither the taxable nor the accounting profit or loss.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the timing of the reversal of the temporary difference is controlled by us and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available to be utilized against those deductible temporary differences. Deferred tax assets are reviewed at each reporting date and amended to the extent that it is no longer probable that the related tax benefit will be realized. The change in the net deferred income tax asset or liability is included in income except for deferred income tax relating to equity items which is recognized directly in equity.  Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the current tax assets against the current tax liabilities and when they relate to income taxes levied by the same taxation authority and we intend to settle our current tax assets and liabilities on a net basis.

(iii)  Royalties and other tax arrangements

Royalties and other arrangements are treated as taxation arrangements when they have the characteristics of income tax. This is considered to be the case when they are imposed under government authority and the amount payable is calculated by reference to an income measure. Obligations arising from royalty arrangements that do not satisfy these criteria are recognized as current liabilities and included within cost of sales.

(iv)  Value added tax (“VAT”)

VAT may be paid in countries where recoverability is uncertain. In these cases, VAT payments are either deferred within exploration and evaluation assets or inventory costs, or expensed if related to exploration and evaluation costs. If we ultimately recover the amounts that have been deferred, the amount received will be applied to reduce any associated asset. If the amounts were previously expensed, the recovery will be recognized in the consolidated statements of (loss) income.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

q) Income per share

Basic income per share is calculated by dividing the net income attributable to our shareholders by the weighted average number of shares outstanding during the reporting period.

Diluted income per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potentially dilutive share equivalents, such as stock options and convertible notes. The “treasury stock method” is used for the assumed proceeds upon exercise of the dilutive instruments to determine the number of shares assumed to be purchased at the average market price during the period.

r)Financial instruments

We classify our financial instruments in the following categories: at FVTPL, fair value through other comprehensive income (“FVTOCI”) or at amortized cost.

(i) Classification

We determine the classification of financial instruments at initial recognition.

Financial assets

▪ DebtThe classification of debt instruments is driven by our business model for managing the financial assets and their contractual cash flow characteristics. A debt instrument is measured at amortized cost if the objective of the business model is to hold the debt instrument for the collection of contractual cash flows, and the asset's contractual cash flows are comprised solely of payments of principal and interest. They are classified as current or non-current assets based on their maturity date. If the business model is not to hold the asset, it is classified as FVTPL.

• EquityEquity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition we can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI.

Financial liabilities

Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or we have opted to measure at FVTPL.

(ii) Measurement

Financial assets and liabilities at FVTPL

Financial assets and liabilities at FVTPL are initially recognized at fair value and transaction costs are expensed in the consolidated statements of (loss) income. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets or liabilities held at FVTPL are included in the consolidated statements of (loss) income in the period in which they arise. Where we have opted to designate a financial liability at FVTPL, any changes associated with our own credit risk will be recognized in OCI.

Financial assets at FVTOCI

Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently, they are measured at fair value, with gains and losses arising from changes from initial recognition recognized in OCI.

Financial assets and liabilities at amortized cost

Financial assets and liabilities at amortized cost are initially recognized at fair value, and subsequently carried at amortized cost less any impairment.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Derivative financial instruments

When we enter into derivative contracts, these are intended to reduce the exposures related to assets and liabilities, or forecast transactions. Derivatives are classified as FVTPL unless designated as hedges, as described below.

Derivatives embedded in financial liabilities are treated as separate derivatives when their risks and characteristics are not closely related to their host contracts. However, the classification approach described above is applied to all financial assets, including those that contain embedded derivatives, without the need to separate the embedded derivative from the host contract. Commodity-based derivatives resulting from provisional sales prices of metals in concentrate are classified as FVTPL with changes in value recognized in revenue.

(iii) Impairment of financial assets

Impairment of financial assets at amortized cost

We recognize a loss allowance for expected credit losses on financial assets that are measured at amortized cost.

At each reporting date, we measure the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, we measure the loss allowance for the financial asset at an amount equal to twelve month expected credit losses.

Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the expected credit losses are reversed after the impairment was recognized.

(iv) Derecognition

Derecognition of financial assets and liabilities

Financial assets are derecognized when the investments mature or are sold, and substantially all the risks and rewards of ownership have been transferred. A financial liability is derecognized when the obligation under the liability is discharged, canceled or expired. Gains and losses on derecognition are recognized within finance income and finance costs, respectively. Gains or losses on financial assets classified as FVTOCI remain within accumulated OCI.

(v) Fair value of financial instruments

The fair values of quoted investments are based on current prices. If the market for a financial asset is not active (and for unlisted securities), we establish fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the financial asset’s specific circumstances.

(vi) Hedge accounting

Derivative Instruments

Derivative instruments are recorded at fair value on the consolidated statements of financial position, classified based on contractual maturity. Derivative instruments are classified as either hedges of the fair value of recognized assets or liabilities or of firm commitments (“fair value hedges”), hedges of highly probable forecast transactions (“cash flow hedges”) or non-hedge derivatives. Derivatives designated as either a fair value or cash flow hedge that are expected to be highly effective in achieving offsetting changes in fair value or cash flows are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated. Derivative assets and derivative liabilities are shown separately in the consolidated statements of financial position unless there is a legal right to offset and intent to settle on a net basis.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fair Value Hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the consolidated statements of (loss) income, together with any changes in the fair value of the hedged asset or liability or firm commitment that is attributable to the hedged risk.

Cash Flow Hedges

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in OCI. The gain or loss relating to the ineffective portion is recognized in the consolidated statements of (loss) income. Amounts accumulated in OCI are transferred to the consolidated statements of (loss) income in the period when the forecasted transaction impacts earnings. When the forecasted transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously deferred in OCI are transferred from OCI and included in the measurement of the initial carrying amount of the asset or liability.

When a derivative designated as a cash flow hedge expires or is sold and the forecasted transaction is still expected to occur, any cumulative gain or loss relating to the derivative that is recorded in OCI at that time remains in OCI and is recognized in the consolidated statements of (loss) income when the forecasted transaction occurs. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was recorded in OCI is immediately transferred to the consolidated statements of (loss) income.

Non-Hedge Derivatives

Derivative instruments that do not qualify as either fair value or cash flow hedges are recorded at their fair value at the balance sheet date, with changes in fair value recognized in the consolidated statements of (loss) income.

s)Provisions for close down and restoration and for environmental clean-up costs

Close down and restoration costs include dismantling and demolition of infrastructure, the removal of residual materials and remediation of disturbed areas. Estimated close down and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of estimated future costs. The cost estimates are updated during the life of the operation to reflect known development, e.g. revisions to cost estimates and to the estimated lives of the operations, and are subject to formal reviews at regular intervals.

The initial closure provision together with changes resulting from changes in estimated cash flows or discount rates are adjusted within the property, plant and equipment asset to which the provision relates. If no asset remains any change in a provision is charged or credited to the consolidated statements of (loss) income in the period. These costs are then depreciated over the life of the asset to which they relate, typically using the units of production method. The accretion or unwinding of the discount applied in establishing the net present value of provisions is charged to the consolidated statements of (loss) income as a finance expense.

t)Leases

Leases which transfer substantially all of the benefits and risks incidental to the ownership of property are accounted for as finance leases. Finance leases are capitalized at the lease commencement at the lower of the fair market value of the leased property and the net present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charge. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the asset’s useful life and the lease term.

All other leases are accounted for as operating leases wherein rental payments are expensed as incurred.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

u)Significant accounting judgments and estimates

The preparation of financial statements in conformity with IFRS requires the use of judgments and/or estimates that affect the amounts reported and disclosed in the consolidated financial statements and related notes. These judgments and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the financial statements. Information about such judgments and estimation is contained in the accounting policies and/or notes to the consolidated financial statements, and the judgments and other sources of estimation uncertainty that have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year are summarized below.

Areas of judgment that have the most significant effect on the application of accounting policies in the consolidated financial statements are:

▪ Review of non-current asset carrying values and impairment assessment;

▪ Determination of capitalized stripping activities;

▪ Determination of capitalization of underground development activities;

▪ Determination of useful lives of property, plant and equipment;

▪ Close down and restoration provision;

▪ Deferred tax assets and liabilities;

▪ Determination of commencement of commercial production;

▪ Functional currency;

▪ Contingencies; and

▪ Determination of the timing of derecognition of exploration and evaluation assets.

Key sources of estimation uncertainty that have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year are summarized below:

▪ Review of non-current asset carrying values and impairment assessment;

▪ Mineral Reserves and Mineral Resources estimates;

▪ Determination of useful lives of property, plant and equipment;

▪ Valuation of inventory;

▪ Valuation of goodwill (note 3);

▪ Close down and restoration provision;

▪ Determination of the fair values of share-based compensation;

▪ Valuation of financial instruments;

▪ Deferred tax assets and liabilities; and

▪ Contingencies.

Each of these judgments and estimates is considered in more detail below.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Review of non-current asset carrying values and impairment assessment

In accordance with our accounting policy (note 2(m)), goodwill is tested for impairment annually and each asset or CGU is evaluated every reporting period to determine whether there are any indicators of impairment. If an impairment test is required, a formal estimate of recoverable amount is performed and an impairment charge is recognized to the extent that the carrying amount exceeds the recoverable amount. The recoverable amount of an asset or CGU of assets is measured at the higher of FVLCTD or VIU.

The evaluation of asset carrying values for indications of impairment includes judgments of both external and internal sources of information, including such factors as market and economic conditions, metal prices and forecasts, production budgets and forecasts, and LOM estimates.

The determination of FVLCTD and VIU requires management to make estimates and assumptions about expected production based on current estimates of recoverable metal, commodity prices, operating costs, taxes and export duties, inflation and foreign exchange, salvage value, future capital expenditures and discount rates. The estimates and assumptions are subject to risk and uncertainty; hence, there is the possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the assets. In such circumstances, some or all of the carrying value of the assets may be further impaired or the impairment charge reversed with the impact recorded in the consolidated statements of (loss) income.

In our impairment assessment at December 31, 2018, it was determined that there were indicators of potential impairment on the $64 million carrying value of the Pitarrilla project which resulted in us assessing the recoverable amount of the asset, which has been identified as a CGU. The recoverable amount of the Pitarrilla project was determined to be the FVLCTD, which is based upon the CGU's estimated future after-tax cash flows. The cash flows were determined based on cash flow projections, which incorporate our estimates of forecast metal prices, production based on current estimates of recoverable underground Mineral Resources and future operating costs and capital expenditures. We used a silver price of $17.75 per ounce in the cash flow projections, based on market consensus forecasts. Projected cash flows under the FVLCTD model are after-tax and discounted at 8.5% using an estimated weighted average cost of capital of a market participant adjusted for project and country specific risks. We concluded that these discounted cash flows exceeded the carrying value of the Pitarrilla project and no impairment was required.

Average silver prices would have had to decrease by more than approximately 3% or the discount rate would have to increase to approximately 9.2% for the Project to be impaired.

Mineral Reserves and Mineral Resources estimates

We estimate Mineral Reserves and Mineral Resources based on information prepared by qualified persons as defined by NI 43-101. Mineral Reserves are used in the calculation of depreciation, amortization and impairment charges, for forecasting the timing of the payment of close down and restoration costs, and future taxes. In assessing the life of a mine for accounting purposes, Mineral Resources are only taken into account where there is a high degree of confidence of economic extraction. There are numerous uncertainties inherent in estimating Mineral

Reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of Mineral Reserves and may, ultimately, result in Mineral Reserves estimates being revised. Such changes in Mineral Reserves could impact depreciation and amortization rates, asset carrying values and the provision for close down and restoration.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Determination of capitalized stripping activities

We determine whether stripping costs incurred during the production phase of a surface mining operation provide improved access to a component of an ore body that will be mined in a future period, and whether the costs can be reliably measured. We have to apply judgment when identifying components of the mine over which stripping costs are capitalized, in estimating the average stripping ratio for each component, and in using judgment to determine the period over which the capitalized stripping asset is amortized.

Determination of capitalization of underground development activities

We determine whether development costs incurred during the production phase of an underground mining operation provide improved access to a component of an ore body that will be mined in a future period, and whether the costs can be reliably measured. We have to apply judgment when identifying components of the mine over which development costs are capitalized and in determining the period over which the capitalized underground asset is amortized.

Determination of useful lives of property, plant and equipment

We use the units of production method to deplete mineral properties, whereby depletion is calculated using the quantity of ore extracted from the mine in the period as a percentage of the total quantity of ore expected to be extracted in current and future periods. Other assets are depreciated using the straight-line method, which includes significant management judgment to determine useful lives and residual values.

Valuation of inventory

Stockpiled ore and finished goods

Stockpiled ore and finished goods are valued at the lower of average cost and NRV. NRV is calculated as the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and associated selling costs. The determination of forecast sales price, recovery rates, grade, assumed contained metal in stockpiles and production and selling costs requires significant assumptions that may impact the stated value of our inventory and lead to changes in NRV.

Leach pad inventory

In determining the value of the leach pad, we make estimates of quantities and grades of ore stacked on leach pads and in-process, and the recoverable gold in this material to determine the total inventory. Changes in these estimates can result in a change in carrying amounts of inventory, as well as cost of sales. The determination of forecast sales price, recovery rates, grade, assumed contained metal in leach pad inventory and production and selling costs requires significant assumptions that may impact the stated value of our leach pad inventory and lead to changes in NRV.

Material and supplies inventory

In determining the value of material and supplies inventory, we make estimates of the amounts to be used and realizable value through disposals or sales. Changes in these estimates can result in a change in carrying amounts of inventory, as well as cost of sales.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Close down and restoration provision

Close down and restoration costs are a consequence of exploration activities and mining, and the majority of close down and restoration costs are incurred near the end of the LOM. Our accounting policy requires the recognition of such provisions when the obligation occurs. The initial provisions are periodically reviewed during the life of the operation to reflect known developments, e.g. updated cost estimates and revisions to the estimated lives of operations. Although the ultimate cost to be incurred is uncertain, we estimate our costs based on studies using current restoration standards and techniques. The initial closure provisions together with changes, other than those arising from the discount applied in establishing the net present value of the provision, are capitalized within mineral properties and depleted over the lives of the assets to which they relate.

The ultimate magnitude of these costs is uncertain, and cost estimates can vary in response to many factors including changes to the relevant legal requirements, whether closure plans achieve intended reclamation goals, the emergence of new restoration techniques or experience at other mine sites, local inflation rates and exchange rates when liabilities are anticipated to be settled in a currency other than the United States dollar. The expected timing of expenditure can also change, for example, in response to changes in Mineral Reserves, production rates or economic conditions. As a result there could be significant adjustments to the provision for close down and restoration, which would affect future financial results.

Deferred tax assets and liabilities

The determination of our tax expense for the period and deferred tax assets and liabilities involves significant estimation and judgment by management. In determining these amounts, we interpret tax legislation in a variety of jurisdictions and make estimates of the expected timing of the reversal of deferred tax assets and liabilities. We also make estimates of future earnings which affect the extent to which potential future tax benefits may be used. We are subject to assessments by various taxation authorities, which may interpret legislation differently. These differences may affect the final amount or the timing of the payment of taxes. We provide for such differences where known based on our best estimate of the probable outcome of these matters.

Determination of commencement of commercial production

The determination of when a mine is in the condition necessary for it to be capable of operating in the manner intended by management (referred to as "commercial production") is a matter of significant judgment which impacts when the Company recognizes revenue, operating costs and depreciation and depletion in the statement of profit and loss. In making this determination, management considers whether (a) the major capital expenditures to bring the mine to the condition necessary for it to be capable of operating in the manner intended was complete; (b) ramping up to nameplate design capacity has been achieved for the operations; (c) the mine and mill were meeting performance design criteria such as mining rates, haulage targets, hourly throughput and process recovery; and (d) a saleable product could be produced.

Functional currency

The determination of a subsidiary’s functional currency often requires significant judgment where the primary economic environment in which the subsidiary operates may not be clear. This can have a significant impact on our consolidated results based on the foreign currency translation methods described in note 2(e).

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Contingencies

Contingencies can be either possible assets or liabilities arising from past events which, by their nature, will only be resolved when one or more future events not wholly within our control occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. In assessing loss contingencies related to legal, tax or regulatory proceedings that are pending against us or unasserted claims, that may result in such proceedings or regulatory or government actions that may negatively impact our business or operations, we evaluate with our legal counsel the perceived merits of any legal, tax or regulatory proceedings, unasserted claims or actions. Also evaluated are the perceived merits of the nature and amount of relief sought or expected to be sought, when determining the amount, if any, to recognize as a contingent liability or assessing the impact on the carrying value of assets. Contingent assets or liabilities are not recognized in the consolidated financial statements.

Determination of the timing of derecognition of exploration and evaluation assets

Judgment is required in assessing certain criteria to determine when derecognition of an exploration and evaluation asset has occurred.

v)Change in accounting policies

We adopted the requirements of IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) as of January 1, 2018. IFRS 15 covers principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer. We elected to apply IFRS 15 using a modified retrospective approach by recognizing the cumulative effect of initially adopting IFRS 15 as an adjustment to the opening balance sheet at January 1, 2018. Therefore, the comparative information has not been restated and continues to be reported under IAS 18 Revenue. The details of accounting policy changes and the quantitative impact of these changes are described below.

Gold doré and bullion sales

IFRS 15 requires that revenue from contracts with customers be recognized upon the transfer of control over goods or services to the customer. The recognition of revenue upon transfer of control to the customer is consistent with our revenue recognition policy as set out in note 2(f) to our audited consolidated financial statements, as the condition is satisfied on gold doré and bullion sales when title transfers to the customer. Accordingly, upon adoption, this requirement under IFRS 15 resulted in no impact to our financial statements, as the timing of revenue recognition on our gold bullion sales is unchanged.

Concentrate sales

We performed an assessment of our existing concentrate sales agreements and determined that there is no change in the timing of revenue recognition under IFRS 15. The point of transfer of risks and rewards and transfer of control for concentrate sales occur at the same time. IFRS 15 identifies that the shipping component associated with certain concentrate sales may be a separate performance obligation, which would require a portion of the revenue to be deferred and recognized as the obligation is fulfilled. We have determined that the deferred revenue would be insignificant and thus, have not accounted for the shipping component as a separate performance obligation.

IFRS 15 does not consider changes in the fair value of the concentrate receivable measured at fair value through profit and loss as revenue from contracts with customers. Accordingly, we have separately presented the changes as other revenue in note 17.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

New Accounting Policy

As a result of IFRS 15, we have adopted the accounting policy set out below, effective January 1, 2018.

Our primary source of revenue is from the sale of gold doré or bullion and metal-bearing concentrate.

Initially we determine what performance obligations our contracts with customers create, and where applicable, allocate the consideration expected to be received between different the performance obligations on the basis of relative stand-alone selling prices. Revenue is then recognized when all of our performance obligations are satisfied. A performance obligation is satisfied when control of the underlying goods or services for that particular performance obligation is transferred to the customer. Control is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset underlying the good or service. In order to evaluate the point in time at which control of the asset has been transferred to a customer we consider the following indicators:

▪ title to the asset has transferred;

▪ physical possession of the asset has transferred;

▪ we have a present right to payment for the asset;

▪ the customer has accepted the asset; and

▪ the customer has the significant risks and rewards of ownership of the asset

Gold doré and bullion sales

Gold doré and bullion is sold primarily to bullion banks in the London spot market. The sales price is fixed on the date of sale based on the gold spot price. Generally, we record revenue from gold bullion sales at the time of physical delivery, which is also the date that title to the gold passes, and cash is received.

Concentrate sales

Under the terms of concentrate sales contracts with independent trading and smelting companies; typically, provisional payment is received based upon the estimated metal content and metal prices at the date of shipment. The final quantity of metal sold is then determined through a settlement process at a date after the product has been delivered, with metal sales prices being based on a specified future date after shipment based on market prices. We record revenues under these contracts at the point that control has passed, which is when the risk and rewards of ownership pass to our customers, typically at port of loading or port of unloading based on the terms of the contract. We estimate the consideration to be received based upon provisional assays adjusted for expected final settlement differences, and using forward market prices on the expected date that final sales prices will be determined.

Variations between the price recorded at the revenue recognition date and the actual final price set under the sales contracts are caused by changes in market prices, which result in the existence of a trade receivable financial instrument that is recorded at fair value through profit and loss (“FVTPL”) each period until final settlement occurs. Changes in fair value are included in other revenue in the consolidated statement of income.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

w)Future accounting changes

IFRS 16 Leases

On January 13, 2016, the IASB issued IFRS 16 Leases, which will replace IAS 17 Leases. The standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than twelve months, unless the underlying asset is of low value. A lessee is required to recognize a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The standard is effective for annual reporting periods beginning on or after January 1, 2019. SSR Mining intends to adopt IFRS 16 for the annual reporting period beginning on January 1, 2019 and apply the following practical expedients on initial application:

• application only to contracts that were previously identified as leases, and;

• electing to not recognize leases for which the underlying asset is of low value or considered to be a short-term lease.

We anticipate using the modified retrospective with cumulative effect method of adoption.

The application of IFRS 16 will not have any impact on the amounts recognized in our consolidated financial statements for finance leases where an asset and a related liability for the lease arrangement have been recognized or where SSR Mining is a lessor.

Our assessment of non-cancellable operating lease commitments indicates that our arrangements will meet the definition of a lease under IFRS 16, and therefore, at January 1, 2019, we will recognize a right-of-use asset and a corresponding liability in respect of these leases.

Our operating lease commitments have been disclosed in note 9.

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ACQUISITIONS AND CHANGE IN INTEREST ON MINERAL PROPERTIES

12 Months Ended

Dec. 31, 2018

Business Combinations 1 [Abstract]

ACQUISITIONS AND CHANGE IN INTEREST ON MINERAL PROPERTIES

ACQUISITIONS AND CHANGE IN INTEREST ON MINERAL PROPERTIES

a)Puna Operations Joint Venture

On March 31, 2017, we exercised our option on the Chinchillas project and on May 31, 2017 formed a jointly owned company with Golden Arrow Resources Corporation ("Golden Arrow") called Puna Operations Inc. ("Puna Operations") for the development of the property. The jointly owned company, holding the Pirquitas and Chinchillas properties, is owned 75% by SSR Mining and we are the operator. This transaction is expected to extend the Puna Operations operating life by approximately eight years.

Under the terms of the arrangement we paid the option exercise payment to Golden Arrow of $12,972,000, net of cash acquired.

At May 31, 2017 we recognized an asset of $28,839,000 representing the fair value of the Chinchillas mineral property acquired. In addition, we recognized a non-controlling interest of $18,573,000. As we retain control of Puna Operations, the difference between the carrying value of the assets acquired and liabilities assumed and the non-controlling interest, was recognized in equity attributable to our shareholders, which totalled $1,342,000.

3. ACQUISITIONS AND CHANGE IN INTEREST ON MINERAL PROPERTIES (Continued)

b)Acquisition of Seabee Gold Operation and Goodwill

On May 31, 2016, we completed the acquisition of Claude Resources Inc. and its Seabee Gold Operation. The acquisition was a business combination and has been accounted for in accordance with the measurement and recognition provisions of IFRS 3. IFRS 3 requires that the purchase consideration be allocated to the assets acquired and liabilities assumed in a business combination based upon their estimated fair values at the date of acquisition.

As part of the purchase price allocation, we recognized goodwill of $49,786,000 on the transaction. We performed the annual goodwill impairment test at December 31, 2018. For the purposes of the goodwill impairment test, the recoverable amount of the Seabee Gold Operation, which is considered to be the CGU, has been determined using a FVLCTD calculation, which exceeded VIU. The valuation was based on cash flow projections, which incorporate our estimates of forecast metal prices, foreign exchange rates, production based on current estimates of recoverable Mineral Reserves and Mineral Resources, future exploration potential, future operating costs and capital expenditures. Projected cash flows under the FVLCTD model are after-tax and discounted using an estimated weighted average cost of capital of a market participant adjusted for asset specific risks. Commodity prices are our estimates of the views of market participants, including a long-term gold price of $1,300 per ounce and the long-term foreign exchange rate of $1.25 Canadian/USD $1.00 . The post-tax real discount rates adjusted for asset specific risks used for the impairment assessments was 7.0%. The calculated recoverable amount of the CGU exceeded the carrying value at December 31, 2018, and therefore no impairment charge has been recorded.

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CASH AND CASH EQUIVALENTS

12 Months Ended

Dec. 31, 2018

Cash and cash equivalents [abstract]

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

	December 31, 2018	December 31, 2017
	$	$
Cash	209,518	131,589
Short-term investments	209,694	328,275
	419,212	459,864

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TRADE AND OTHER RECEIVABLES

12 Months Ended

Dec. 31, 2018

Trade and other receivables [abstract]

TRADE AND OTHER RECEIVABLES

TRADE AND OTHER RECEIVABLES

	December 31, 2018	December 31, 2017
	$	$
Trade receivables	11,287	14,848
Value added tax receivables (note 11)	12,811	7,004
Prepayments and deposits	10,880	8,875
Income tax receivable	2,947	1,213
Other taxes receivable	4,274	4,824
Other receivables	642	1,288
	42,841	38,052

No trade receivables are past due and all are expected to be settled within twelve months.

Credit risk is further discussed in note 24(b). We did not hold any collateral for any receivable amounts outstanding at December 31, 2018 or December 31, 2017.

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MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2018

Disclosure Of Detailed Information About Marketable Securities [Abstract]

MARKETABLE SECURITIES

MARKETABLE SECURITIES

	December 31, 2018		December 31, 2017
	$		$
Balance, beginning of year	114,001		148,944
Additions	22,674		5,295
Disposals	(63,445	)	(72,132	)
Fair value adjustments	(43,688	)	31,894
Balance, end of year	29,542		114,001

During 2018, we purchased 8.2 million common shares of SilverCrest Metals Inc. ("SilverCrest") for total consideration of $23.1 million and sold our remaining position of 9.0 million common shares of Pretium Resources Inc. ("Pretium") for pre-tax cash proceeds of approximately $63.4 million. The fair value adjustments in 2018 related primarily to the Pretium shares.

On acquisition of the SilverCrest shares, we recognized an expense of $2.8 million related to the premium paid for the shares over the prevailing market price. Due to the subsequent increase in the SilverCrest share price, we recognized a gain of $4.3 million in Other Comprehensive Income at December 31, 2018.

The SilverCrest common shares are subject to a hold period of four months from their December 7, 2018 acquisition date.

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INVENTORY

12 Months Ended

Dec. 31, 2018

Disclosure of inventories [Abstract]

INVENTORY

INVENTORY

	December 31, 2018	December 31, 2017
	$	$
Current:
Finished goods	23,433	19,262
Stockpiled ore	18,195	6,806
Leach pad inventory	162,335	128,783
Materials and supplies	28,785	27,730
	232,748	182,581
Non-current materials and supplies (note 8)	2,006	3,973
	234,754	186,554

As at December 31, 2018, we had total provisions of $3,436,000 (2017 - $7,250,000) for supplies inventory that we no longer expect to utilize.

Following the formation of our Puna Operations in 2017, which extended the operating life of the Pirquitas plant, we partially reversed our existing provision against supplies inventory by $6,342,000.

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OTHER ASSETS

12 Months Ended

Dec. 31, 2018

Other Assets [Abstract]

OTHER ASSETS

OTHER ASSETS

	December 31, 2018		December 31, 2017
	Current	Non-current	Current	Non-current
	$	$	$	$
Financial assets:
Restricted cash (1)	—	2,035	—	3,079
Deferred consideration (2, 3)	7,345	11,289	2,394	15,639
Derivative asset	—	—	1,287	—
Loan receivable from JV Partner (4)	—	8,214	—	—
Non-financial assets:
Non-current value added tax receivable (note 11)	—	5,991	—	6,751
Non-current inventory (note 7)	—	2,006	—	3,973
Held for sale	1,431	—	1,418	—
	8,776	29,535	5,099	29,442

⁽¹⁾  We have cash and security deposits in relation to our close down and restoration provisions of $1,934,000 (December 31, 2017 - $1,895,000).

⁽²⁾  On November 1, 2016, we sold our Diablillos and M-18 properties in Argentina to AbraPlata Resource Corp ("AbraPlata") (formerly Huayra Minerals Corporation) for consideration of:

• 19.9% equity stake in Abra Plata, with free carried interest until the completion of a financing of $5,000,000 or more, valued at $2,887,000. By December 31, 2018, the financing had been completed;

• Cash payments of $14,100,000 over the following five years ($1,350,000 received by December 31, 2018), valued initially at $7,452,000 using a discount rate of 20%; and

• We have retained a 1.0% net smelter returns royalty on production from each of the projects.

As at December 31, 2018 a payment from AbraPlata due on November 1, 2018 was 61 days past due. However, as the deferred consideration remains fully collateralized by the asset (whose fair value approximates the carrying value of the deferred consideration) an expected credit loss provision was not recorded (note 24b)).

⁽³⁾  On May 2, 2017, we sold our Berenguela project in Peru to Valor Resources Limited ("Valor") for consideration of:

▪ 145,881,177 shares of Valor, valued at $1,098,000;

▪ Additional shares from financing received in 2018, valued initially at $520,000;

▪ Cash payment of $12,000,000 over the next 5 years ($550,000 received by December 31, 2018), originally valued at $6,726,000 using a discount rate of 15%; and

• We have retained a 1.0% net smelter returns royalty on production from the project.

⁽⁴⁾  As of July 6, 2018, we entered into a credit agreement with Golden Arrow (the "Credit Agreement") for a non-revolving term loan (the "Loan") in an aggregate principal amount equal to $10,000,000. The Loan matures on July 22, 2020.

The proceeds borrowed under the Credit Agreement are required to be used by Golden Arrow to fund its contributions under the shareholders' agreement we entered into with Golden Arrow on May 31, 2017, as the sole shareholders of Puna Operations. The Loan is secured by Golden Arrow's ownership and equity interests in Puna Operations.

The Loan bears interest (computed on the basis of the actual number of days elapsed over a year of 365 days and compounded monthly) at a rate per annum equal to the US Base Rate (as such term is defined in the Credit Agreement) plus 10%. Interest on the loan accrues from and including the date of each borrowing under the Credit Agreement, compounded monthly, and shall be capitalized and payable on the maturity date.

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PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2018

Property, plant and equipment [abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

	December 31, 2018
	Plant and equipment (1)		Mineral properties subject to depletion (3)		Mineral properties not yet subject to depletion (2)(3)(5)		Exploration and evaluation assets		Total
	$		$		$		$		$
Cost
Balance, beginning of year	545,090		393,273		121,854		91,579		1,151,796
Additions	102,275		33,371		13,771		956		150,373
Disposals	(15,485	)	—		—		(1,307	)	(16,792	)
Costs written off	(9,998	)	—		—		—		(9,998	)
Change in estimate of close down and restoration provision	—		3,269		—		—		3,269
Transfers	—		33,635		(33,635	)	—		—
Balance, end of year	621,882		463,548		101,990		91,228		1,278,648
Accumulated depreciation
Balance, beginning of year	(315,261	)	(177,906	)	—		—		(493,167	)
Charge for the year	(44,772	)	(61,414	)	—		—		(106,186	)
Disposals	12,728								12,728
Write off	9,152		—		—		—		9,152
Balance, end of year	(338,153	)	(239,320	)	—		—		(577,473	)
Net book value at December 31, 2018	283,729		224,228		101,990		91,228		701,175

9. PROPERTY, PLANT AND EQUIPMENT (Continued)

	December 31, 2017
	Plant and equipment (1)		Mineral properties subject to depletion(3)		Mineral properties not yet subject to depletion(2)(3)(5)		Exploration and evaluation assets(4)		Total
	$		$		$		$		$
Cost
Balance, beginning of year	509,008		306,277		133,560		92,720		1,041,565
Additions	33,738		43,118		33,589		758		111,203
Disposals	(13,555	)	—		—		(1,000	)	(14,555	)
Impairment reversal	24,357		—		—		—		24,357
Property write downs	—		(747	)	—		(899	)	(1,646	)
Change in estimate of close down and restoration provision	(8,458	)	(670	)	—		—		(9,128	)
Transfers	—		45,295		(45,295	)	—		—
Balance, end of year	545,090		393,273		121,854		91,579		1,151,796
Accumulated depreciation
Balance, beginning of year	(276,170	)	(101,567	)	—		—		(377,737	)
Charge for the year	(50,915	)	(76,339	)	—		—		(127,254	)
Disposals	11,824		—		—		—		11,824
Balance, end of year	(315,261	)	(177,906	)	—		—		(493,167	)
Net book value at December 31, 2017	229,829		215,367		121,854		91,579		658,629

⁽¹⁾  Includes assets under construction of $44,858,000 at December 31, 2018 (December 31, 2017 - $17,307,000).

⁽²⁾  Includes assets under construction of $Nil at December 31, 2018 (December 31, 2017 - $3,715,000).

⁽³⁾  We converted Inferred Mineral Resources to Mineral Reserves at our Seabee Gold Operation and correspondingly have transferred $33,635,000 (December 31, 2017 - $45,295,000) from mineral properties not yet subject to depletion to being subject to depletion.

⁽⁴⁾  On January 16, 2017, we entered into an option agreement with Silver One Resources Inc. ("Silver One") in respect of our Candelaria project in the United States for consideration consisting of $1,000,000 worth of Silver One shares issued on January 20, 2017, and three annual installments of $1,000,000 worth of Silver One shares. Under the terms of this agreement, Silver One has three years to evaluate the Candelaria project. On January 19, 2019, we received the third installment of $1,000,000 worth of Silver One shares.

(5) We have changed the presentation of the Pitarrilla project in all periods presented in the tables above from exploration and evaluation assets to mineral properties not yet subject to depletion.

Impairment reversal of non-current assets

On May 31, 2017 we formed the jointly-owned Puna Operations (note 3). As a result of this transaction the operating life extension was considered to be an indicator of reversal of previous impairments that had been recognized against Pirquitas plant assets.

The maximum impairment reversal that is permitted is to return the asset balance to the carrying value at which it would have been had no previous impairments been recorded, which was $24,357,000 higher than the existing carrying value.

We determined that the fair value less cost to dispose of the cash generating unit significantly exceeded the maximum permitted impairment reversal. A discounted cash flow analysis was performed using a discount rate of 10% and the following estimated metal prices;

9. PROPERTY, PLANT AND EQUIPMENT (Continued)

	2017	2018	2019	2020	LT
Silver / oz	$17.93	$18.72	$19.14	$19.53	$19.65
Lead / lb	$1.01	$1.03	$1.02	$0.99	$0.94
Zinc / lb	$1.27	$1.31	$1.24	$1.18	$1.06

As a result we recognized an impairment reversal of $24,357,000 in 2017.

Capital commitments and operating leases

In addition to entering into various operational commitments in the normal course of business, we had commitments of approximately $29,989,000 at December 31, 2018 (2017 - $10,207,000) for construction activities at our sites and projects.

Operating leases are recognized as an operating cost in the consolidated statements of income on a straight-line basis over the lease term. At December 31, 2018, we have operating lease commitments totaling $5,260,000 of which $513,000 is expected to be paid within a year, $2,425,000 is expected to be paid within two to five years and $2,322,000 is expected to be paid within six to ten years.

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CURRENT AND DEFERRED INCOME TAX

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

CURRENT AND DEFERRED INCOME TAX

CURRENT AND DEFERRED INCOME TAX

Income tax expense differs from the amount that would be computed by applying the Canadian statutory rate of 27% (2017- 26%) to income before income taxes. The reasons for the differences are as follows:

Years ended December 31	2018		2017
	$		$
Income before taxes	8,090		74,587
Statutory tax rate	27.00	%	26.00	%
Expected income tax	2,184		19,392
Decrease resulting from:
Permanent differences	25,408		(17,048	)
Foreign exchange	(13,714	)	4,806
Differences in foreign and future tax rates	(1,086	)	48,167
Mining & overseas withholding tax	4,955		5,134
Expired losses	2,928		3,658
Restructure	114,100		—
Change in estimates in respect of prior years	1,501		(484	)
Movement in deferred tax not recognized	(128,066	)	(60,540	)
Other	(89	)	36
Total income tax expense	8,121		3,121
Current tax expense	8,043		3,094
Deferred tax expense	78		27
Total income tax expense	8,121		3,121

10. CURRENT AND DEFERRED INCOME TAX (Continued)

In the normal course of business we are subject to assessment by taxation authorities in various jurisdictions. These authorities may have different interpretations of tax legislation or tax agreements than those applied by us in computing current and deferred income taxes. These different interpretations may alter the timing or amounts of taxable income or deductions. The final amounts of taxes to be paid or recovered depends on a number of factors including the outcome of audits, appeals and negotiation. We provide for potential differences in interpretation based on the best estimate of the probable outcome of these matters. Changes in these estimates could result in material adjustments to our current and future income taxes.

Restructure of the Argentine Operation

We have restructured our Argentine operations by recharacterizing our intercompany loan to equity and transferring the Chinchillas assets into the same wholly owned subsidiary of Puna Operations that holds the Pirquitas plant. The restructuring was designed to increase the efficiency and administration of the operation and reduce the risk related to historic tax positions.The restructuring resulted in elimination of previously unrecognized deferred tax assets resulting in a movement in deferred tax not recognized of $125.7 million and a change to tax expense of $114.1 million reflecting the recharacterization of the intercompany loan to equity, an increase in tax basis of mining assets, and current tax expense of $4.7 million in the year.

Pretium

We sold the remaining position of 9.0 million Pretium common shares for pre-tax cash proceeds of approximately $63.4 million. The related tax impact is included in Other Comprehensive Income. In the period a $7.8 million income tax payable was recognized relating to the sales of the Pretium shares.

The tax effected items that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities for the years ended December 31, 2018 and 2017 are presented below:

								Balance as at December 31, 2018
	Net balance at beginning of year		Recognized in statement of income		Recognized in OCI	AMT refund		Net		Deferred tax assets		Deferred tax liabilities
	$		$		$	$		$		$		$
Marketable securities	(13,205	)	376		13,867	—		1,038		1,038		—
Inventory	(7,244	)	3,733		—	—		(3,511	)	—		(3,511	)
Property, plant and equipment	(81,294	)	(10,452	)	—	—		(91,746	)	940		(92,686	)
Close down and restoration provision	1,787		1,567		—	—		3,354		3,354		—
Convertible notes	(4,056	)	1,820		—	—		(2,236	)	—		(2,236	)
Carry forward tax loss and tax credits	21,830		(6,469	)	—	—		15,361		15,361		—
Mining and foreign withholding tax	(39,227	)	(1,916	)	—	—		(41,143	)	—		(41,143	)
Executive compensation plans	2,065		1,918		—	—		3,983		3,983		—
Deductibility of other taxes	9,021		424		—	—		9,445		9,445		—
Other	(4,253	)	8,921		850	(449	)	5,069		5,200		(131	)
Net deferred tax (liabilities) assets before set-off	(114,576	)	(78	)	14,717	(449	)	(100,386	)	39,321		(139,707	)
Offset tax	—		—		—	—		—		(31,798	)	31,798
Net deferred tax (liabilities) assets	(114,576	)	(78	)	14,717	(449	)	(100,386	)	7,523		(107,909	)

10. CURRENT AND DEFERRED INCOME TAX (Continued)

							Balance as at December 31, 2017
	Net balance at beginning of year		Recognized in statement of income		Recognized in OCI		Net		Deferred tax assets		Deferred tax liabilities
	$		$		$		$		$		$
Marketable securities	(16,949	)	—		3,744		(13,205	)	—		(13,205	)
Inventory	(1,984	)	(5,260	)	—		(7,244	)	—		(7,244	)
Property, plant and equipment	(96,614	)	15,320		—		(81,294	)	1,016		(82,310	)
Close down and restoration provision	3,917		(2,130	)	—		1,787		1,787		—
Convertible notes	(5,497	)	1,441		—		(4,056	)			(4,056	)
Carry forward tax loss and tax credits	20,682		3,404		(2,256	)	21,830		21,830		—
Mining and foreign withholding tax	(37,151	)	(2,076	)	—		(39,227	)	—		(39,227	)
Executive compensation plans	2,582		(517	)	—		2,065		2,065		—
Deductibility of other taxes	9,459		(438	)	—		9,021		9,021		—
Other	5,764		(9,771	)	(246	)	(4,253	)	2,895		(7,148	)
Net deferred tax (liabilities) assets before set-off	(115,791	)	(27	)	1,242		(114,576	)	38,614		(153,190	)
Offset tax	—		—		—		—		(38,614	)	38,614
Net deferred tax (liabilities) assets	(115,791	)	(27	)	1,242		(114,576	)	—		(114,576	)

As at December 31, 2018, there was a deferred tax liability of $17,617,000 (December 31, 2017 - $22,744,000) for temporary differences of $58,724,000 (December 31, 2017 - $75,814,000) related to investments in subsidiaries. However, this liability was not recognized because we control the dividend policy of our subsidiaries (i.e. we control the timing of reversal of the related taxable temporary differences and we are satisfied that they will not reverse in the foreseeable future).

We recognize tax benefits on losses or other deductible amounts generated in countries where the probable criteria for the recognition of deferred tax assets has been met. Our unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts:

Years ended December 31	2018	2017
	$	$
Inventory	—	11,237
Property, plant and equipment	3,330	79,336
Close down and restoration provision	30,677	38,027
Carry forward tax loss and tax credits	7,962	396,830
Mineral and foreign withholding tax	567	—
Other items	3,883	75,327
Unrecognized deductible temporary differences	46,419	600,757

10. CURRENT AND DEFERRED INCOME TAX (Continued)

Due to the restructure of our Argentine operation the amount of previously unrecognized deferred tax assets was reduced including a decrease in tax loss carry forward of $356.5 million.

At December 31, 2018, we had the following estimated tax operating losses available to reduce future taxable income, including both losses for which deferred tax assets are utilized to offset applicable deferred tax liabilities and losses for which deferred tax assets are not recognized as listed in the table above. Losses expire at various dates and amounts between 2019 and 2038.

As at December 31, 2018	$
Argentina	17,324
Mexico	41,601
Peru	71
Canada	4,256
U.S.A.	9,482
Tax operating losses	72,734

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VALUE ADDED TAX RECEIVABLE

12 Months Ended

Dec. 31, 2018

Trade and other receivables [abstract]

VALUE ADDED TAX RECEIVABLE

VALUE ADDED TAX RECEIVABLE

	December 31, 2018	December 31, 2017
	$	$
Current (note 5)	12,811	7,004
Non-current (note 8)	5,991	6,751
	18,802	13,755

VAT paid in Argentina in relation to the Puna Operations is recoverable under Argentina law during the production stage of a mine and we apply to the Argentina government to recover the applicable VAT on an ongoing basis. There have, at times, been significant delays in obtaining final approvals and, therefore, the collection of VAT and the classification reflects best estimates of timing of recoveries.

The VAT receivables balance in Argentina is denominated in Argentine pesos. Accordingly, foreign currency fluctuations could materially impact the value of the VAT receivables in U.S. dollars, as discussed further in note 24(a)(ii).

We believe that the remaining balance is fully recoverable and have not provided an allowance, as discussed further in note 24(b).

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TRADE AND OTHER PAYABLES

12 Months Ended

Dec. 31, 2018

Trade and other payables [abstract]

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES

	December 31, 2018	December 31, 2017
	$	$
Trade payables	15,896	16,740
Accrued liabilities	43,589	29,574
Accrued royalties	4,542	6,276
Derivative liabilities	2,798	—
Income taxes payable	8,463	4,385
Accrued interest on convertible notes (note 14(a))	3,178	3,178
	78,466	60,153

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PROVISIONS

12 Months Ended

Dec. 31, 2018

Disclosure of other provisions, contingent liabilities and contingent assets [Abstract]

PROVISIONS

PROVISIONS

	December 31, 2018		December 31, 2017
	Current	Non-current	Current	Non-current
	$	$	$	$
Moratorium (1)	4,570	14,487	9,085	36,952
Close down and restoration provision (2)	211	61,961	978	57,352
Other provisions	7	—	1,250	—
	4,788	76,448	11,313	94,304

⁽¹⁾  We entered into a fiscal stability agreement with the Federal Government of Argentina in 1998 for production from the Puna Operations. In December 2007, the National Customs Authority of Argentina (Dirección Nacional de Aduanas) ("Customs") levied an export duty of approximately 10% from concentrate for projects with fiscal stability agreements pre-dating 2002 and Customs had asserted that the Puna Operations was subject to this duty. We had previously challenged the legality of the export duty applied to silver concentrate.

On March 31, 2017, we entered into the tax moratorium system in Argentina to resolve the export duty dispute. Under the conditions of the moratorium, which converted the export duty liability to ARS, we agreed to pay ARS 1,057,444,000 ($68,621,000 undiscounted) with a 5% down payment initially and the balance in installments over 60 months. Outstanding ARS amounts are subject to interest at a minimum rate of 1.5% per month.

With our entry into the tax moratorium for resolution of our export duty dispute, we are no longer challenging the legality of the application of the export duty other than with respect to our right for reimbursement of the $6,646,000 of export duty that we paid.

⁽²⁾  Our close down and restoration provision relates to the restoration and closure of our mining operations and exploration and evaluation assets (note 9).

13. PROVISIONS (Continued)

The changes in the close down and restoration provision during the years ended December 31, 2018 and December 31, 2017 were as follows:

	December 31, 2018		December 31, 2017
	$		$
Balance, beginning of year	58,330		63,909
Settled during the year	(852	)	(926	)
Accretion expense	3,459		3,380
Foreign exchange gain (loss)	(504	)	396
Revisions and new estimated cash flows	1,739		(8,429	)
Balance, end of year	62,172		58,330
Less: current portion	(211	)	(978	)
Non-current close down and restoration provision	61,961		57,352

Following notice of our intent to exercise our option on the Chinchillas project in 2017 (note 3), we re-assessed the estimated timing of reclamation cash flows for the Pirquitas property. The extension of the life of the Pirquitas plant has resulted in cash flows related to decommissioning the plant and reclamation of the mine site being extended out by approximately eight years. The impact was a reduction of our close down and restoration provision of $8,317,000, of which $8,458,000 recorded against the carrying value of the plant, and $141,000 was recognized as a benefit in the income statement as the associated mineral property asset had been fully depreciated.

Material provisions are calculated as the present value of estimated future net cash outflows based on the following key assumptions:

▪ Discount interest rates: Marigold mine 2.8% (2017 - 2.6%), Puna Operations 9.9% (2017 - 9.9%), Seabee Gold Operation 2.3% (2017 - 2.3%).

▪ Settlement of obligations are expected to occur over the next 20 years at the Marigold mine, 15 years at the Puna Operations and 11 years at the Seabee Gold Operation.

▪ A 1% change in the discount rate would increase or decrease the provision on a consolidated basis by approximately $5,559,000, while holding other assumptions consistent.

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DEBT AND CREDIT FACILITY

12 Months Ended

Dec. 31, 2018

Financial Instruments [Abstract]

DEBT AND CREDIT FACILITY

Debt

We have $265,000,000 of senior convertible unsecured notes (the "Notes") outstanding. The Notes mature on February 1, 2033 and bear a contractual interest rate of 2.875% per annum, payable semi-annually in arrears on February 1 and August 1 of each year. The Notes are convertible into our common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur to us, holders of the Notes may be entitled to an increased conversion rate. The Notes are convertible into our common shares at an initial conversion rate of 50 common shares per $1,000 principal amount of Notes converted, representing an initial conversion price of $20.00 per common share.

At any time before February 1, 2020, we may redeem all or part of the Notes for cash, but only if the last reported sale price of our common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price. On or after February 1, 2020, we may redeem the Notes in full or in part, for cash.

Holders of the Notes have the right to require us to repurchase all or part of their Notes on February 1 of each of 2020, 2023 and 2028, or upon certain fundamental corporate changes. The repurchase price will be equal to 100% of the principal amount of the Notes being converted, plus accrued and unpaid interest to the repurchase date.

14. DEBT AND CREDIT FACILITY (Continued)

At initial recognition, the net proceeds of the Notes were bifurcated into their debt and equity components. The fair value of the debt portion of $178,358,000 was estimated using a discounted cash flow model method based on an expected life of seven years and a discount rate of 8.5%. The residual of $77,723,000 ($68,347,000 net of deferred tax) was allocated to equity.

The debt portion has been recorded at amortized cost, net of transaction costs, and is accreted over the expected life using the effective interest method. The movement in the debt portion of the Notes during the years ended December 31, 2018 and 2017 are comprised of the following:

	December 31, 2018		December 31, 2017
	$		$
Balance, beginning of year	236,358		223,211
Accretion of discount	14,371		13,147
Interest accrued in period	7,619		7,619
Interest paid	(7,619	)	(7,619	)
Balance, end of year	250,729		236,358
Accrued interest outstanding (note 12)	(3,178	)	(3,178	)
Non-current portion of Notes outstanding	247,551		233,180

b)Credit facility

On August 4, 2015, we entered into a $75,000,000 senior secured revolving credit facility (the "Credit Facility") with a syndicate of banks. The Credit Facility may be used for reclamation bonding, working capital and other general corporate purposes. During 2017 we extended the maturity of our Credit Facility to June 8, 2020, and concurrently reduced applicable margins, increased covenant flexibility and added a $25,000,000 accordion feature.

Amounts that are borrowed under the Credit Facility will incur variable interest at London Interbank Offered Rate plus an applicable margin ranging from 2.25% to 3.75% determined based on our net leverage ratio. The Credit Facility also provides for financial letters of credit at 66% of the applicable margin and undrawn fees are 25% of the applicable margin.

All debts, liabilities and obligations under the Credit Facility are guaranteed by our material subsidiaries and secured by certain of our assets, certain of our material subsidiaries, and pledges of the securities of our material subsidiaries. In connection with the Credit Facility, we must also maintain certain net tangible worth and ratios for interest coverage and net leverage. As at December 31, 2018 we were in compliance with these covenants.

As at December 31, 2018, we had utilized $8,000,000 (December 31, 2017 - $7,700,000) of the Credit Facility to support certain letters of credit.

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SHARE CAPITAL AND SHARE-BASED PAYMENTS

12 Months Ended

Dec. 31, 2018

Share-Based Payment Arrangements [Abstract]

SHARE CAPITAL AND SHARE-BASED PAYMENTS

SHARE CAPITAL AND SHARE-BASED PAYMENTS

a)Authorized capital

We have unlimited authorized common shares with no par value.

During 2017, we implemented a new share compensation plan for stock options, performance share units and restricted share units with the first units being issued under the plan in 2018. The new plan provides for treasury settlement up to an aggregate total of 6.5% of our issued and outstanding common shares.

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)

b)Stock options

Our existing incentive plan, approved by our shareholders, under which options to purchase common shares may be granted to officers, employees and others at the discretion of the Board of Directors. The exercise price of each option is set at the date of grant and shall not be less than the closing market price of our stock on the award date. The options can be granted for a maximum term of 10 years with vesting provisions determined by the Board of Directors. Currently, the vesting periods range up to three years, and the term is seven years. New shares from treasury are issued on the exercise of stock options.

The changes in stock options issued during the years ended December 31, 2018 and December 31, 2017 are as follows:

	2018				2017
	Number of stock options		Weighted average exercise price (C$/option)		Number of stock options		Weighted average exercise price (C$/option)
Outstanding, beginning of year	2,976,360		9.35		3,038,707		8.52
Granted	668,664		11.84		489,305		12.50
Exercised	(899,050	)	(7.79	)	(440,317	)	(6.60	)
Expired	(56,700	)	(14.15	)	—		—
Forfeited	(50,525	)	(12.70	)	(111,335	)	(11.25	)
Outstanding, end of year	2,638,749		10.35		2,976,360		9.35

During the year ended December 31, 2018, options granted to officers and employees had exercise prices ranging from C$11.07 to C$13.39 (December 31, 2017 - C$12.01 to C$14.12) and expiry dates ranging from January 1, 2025 to April 1, 2025.

As of December 31, 2018, incentive stock options constitute 2.2% (2017 - 2.5%) of issued and outstanding common share capital. The aggregate intrinsic value of vested share options (market value less exercise price) at December 31, 2018 was $11,898,000 (December 31, 2017 - $4,076,000).

The weighted average fair value of stock options granted during the year ended December 31, 2018 and year ended December 31, 2017 were estimated to be C$5.06 and C$5.97 per stock option, respectively, at the grant date using the Black-Scholes option pricing model, based on the following assumptions:

Years ended December 31	2018	2017
Forfeiture rate (%)	3.0	3.0
Dividend yield (%)	—	—
Average risk-free interest rate (%)	1.88	1.00
Expected life (years)	4.2	4.2
Volatility (%)	55.8	60.9

Option pricing models require the input of highly subjective assumptions. The expected life of the options considered such factors as the average length of time similar option grants in the past have remained outstanding prior to exercise and the vesting period of the grants. Volatility was estimated based upon historical price observations over the expected term. Changes in the subjective input assumptions can materially affect the estimated fair value of the options.

The weighted average share price, at the date of grant, of stock options granted in 2018 was C$11.84 (2017 - C$12.50).

The weighted average share price at the date of the exercise of stock options in 2018 was C$14.13 (2017 - C$13.50).

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)

The following table summarizes information about stock options outstanding and exercisable at December 31, 2018:

	Stock options outstanding		Stock options exercisable
Exercise prices (C$)	Stock options outstanding	Weighted average remaining contractual life (years)	Stock options exercisable	Weighted average exercise price (C$/option)
3.30 - 7.02	321,592	2.5	321,592	5.83
7.03 - 7.36	630,045	3.4	401,717	7.19
7.37 - 11.95	700,836	4.3	324,536	9.05
11.96 - 24.41	986,276	3.7	443,859	15.56
	2,638,749	3.6	1,491,704	9.79

c)Deferred Share Units

Non-executive directors may elect to receive all or a portion of their annual compensation in the form of DSUs which are linked to the value of our common shares. DSUs are issued on a quarterly basis under the terms of the DSU Plan, at the market value of our common shares at the date of grant. DSUs vest immediately and are redeemable in cash on the date the director ceases to be our director.

Years ended December 31	2018		2017
	Number of DSUs		Number of DSUs
Outstanding, beginning of year	608,763		535,579
Granted	107,318		73,184
Redeemed	(182,383	)	—
Outstanding, end of year	533,698		608,763

DSUs granted in the year ended December 31, 2018 had a fair value of C$12.49 per unit (2017 - C$12.95). DSUs are cash-settled instruments and, therefore, the fair value of the outstanding DSUs at the end of each reporting period is recognized as an accrued liability with the associated compensation cost recorded in general and administrative expenses. As at December 31, 2018, the fair value was C$16.50 per unit (December 31, 2017 - C$11.07 per unit).

At December 31, 2018, an accrued liability of $6,455,000 (2017 - $5,372,000) was outstanding.

d) Restricted Share Units

RSUs are granted to employees based on the value of our share price at the date of grant. The awards have a graded vesting schedule over a three-year period. The terms of the plan provide the Board of Directors the discretion to elect to settle the units in either cash or shares.

To date, all RSUs have been cash-settled and, therefore, are recognized as a liability, with fair value remeasurement at each reporting period. The associated compensation cost is recorded in general and administrative expenses unless directly attributable to our operations, whereby it is included in cost of inventory, or exploration and evaluation costs.

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)

Years ended December 31	2018		2017
	Number of RSUs		Number of RSUs
Outstanding, beginning of year	541,006		704,055
Granted	322,935		242,565
Settled	(276,983	)	(313,003	)
Forfeited	(161,863	)	(92,611	)
Outstanding, end of year	425,095		541,006

RSUs granted in the year ended December 31, 2018 had a weighted average fair value of C$11.47 per unit (2017 - C$14.06 per unit). RSUs settled in the year ended December 31, 2018 were settled at a fair value of C$12.33 per unit (2017 - C$13.98). As at December 31, 2018, the fair value was C$16.50 per unit (December 31, 2017 - C$11.07 per unit).

At December 31, 2018, an accrued liability of $2,949,000 (2017 - $3,339,000) was outstanding.

e)     Performance Share Units

PSUs are granted to senior executives, and vest after a performance period of three years. The vesting of these awards is based on our total shareholder return in comparison to our peer group and awards vested range from 0% to 200% of initial PSUs granted. The terms of the plan provide the Board of Directors the discretion to elect to settle PSUs in either cash or shares.

To date, all PSUs have been cash-settled and, therefore, are recognized as a liability, with fair value remeasurement at each reporting period. The associated compensation cost is recorded in general and administrative expenses.

Years ended December 31	2018		2017
	Number of PSUs		Number of PSUs
Outstanding, beginning of year	391,432		524,550
Granted	174,900		159,850
Settled	(255,232	)	(190,000	)
Forfeited	—		(102,968	)
Outstanding, end of year	311,100		391,432

PSUs granted in the year ended December 31, 2018 had a weighted average fair value of C$10.72 per unit (2017 - C$12.62 per unit). PSUs settled in the year ended December 31, 2018 were settled at a value of C$23.09 per unit (December 31, 2017 - C$13.97). As at December 31, 2018, the estimated weighted average value was C$26.76 per unit (2017 - C$9.47 per unit).

At December 31, 2018, an accrued liability of $7,230,000 (2017 - $1,299,000) was outstanding.

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)

f)    Share-based compensation

Total share-based compensation, including all equity and cash-settled arrangements, for the years ended December 31, 2018 and 2017 has been recognized in the consolidated financial statements as follows:

Years ended December 31	2018	2017
	$	$
Equity-settled
Cost of inventory	160	190
General and administrative expense	1,958	1,988
Exploration, evaluation and reclamation expenses	39	41
Cash-settled
Cost of inventory	1,024	1,639
General and administrative expense	11,412	2,237
Exploration, evaluation and reclamation expenses	125	—
Total	14,718	6,095

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OTHER RESERVES AND NON-CONTROLLING INTEREST

12 Months Ended

Dec. 31, 2018

Disclosure of share capital, reserves and other equity interest [Abstract]

OTHER RESERVES AND NON-CONTROLLING INTEREST

OTHER RESERVES AND NON-CONTROLLING INTEREST

a) Reserves

	2018		2017
	$		$
Foreign currency translation reserve
At beginning of year	781		781
At end of year	781		781
Revaluation reserves
At beginning of year	3,353		(23,121	)
Gain on marketable securities at FVTOCI, net of tax	(37,686	)	25,948
Unrealized gain on effective portion of derivative, net of tax	(2,907	)	526
At end of year	(37,240	)	3,353
Share-based compensation reserve
At beginning of year	50,404		49,524
Stock options exercised	(2,864	)	(1,339	)
Share-based compensation	2,156		2,219
At end of year	49,696		50,404
Other
At beginning of year	(29,540	)	(28,198	)
Recognition of joint venture	—		(1,342	)
At end of year	(29,540	)	(29,540	)
Total other reserves at December 31	(16,303	)	24,998

16. OTHER RESERVES AND NON-CONTROLLING INTEREST (Continued)

b) Non-controlling Interest

	2018		2017
	$		$
At beginning of year	23,043		—
Recognition of non-controlling interest	—		18,573
Funding from non-controlling interest	15,196		2,320
Total comprehensive (loss) income for the year attributable to non-controlling interest	(6,410	)	2,150
Total non-controlling interest at December 31	31,829		23,043

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REVENUE

12 Months Ended

Dec. 31, 2018

Disclosure of revenue from contracts with customers [Abstract]

REVENUE

REVENUE

Years ended December 31	2018		2017
	$		$
Gold doré and bullion sales	365,996		358,790
Concentrate sales	57,461		88,823
Other revenue	(2,782	)	1,160
	420,675		448,773

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OPERATING COSTS BY NATURE

12 Months Ended

Dec. 31, 2018

Analysis of income and expense [abstract]

OPERATING COSTS BY NATURE

OPERATING COSTS BY NATURE

a)Cost of sales

Years ended December 31	2018	2017
	$	$
Cost of inventory	245,111	242,998
Depletion, depreciation and amortization	98,719	102,416
Moratorium (settlement) (note 13)	—	(4,303	)
(Recovery) of inventory provision (note 7)	—	(5,710	)
Restructuring costs	—	109
	343,830	335,510

18. OPERATING COSTS BY NATURE (Continued)

b)General and administrative expenses

Years ended December 31	2018	2017
	$	$
Salaries and benefits	12,157	9,029
Share-based compensation	13,371	4,225
Consulting and professional fees	3,036	2,288
Travel expense	1,044	562
Rent expense	842	703
Insurance expense	676	569
Computer expenses	668	789
Depreciation and amortization	194	202
Shareholder and investor relations	99	323
Listing and filing fees	249	251
Directors fees and expenses	347	227
Other expenses	258	1,139
	32,941	20,307

OPERATING COSTS BY NATURE

OPERATING COSTS BY NATURE

a)Cost of sales

Years ended December 31	2018	2017
	$	$
Cost of inventory	245,111	242,998
Depletion, depreciation and amortization	98,719	102,416
Moratorium (settlement) (note 13)	—	(4,303	)
(Recovery) of inventory provision (note 7)	—	(5,710	)
Restructuring costs	—	109
	343,830	335,510

18. OPERATING COSTS BY NATURE (Continued)

b)General and administrative expenses

Years ended December 31	2018	2017
	$	$
Salaries and benefits	12,157	9,029
Share-based compensation	13,371	4,225
Consulting and professional fees	3,036	2,288
Travel expense	1,044	562
Rent expense	842	703
Insurance expense	676	569
Computer expenses	668	789
Depreciation and amortization	194	202
Shareholder and investor relations	99	323
Listing and filing fees	249	251
Directors fees and expenses	347	227
Other expenses	258	1,139
	32,941	20,307

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FINANCE INCOME AND EXPENSES

12 Months Ended

Dec. 31, 2018

Analysis of income and expense [abstract]

FINANCE INCOME AND EXPENSES

FINANCE INCOME AND EXPENSES

a)Interest earned and other finance income

Years ended December 31	2018	2017
	$	$
Interest earned	9,219	4,132
Accretion income on deferred consideration	2,542	1,998
Total interest earned and other finance income	11,761	6,130

b)Interest expense and other finance expenses

Years ended December 31	2018		2017
	$		$
Interest expense on convertible notes (note 14)	(7,619	)	(7,619	)
Accretion expense on convertible notes (note 14)	(14,371	)	(13,147	)
Accretion of close down and restoration provision (note 13)	(3,459	)	(3,380	)
Interest on moratorium	(6,212	)	(7,616	)
Other finance expenses	(1,969	)	(3,108	)
Total interest expense and other finance expenses	(33,630	)	(34,870	)

XML

OTHER (EXPENSES) INCOME

12 Months Ended

Dec. 31, 2018

Analysis of income and expense [abstract]

OTHER (EXPENSES) INCOME

OTHER (EXPENSES) INCOME

Years ended December 31	2018		2017
	$		$
Loss on disposal of plant and equipment	(5,344	)	(3,068	)
Expense related to the premium paid for shares over the prevailing market price	(2,782	)	—
Write-down of mineral properties	—		(906	)
Royalty income	—		1,417
Other	(1,023	)	(510	)
	(9,149	)	(3,067	)

XML

INCOME PER SHARE

12 Months Ended

Dec. 31, 2018

Earnings per share [abstract]

INCOME PER SHARE

INCOME PER SHARE

The calculations of basic and diluted income per share for the years ended December 31, 2018 and 2017 are based on the following:

Years ended December 31	2018			2017
	$			$
(Loss) Income for the year	(31		)	71,466
Non-controlling interest	(6,410		)	2,150
Income attributable to equity holders of SSR Mining used in the calculation of income per share	6,379			69,316
Weighted average number of common shares issued (thousands)	120,137			119,593
Adjustments for dilutive instruments:
Stock options (thousands)	1,217			1,088
Weighted average number of common shares for diluted income per share (thousands)	121,354			120,681
Basic income per share		$0.05			$0.58
Diluted income per share		$0.05			$0.57

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OPERATING SEGMENTS

12 Months Ended

Dec. 31, 2018

Operating Segments [Abstract]

OPERATING SEGMENTS

OPERATING SEGMENTS

We are a resource company focused on the operation, acquisition, exploration and development of precious metal resource properties located in the Americas.

An operating segment is defined as a component:

▪ that engages in business activities from which it may earn revenues and incur expenses;

▪ whose operating results are reviewed regularly by the entity’s chief operating decision maker; and

▪ for which discrete financial information is available.

We have identified operating segments based on the information used by our President and Chief Executive Officer (who is considered to be the chief operating decision maker) to manage the business. We primarily manage our business by looking at individual resource projects and typically segregate these projects between production, development and exploration.

For reporting purposes, exploration and evaluation projects have been aggregated into a single reportable segment as they all have similar characteristics and do not exceed the quantitative thresholds for individual disclosure. We have assessed that all exploration and evaluation segments have similar characteristics as they are engaged in similar activities (mineral exploration) and none of the segments are income-producing.

Our three operating properties, the Marigold mine, the Seabee Gold Operation and the Puna Operations, are considered as individual operating segments which derive their revenues from the sale of precious and other metals. The corporate division earns income that is considered incidental to our activities and therefore does not meet the definition of an operating segment. Consequently, the following reporting segments have been identified:

▪Marigold mine;

▪Seabee Gold Operation;

▪Puna Operations; and

▪Exloration, evaluation and development properties.

22. OPERATING SEGMENTS (Continued)

The following is a summary of the reported amounts of income or loss, and the carrying amounts of assets and liabilities by operating segment:

Year ended and at December 31, 2018	Marigold mine		Seabee Gold Operation		Puna Operations (1)		Exploration, evaluation and development properties		Other reconciling items (2)		Total
	$		$		$		$		$		$
Revenue	250,341		115,655		54,679		—		—		420,675
Cost of inventory	(143,380	)	(46,054	)	(55,677	)	—		—		(245,111	)
Depletion, depreciation and amortization	(56,748	)	(38,818	)	(3,153	)	—		—		(98,719	)
Cost of sales	(200,128	)	(84,872	)	(58,830	)	—		—		(343,830	)
Income from mine operations	50,213		30,783		(4,151	)	—		—		76,845
Exploration, evaluation and reclamation expenses	(769	)	(7,703	)	919		(2,857	)	(3,599	)	(14,009	)
Operating income (loss)	43,399		20,657		(8,457	)	(2,801	)	(22,903	)	29,895
Income (loss) before income tax	26,239		20,204		(9,066	)	(2,751	)	(26,536	)	8,090
Total assets	478,187		448,891		185,298		71,830		336,932		1,521,138
Non-current assets	235,242		321,802		121,890		69,263		26,498		774,695
Total liabilities	(79,210	)	(93,017	)	(62,243	)	(6,330	)	(274,362	)	(515,162	)

Year ended and at December 31, 2017	Marigold mine		Seabee Gold Operation		Puna Operations (1)		Exploration, evaluation and development properties		Other reconciling items (2)		Total
	$		$		$		$		$		$
Revenue	250,825		108,334		89,614		—		—		448,773
Cost of inventory	(129,176	)	(51,683	)	(62,139	)	—		—		(242,998	)
Depletion, depreciation and amortization	(54,983	)	(40,375	)	(7,058	)	—		—		(102,416	)
Export duties reversal (note 13)	—		—		4,303		—		—		4,303
Restructuring costs (note 18)	—		—		(109	)	—		—		(109	)
Inventory (provision) reversal (note 7)	—		(632	)	6,342		—		—		5,710
Cost of sales	(184,159	)	(92,690	)	(58,661	)	—		—		(335,510	)
Income from mine operations	66,666		15,644		30,953		—		—		113,263
Exploration, evaluation and reclamation expenses	(1,875	)	(5,050	)	(324	)	(8,357	)	(375	)	(15,981	)
Impairment reversal (note 9)	—		—		24,357		—		—		24,357
Operating income (loss)	64,935		10,594		52,788		(8,360	)	(18,625	)	101,332
Income (loss) before income tax	63,959		10,126		46,379		(14,840	)	(31,037	)	74,587
Total assets	436,815		418,210		200,590		72,825		409,014		1,537,454
Non-current assets	222,800		346,647		77,112		71,782		798		719,139
Total liabilities	(73,526	)	(92,050	)	(77,850	)	(6,496	)	(263,604	)	(513,526	)

⁽¹⁾  Following the formation of the Puna Operations joint venture in 2017, the Pirquitas property was combined with the Chinchillas project into the Puna Operations operating segment and the segment has been amended accordingly. We consolidate Puna Operations which includes non-controlling interest portion of revenues, and income (loss) from mine operations for the year ended December 31, 2018 of $13,077,000 and $(1,243,000), respectively, (2017: $12,361,000 and $4,039,000)

⁽²⁾  Other reconciling items refer to items that are not reported as part of segment performance as they are managed on a corporate basis.

22. OPERATING SEGMENTS (Continued)

Revenue by product

Our Marigold mine and Seabee Gold Operation produce gold in doré form. This is unrefined gold bullion bars usually consisting of in excess of 90% gold that is refined to pure gold bullion prior to sale to our customers, which are typically bullion banks.

Puna Operations produces silver, zinc and lead concentrates, which are sold to smelters or traders for further refining. During 2018, one customer accounted for 51% (2017 - 7%) of our concentrate revenue.

Years ended December 31	2018	2017
	%	%
Gold	87	80
Silver	12	20
Zinc	1	—
Lead	—	—

Non-current assets by location

	December 31, 2018	December 31, 2017
	$	$
Canada	357,783	348,455
United States	236,054	224,612
Argentina	113,534	79,250
Mexico	66,749	66,131
Other	575	691
Total	774,695	719,139

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2018

Disclosure Of Financial Instruments And Fair Value Measurement [Abstract]

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Our financial instruments include cash and cash equivalents, trade receivables, marketable securities, other financial assets, trade and other payables, moratorium and our Notes.

a)Financial assets and liabilities by category

At December 31, 2018	Amortized cost	FVTPL	FVTOCI	Total
	$	$	$	$
Financial assets
Cash and cash equivalents (note 4)	—	419,212	—	419,212
Trade receivables (1) (note 5)	—	11,287	—	11,287
Marketable securities (note 6)	—	—	29,542	29,542
Other financial assets (note 8)	25,172	3,711	—	28,883
Total financial assets	25,172	434,210	29,542	488,924
Financial liabilities
Trade and other payables	54,118	15,885	—	70,003
Non-current portion of debt (note 14(a))	247,551	—	—	247,551
Total financial liabilities	301,669	15,885	—	317,554

At December 31, 2017	Amortized cost	FVTPL	FVTOCI	Total
	$	$	$	$
Financial assets
Cash and cash equivalents (note 4)	—	459,864	—	459,864
Trade receivables  (1) (note 5)	—	14,848	—	14,848
Marketable securities (note 6)	—	—	114,001	114,001
Other financial assets (note 8)	14,773	7,626	—	22,399
Total financial assets	14,773	482,338	114,001	611,112
Financial liabilities
Trade and other payables	45,759	10,009	—	55,768
Non-current portion of debt (note 14(a))	233,180	—	—	233,180
Total financial liabilities	278,939	10,009	—	288,948

⁽¹⁾  Certain trade receivables are classified as FVTPL due to the derivative identified through provisional pricing arrangements discussed in note 2(f).

23. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

b)Fair value of financial instruments

	December 31, 2018				December 31, 2017
	Carrying value		Fair value		Carrying value		Fair value
	$		$		$		$
Trade receivables	11,287		11,287		14,848		14,848
Marketable securities (note 6)	29,542		29,542		114,001		114,001
Other financial assets (note 8)	28,883		28,883		22,399		22,399
Non-current portion of debt (note 14(a)) (1)	(247,551	)	(263,675	)	(233,180	)	(259,578	)
	(177,839	)	(193,963	)	(81,932	)	(108,330	)

(1)The fair value of the Notes includes both the debt and equity components.

The carrying values of cash and cash equivalents and trade and other payables approximate their fair values due to their short maturity.

Fair value hierarchy

Assets and liabilities that are held at fair value are categorized based on a valuation hierarchy which is determined by the valuation methodology utilized:

	Fair value at December 31, 2018
	Quoted prices in active market (1)		Significant other observable inputs (2)		Significant unobservable inputs (3)	Total
	$		$		$	$
Recurring measurements
Trade receivables	—		11,287		—	11,287
Marketable securities (note 6)	29,542		—		—	29,542
Other financial assets	—		—		3,711	3,711
Accrued liabilities	—		(16,649	)	—	(16,649	)
	29,542		(5,362	)	3,711	27,891
Fair values disclosed
Convertible notes	(263,675	)	—		—	(263,675	)
	(263,675	)	—		—	(263,675	)

23. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

	Fair value at December 31, 2017
	Quoted prices in active market (1)		Significant other observable inputs (2)		Significant unobservable inputs (3)	Total
	$		$		$	$
Recurring measurements
Trade receivables	—		14,848		—	14,848
Marketable securities (note 6)	114,001		—		—	114,001
Other financial assets	—		—		6,338	6,338
Derivative assets	—		1,287		—	1,287
Accrued liabilities	—		(10,009	)	—	(10,009	)
	114,001		6,126		6,338	126,465
Non-recurring measurement
Deferred consideration	—		—		7,399	7,399
	—		—		7,399	7,399
Fair values disclosed
Convertible notes	(259,578	)	—		—	(259,578	)
	(259,578	)	—		—	(259,578	)

⁽¹⁾ Marketable securities of publicly quoted companies, consisting of FVTOCI investments are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. The fair value disclosed for our Notes is also included in Level 1, as the basis of valuation uses a quoted price in an active market.

⁽²⁾ Trade receivables from provisional invoices are included in Level 2 as the basis of valuation uses quoted commodity forward prices. Accrued liabilities relating to DSUs, RSUs, and PSUs and derivative assets and liabilities are included in Level 2 as the basis of valuation uses quoted prices in active markets.

⁽³⁾ Certain items of deferred consideration from the sale of exploration and evaluation assets (note 8) is included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data as detailed in note 2(r)(v). During the year ended December 31, 2018, we transferred $nil from Level 3 to Level 1. During 2017, we transferred $2,057,000 from Level 3 to Level 1 following the reverse take-over ("RTO") of Huayra Minerals Corporation ("HMC") the shares of a previously private company that we classified as Level 3 became publicly traded as AbraPlata Resource Corp. and the fair value is now based upon observable market data (note 8).

XML

FINANCIAL RISK MANAGEMENT

12 Months Ended

Dec. 31, 2018

Financial Instruments [Abstract]

FINANCIAL RISK MANAGEMENT

FINANCIAL RISK MANAGEMENT

We are exposed to a variety of financial risks as a result of our operations, including market risk (which includes price risk, currency risk and interest rate risk), credit risk and liquidity risk. Our overall risk management strategy seeks to reduce potential adverse effects on our financial performance. Risk management is carried out under policies approved by our Board of Directors.

We may, from time to time, use foreign exchange contracts, commodity price contracts, equity hedges and interest rate swaps to manage our exposure to fluctuations in foreign currency, metal and energy prices, marketable securities values and interest rates. We do not have a practice of trading derivatives. Our use of derivatives is limited to specific programs to manage fluctuations in foreign exchange, diesel prices and marketable securities risks, which are subject to the oversight of our Board of Directors.

The risks associated with our financial instruments, and the policies on how we mitigate those risks are set out below. This is not intended to be a comprehensive discussion of all risks.

24. FINANCIAL RISK MANAGEMENT (Continued)

a)Market Risk

This is the risk that the fair values of financial instruments will fluctuate owing to changes in market prices. The significant market risks to which we are exposed are price risk, currency risk and interest rate risk.

(i)  Price Risk

This is the risk that the fair values or future cash flows of our financial instruments will fluctuate because of changes in market prices. Income from mine operations in the next year depends on the metal prices for gold and silver, lead and zinc and also prices of input commodities such as diesel. These prices are affected by numerous factors that are outside of our control, such as:

▪ global or regional consumption patterns;

▪ the supply of, and demand for, these commodities;

▪ speculative activities;

▪ the availability and costs of substitutes;

▪ inflation; and

▪ political and economic conditions, including interest rates and currency values.

The principal financial instruments that we hold which are impacted by commodity prices are our silver concentrate trade receivables. The majority of our sales agreements are subject to pricing terms that settle within one to three months after delivery of concentrate, and this adjustment period represents our trade receivable exposure to variations in commodity prices.

We have not hedged the price of any metal as part of our overall corporate strategy.

We hedge a portion of our diesel consumption with the objective of securing future costs. We executed swap and option contracts under a risk management policy approved by our Board of Directors. In addition, due to the ice road supply at the Seabee Gold Operation, we purchase annual consumable supplies in advance at prices which are generally fixed at time of purchase, not during period of use.

A 10% increase or decrease in the silver prices as at December 31, 2018, with all other variables held constant, would have resulted in a $891,000 (December 31, 2017 - $987,000) increase or decrease to our trade receivables and after-tax net income.

As we do not have trade receivables for gold sales, movements in gold prices will not impact the value of any financial instruments.

The costs relating to our production activities vary depending on market prices on mining consumables including diesel fuel and electricity.

During 2018, under our risk management policy we have used swaps and options to manage a portion of our cost of diesel.

24. FINANCIAL RISK MANAGEMENT (Continued)

Marigold Mine

Our instruments are based on the ultra low sulphur Gulf Coast diesel index for diesel consumed at the Marigold mine. As at December 31, 2018, the spot price of diesel was $1.56/gallon and we have hedged the following future anticipated usage at the Marigold mine:

	2019		2020
Gallons hedged (in thousands)	5,364		3,600
Estimated usage	52.6	%	35.3	%
Floor price ($/gallon)	1.70		1.75
Cap price ($/gallon)	2.34		2.36

For the year ended December 31, 2018, for the Marigold mine we had a mark-to-market loss of $1,544,000 (2017 - gain of $117,000) on outstanding diesel fuel hedges recognized in other comprehensive income. As and when it is determined to be favourable, we may execute additional diesel fuel hedges under our risk management policy.

Seabee Gold Operation

Our instruments are based on the US New York Harbourdiesel index for diesel consumed at the Seabee Gold Operation. As at December 31, 2018, the spot price of diesel was $0.44/litre and we have hedged the following future anticipated usage at the Seabee mine:

	2019		2020
Litres hedged (in thousands)	3,188		—
Estimated usage	75	%	—
Floor price ($/litre)	0.46		—
Cap price ($/litre)	0.55		—

For the year ended December 31, 2018, for the Seabee Gold Operation we had a mark-to-market loss of $144,000(December 31, 2017 - $Nil) on outstanding diesel fuel hedges recognized in other comprehensive income. As and when it is determined to be favourable, we may execute additional diesel fuel hedges under our risk management policy.

We hold certain investments in marketable securities which are measured at fair value, being the closing price of each equity investment at the balance sheet date. We are exposed to changes in share prices which would result in gains and losses being recognized in OCI. A 10% change in prices would have a $2,555,000 impact on total comprehensive income at December 31, 2018 (December 31, 2017 - $9,861,000). We did not hedge any securities in 2018 or 2017.

24. FINANCIAL RISK MANAGEMENT (Continued)

(ii)  Currency Risk

Currency risk is the risk that the fair values or future cash flows of our financial instruments and other assets and liabilities will fluctuate because of changes in foreign currency rates. Our financial instruments are exposed to currency risk where those instruments are denominated in currencies that are not the same as the functional currency of the entity that holds them; exchange gains and losses in these situations impact earnings.

The following are the most significant areas of exposure to currency risk, shown in thousands of U.S. dollars:

	December 31, 2018
	Canadian dollar		Argentine peso
Cash	7,982		1,604
Value added tax receivable	145		17,039
Trade and other payables (excluding VAT and income taxes)	(22,974	)	(9,908	)
Provisions	—		(19,056	)
Total	(14,847	)	(10,321	)

	December 31, 2017
	Canadian dollar		Argentine peso
Cash	5,342		17,223
Value added tax receivable	206		12,242
Other financial assets	200		884
Trade and other payables (excluding VAT and income taxes)	(17,017	)	(5,021	)
Provisions	—		(47,287	)
Total	(11,269	)	(21,959	)

We monitor and manage this risk with the objective of ensuring our company-wide exposure to negative fluctuations in currencies against the U.S. dollar is managed.

Over the course of 2018, ARS continued to devalue by approximately 102% compared to 17% in 2017. Following our entry into the moratorium in Argentina in 2017, our U.S. dollar export duty provision was converted into an Argentine peso liability (note 13). Correspondingly, we now have a net Argentine peso liability position which has resulted in foreign exchange gains as a result of the devaluation of the Argentine peso.

The Canadian dollar was relatively stable through most of 2018, ending the year having depreciated by8.7% (2017 - appreciated by 7%) and closing at $1.36 Canadian dollar per $1.00 U.S. dollar. This has negatively impacted the value of our marketable securities and our Canadian dollar cash, while having a marginally positive impact on our Canadian operating costs and liabilities in U.S. dollar terms.

24. FINANCIAL RISK MANAGEMENT (Continued)

The acquisition of the Seabee Gold Operation in 2016 materially increased our exposure to Canadian dollar operating and capital costs. Under our risk management policy, we have entered into options to manage this exposure. As at December 31, 2018, we had the following hedge positions outstanding:

	2019		2020
Notional amount (in thousands of Canadian dollars)	54,140		30,000
Estimated usage	71.2	%	40.3	%
Floor level (Canadian dollars per $1 U.S. dollar)	1.2500		1.2614
Cap level (Canadian dollars per $1 U.S. dollar)	1.3348		1.3710

For the year ended December 31, 2018, we had a mark-to-market loss of $1,572,000 (2017 - gain of $412,000) on outstanding hedges recognized in other comprehensive income.

A 10% increase or decrease in the U.S. dollar exchange rate, as at December 31, 2018 and December 31, 2017, on financial assets and liabilities denominated in the following currencies, with all other variables held constant, would have resulted in the following impact to our total comprehensive income for the years ended December 31, 2018 and December 31, 2017, respectively:

Years ended December 31	2018	2017
	$	$
Canadian dollar	1,084	701
Argentine peso	715	1,460

(iii)  Interest Rate Risk

Interest rate risk is the risk that the fair values or future cash flows of our financial instruments will fluctuate because of changes in market interest rates. Interest rate risk arises from the interest rate impact on our cash and cash equivalents and our moratorium liability because these are the only financial instruments we hold that are impacted by interest based on variable market interest rates. The Notes have a fixed interest rate and are not exposed to fluctuations in interest rates. A change in interest rates would impact the fair value of the Notes, but because we record the Notes at amortized cost, there would be no impact on our financial results. We monitor our exposure to interest rates closely and have not entered into any derivative contracts to manage our risk.

The resolution of the moratorium in Argentina in 2017 increased our exposure to this risk as the outstanding liability incurs interest based on variable rates with a floor of 1.5% per month.

As at December 31, 2018, the weighted average interest rate earned on our cash and cash equivalents was 2.4%(December 31, 2017 - 0.97%). With other variables unchanged, a 1% change in the annualized interest rate would impact after-tax net income by $3,372,000 (2017 - $2,368,000).

b)Credit Risk

Credit risk is the risk that a third party might fail to discharge its obligations under the terms of a financial contract. Our credit risk is limited to the following instruments:

(i) Credit risk related to financial institutions and cash deposits

Under our investment policy, investments are made only in highly-rated financial institutions and corporate and government securities. We diversify our holdings and consider the risk of loss associated with investments to be low.

24. FINANCIAL RISK MANAGEMENT (Continued)

(ii) Credit risk related to trade receivables

We are exposed to credit risk through our trade receivables on concentrate sales, which are principally with internationally-recognized counterparties. Payments of receivables are scheduled, routine and received within a contractually agreed time frame. We manage this risk by requiring provisional payments of at least 75% of the value of the concentrate shipped and through utilizing multiple counterparties.

(iii) Credit risk related to other financial assets

Our credit risk with respect to other financial assets includes deferred consideration following the sales of various mineral properties and our loan receivable from our joint venture partner. We have security related to these payments in the event of default.

We also have credit risk through our significant VAT receivables and Puna credits balance that is collectible from the government of Argentina. The balance is expected to be recoverable in full, however due to legislative rules and the complex collection process, a significant portion of the asset is classified as non-current until government approval of the recovery claim is approved.

Our maximum exposure to credit risk as at December 31, 2018 and December 31, 2017 was as follows:

	December 31, 2018	December 31, 2017
	$	$
Cash and cash equivalents	419,212	459,864
Value added tax receivable	18,802	13,755
Trade receivables and other assets	11,287	14,848
Other financial assets	28,883	22,399
	478,184	510,866

At December 31, 2018, no amounts were held as collateral except those discussed above related to other financial assets.

c)Liquidity Risk

Liquidity risk is the risk that we will not be able to meet our obligations under our financial instruments as they fall due. We manage our liquidity risk through a rigorous planning and budgeting process, which is reviewed and updated on a regular basis, to help determine the funding requirements to support our current operations, expansion and development plans, and by managing our capital structure as described in note 24(d). Our objective is to ensure that there are sufficient committed financial resources to meet our business requirements for a minimum of twelve months.

To supplement corporate liquidity, we have a Credit Facility (note 14(b)) of which we utilized $8,000,000 (December 31, 2017 - $7,700,000) to secure certain letters of credit.

In addition, we use surety bonds to support certain environmental bonding obligations. As at December 31, 2018, we had surety bonds totaling $54,053,000 outstanding (December 31, 2017 - $61,186,000).

24. FINANCIAL RISK MANAGEMENT (Continued)

The following is a maturity profile of financial liabilities and moratorium commitments presenting undiscounted cash flows to the contractual maturity date:

	Payments due by period (as at December 31, 2018)					At December 31, 2017
	Less than one year	1 - 3 years	4-5 years	After 5 years	Total	Total
	$	$	$	$	$	$
Trade and other payables	70,003	—	—	—	70,003	52,590
Moratorium	4,570	14,487	—	—	19,057	46,037
Notes (i)	—	265,000	—	—	265,000	265,000
Interest on convertible notes (i)	7,619	3,809	—	—	11,428	19,047
Total contractual obligations	82,192	283,296	—	—	365,488	382,674

⁽ⁱ⁾  The Notes mature in 2033 but are redeemable in part or in full at the option of the holder on February 1 at each of 2020, 2023, and 2028, or upon fundamental corporate changes. They are also redeemable by us in part or in full on and after February 1, 2018 (note 14).

In our opinion, working capital at December 31, 2018 together with future cash flows from operations are sufficient to support our commitments through 2019.

d)Capital management

Our objectives when managing capital are:

▪ to safeguard our ability to continue as a going concern in order to develop and operate our current projects and pursue strategic growth initiatives; and

▪ to maintain a flexible capital structure which lowers the cost of capital.

In assessing our capital structure, we include in our assessment the components of shareholders’ equity and our Notes. In order to facilitate the management of capital requirements, we prepare annual expenditure budgets and continuously monitor and review actual and forecasted cash flows. The annual and updated budgets are monitored and approved by the Board of Directors.

To maintain or adjust the capital structure, we may, from time to time, issue new shares, issue new debt, repay debt or dispose of non-core assets. We expect our current capital resources will be sufficient to carry out our exploration plans and support operations through the current operating period.

As of December 31, 2018, we were in compliance with our externally-imposed financial covenants in relation to the Credit Facility (note 14(b)). Our Notes (note 14) do not contain any financial covenants.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2018

Related Party [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

a)Key management compensation

Key management includes our directors (executive and non-executive) and other key officers, including the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer. The compensation paid or payable to key management for employee services is shown below:

Years ended December 31	2018	2017
	$	$
Salaries and other short-term employee benefits	2,589	2,240
Post-employment benefits	83	30
Termination benefits	1,379	—
Share-based compensation (i)	10,819	3,176
Total compensation	14,870	5,446

⁽ⁱ⁾  Share-based compensation includes mark-to-market adjustments on cumulative DSU and PSU positions as reported in the consolidated statements of (loss) income.

b)Principal Subsidiaries

The consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, the most significant as at December 31, 2018 of which are presented in the following table:

Subsidiary	Location	Ownership	Principal project or purpose
Marigold Mining Company	USA	100%	Marigold
SGO Mining Inc. (formerly Claude Resources Inc.)	Canada	100%	Seabee Gold Operation
Puna Operations Inc.	Canada	75%	Puna Operations
SSR Durango, S.A. de C.V.	Mexico	100%	Pitarrilla
Intertrade Metals Limited Partnership	Canada	100%	Sales and marketing

XML

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2018

Cash Flow Statement [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

SUPPLEMENTAL CASH FLOW INFORMATION

Changes in working capital items during the years ended December 31, 2018 and 2017 are as follows:

Years ended December 31	2018		2017
	$		$
Trade and other receivables	(4,234	)	23,232
Inventory	(40,144	)	(10,973	)
Trade and other payables	18,753		(10,117	)
Provisions	(5,309	)	(7,028	)
	(30,934	)	(4,886	)

26. SUPPLEMENTAL CASH FLOW INFORMATION (Continued)

Other adjustments for non-cash income statement items during the years ended December 31, 2018 and 2017 are as follows:

Years ended December 31	2018	2017
	$	$
Share-based payments	2,157	2,219
Export duty adjustment in cost of sales	—	(4,303	)
Change in estimate of close down and restoration provision	1,580	141
Write down of fixed assets	2,771	1,719
Other	375	3,834
	6,883	3,610

During the years ended December 31, 2018 and 2017, we conducted the following non-cash investing and financing transactions:

Years ended December 31	2018		2017
	$		$
Marketable securities received for sale of exploration and evaluation assets (note 6)	1,751		992
Transfer of share-based payment reserve upon exercise of stock options	(2,864	)	(1,339	)
Acquisition of Chinchillas mineral property (note 3)	—		28,839

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2018

Disclosure Of Significant Accounting Policies [Abstract]

Basis of preparation

Basis of preparation

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The comparative information has also been prepared on this basis, details of which are given below.

These statements were authorized for issue by our Board of Directors on February 21, 2019.

Accounting convention

Accounting convention

These consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments, which are measured at fair value as described in note 2(r).

Basis of consolidation

Basis of consolidation

These consolidated financial statements incorporate the financial statements of SSR Mining Inc. and all of our subsidiaries (note 25(b)).

(i)    Subsidiaries

Subsidiaries are all entities (including structured entities) over which we have control. We control an entity when we are exposed to, or have rights to, variable returns from our involvement with the entity and have the ability to affect those returns through our power over the entity.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control is transferred to us until the date that control ceases.

All intercompany transactions and balances have been eliminated on consolidation.

Business combinations

Business combinations

A business combination is defined as an acquisition of assets and liabilities that constitute a business. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return to us and our shareholders. A business consists of inputs, including non-current assets, and processes, including operational processes, that when applied to those inputs have the ability to create outputs that provide a return to us and our shareholders. A business also includes those assets and liabilities that do not necessarily have all the inputs and processes required to produce outputs, but can be integrated with our inputs and processes or we could easily replicate the processes to create outputs. When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs, we consider other factors to determine whether the set of activities or assets is a business. Those factors include, but are not limited to, whether the set of activities or assets:

▪ Has begun planned principal activities;

▪ Has employees, intellectual property and other inputs and processes that could be applied to those inputs;

▪ Is pursuing a plan to produce outputs; and

▪ Will be able to obtain access to customers that will purchase the outputs.

Not all of the above factors need to be present for a particular integrated set of activities or assets in the exploration and development stage to qualify as a business.

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair value of the assets and liabilities transferred. The results of businesses acquired during the period are included in the consolidated financial statements from the date of acquisition. The identifiable assets, liabilities and contingent liabilities of the businesses which can be measured reliably are recorded at fair values at the date of acquisition. Provisional fair values are finalized within 12 months of the acquisition date. Acquisition-related costs are expensed as incurred. Measurement period adjustments are adjustments that arise from additional information obtained during the measurement period (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition dat

Foreign currency translation

Foreign currency translation

(i)    Functional and presentation currency

Items included in the financial statements of each of our subsidiaries are measured using the currency of the primary economic environment in which the particular entity operates (the “functional currency”). SSR Mining and all of our subsidiaries have a functional currency of United States dollars.

The consolidated financial statements are presented in United States dollars.

(ii)   Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities are translated using the period-end exchange rates. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of (loss) income.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Revenue recognition

Revenue recognition

Our primary source of revenue is from the sale of gold doré or bullion and metal-bearing concentrate. Revenue is recognized in the consolidated financial statements when the following conditions are met:

• the significant risks and rewards of ownership have passed to the customer;

• neither continuing managerial involvement, to the degree usually associated with ownership, nor effective control over the good sold, has been retained;

• the amount of revenue can be measured reliably;

• it is probable that economic benefits associated with the sale will flow to us; and

• the costs incurred or to be incurred in respect of the sale can be measured reliably.

Revenue from the sale of gold doré or bullion is recognized on the trade settlement date when funds are received.

Revenue from the sale of concentrate is recorded net of charges for treatment, refining and penalties. Net revenues from the sale of by-products are included within revenue.

Concentrate sales are recognized on a provisional basis using our estimate of contained metals. Final settlement is based on applicable commodity prices, based on contractually determined quotational periods, and receipt of final weights and assays, which typically occurs two to six months after shipment.

Variations between the price recorded when revenue was initially recognized and the actual final price are caused by changes in metal prices. This feature causes concentrate receivables to be measured at fair value through profit and loss (“FVTPL”).

The above revenue recognition policy is applicable to contracts where revenue transactions were completed in 2017. With any contracts where revenue transactions were completed or entered into in 2018 accounted for in accordance with IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) (note 2v)).

g)Cash and cash equivalents

Cash and cash equivalents include cash on hand and held at banks and short-term investments with an original maturity of 90 days or less, which are readily convertible into a known amount of cash and excludes any restricted cash that is not available for use by us.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Inventory

Inventory

Stockpiled ore, leach pad inventory and finished goods are valued at the lower of average cost and estimated net realizable value (“NRV”). Cost includes all direct costs incurred in production including direct labour and materials, freight, depreciation, depletion and amortization and directly attributable overhead costs. NRV is calculated using the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and all associated selling costs.

Any write-downs of inventory to NRV are recorded within cost of sales in the consolidated statements of (loss) income. If there is a subsequent increase in the value of inventory, the previous write-downs to NRV are reversed up to cost to the extent that the related inventory has not been sold.

Stockpiled ore inventory represents ore that has been extracted from the mine and is available for further processing. The cost of stockpiled ore inventory is derived from the current mining costs incurred up to the point of stockpiling the ore and are removed at average cost as ore is processed. Quantities of stockpiled ore are verified by periodic surveys.

The recovery of gold and by-products from certain oxide ore is achieved through a heap leaching process. Under this method, ore is stacked on leach pads and treated with a chemical solution that dissolves the gold contained within the ore. The resulting pregnant solution is further processed in a plant where the gold is recovered in doré. The cost of leach pad inventory is derived from current mining and leaching costs and removed as ounces of gold are recovered at the average cost per recoverable ounce of gold on the leach pads. Estimates of recoverable gold in the leach pads are calculated based on the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data), and a recovery percentage.

Finished goods inventory includes metal concentrates at site and in transit and doré at a site or refinery or bullion in a metal account.

Materials and supplies inventories are valued at the lower of average cost and NRV. Costs include acquisition, freight and other directly attributable costs. A regular review is undertaken to determine the extent of any provision for obsolescence.

Inventory that is not planned to be processed or used within one year is classified as non-current.

Mineral properties

Mineral properties

Capitalized costs of mineral properties include the following:

▪ Costs of acquiring exploration and development stage properties in asset acquisitions, or the value attributed to properties acquired in a business combination;

▪ Economically recoverable exploration and evaluation expenses;

▪ Expenditures incurred to develop mining properties;

▪ Certain costs incurred during production;

▪ Estimates of close down and restoration costs; and

▪ Borrowing costs incurred that are attributable to qualifying mineral properties.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(i)    Acquisition of mineral properties

The costs of acquiring exploration and development stage properties, including transaction costs, in an asset purchase are capitalized as an exploration and evaluation asset or a mineral property at cost. The value attributed to acquiring mineral properties at an operating mine in a business combination is recognized as a mineral property. The value attributed to acquiring exploration potential in a business combination is recognized as an exploration and evaluation asset.

Exploration and evaluation expenditures

Exploration and evaluation expenditures

Exploration expenditures are the costs incurred in the initial search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with acquiring the rights to explore, prospecting, sampling, mapping, diamond drilling and other work involved in searching for Mineral Resources, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Evaluation expenditures are costs incurred to establish the technical and commercial viability of developing mineral deposits identified through exploration activities or by acquisition.

Evaluation expenditures include the cost of: (i) further defining the volume and grade of deposits through drilling of core samples, trenching and sampling activities in an ore body; (ii) determining the optimal methods of extraction and metallurgical and treatment processes; (iii) studies related to surveying, transportation and infrastructure requirements; (iv) permitting activities; and (v) economic evaluations to determine whether development of mineralized material is commercially justified including preliminary economic assessments, pre-feasibility and final feasibility studies. Exploration and evaluation expenditures are expensed until it has been determined that a property is technically feasible and commercially viable, in which case subsequent evaluation costs incurred to develop a mineral property are capitalized.

Development expenditures

Development expenditures

Once we have met the criteria for capitalization of exploration and evaluation expenditures, the carrying value of the exploration and evaluation asset is reclassified as a mineral property. All costs, including pre-operating costs are capitalized until the point that the mineral property is capable of operating as intended by us. This is determined by: (i) completion of operational commissioning of major mine and plant components; (ii) operating results being achieved consistently for a period of time; (iii) indicators that these operating results will be continued; and (iv) other factors being present, including one or more of the following: a significant portion of the plant/mill capacity being achieved; a significant portion of available funding being directed towards operating activities; a predetermined, reasonable period of time being passed; or significant milestones for the development of the mineral property being achieved.

In open pit mining operations, it is necessary to incur costs to remove waste material in order to access the ore body, which is known as stripping, with the stripping ratio being the ratio of waste material to ore. Stripping costs incurred prior to the production stage of a mining property (pre-stripping costs) are capitalized as part of the carrying amount of the related mining property.

Once the mineral property is capable of operating as intended, further operating costs, including depreciation, depletion and amortization, are included within inventory as incurred.

Costs incurred during production

Costs incurred during production

During the production phase of an open pit mine, where stripping activities result in improved access to ore, we recognize a capitalized stripping asset when it is probable that the future economic benefit of the improved access will flow to us, the ore to which access has been improved is identifiable, and costs can be reliably measured. Typically identifiable components of an ore body correspond to the phases of a mine plan. Within each identifiable component, the average stripping ratio is estimated; the cost of waste removal in excess of the stripping ratio is capitalized, and the cost of waste and ore removal in line with the average stripping ratio is recorded in inventory. The capitalized stripping asset is amortized using a unit of production method over the identified component of the ore body.

At underground mining operations, we incur development costs to build new shafts, drifts and ramps that enable us to access ore underground. The time over which we will continue to incur these costs depends on the mine life. These underground development costs are capitalized as incurred. Capitalized underground development costs incurred to enable access to specific areas of the underground mine, and which only provide an economic benefit over the period of mining that area, are depreciated on a units of production basis relating to that particular area of the mine.

Borrowing costs

Borrowing costs

Borrowing costs attributable to the acquisition, construction or production of an asset that takes a substantial period of time to construct are capitalized as part of the cost of the asset until the asset is substantially ready for its intended use or sale. Where funds have been borrowed specifically to finance an asset, the amount capitalized is the actual borrowing costs incurred. Where the funds used to finance an asset form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to our relevant general borrowings during the period.

Plant and equipment

Plant and equipment

Plant and equipment is stated at cost less accumulated depreciation and accumulated impairment charges.

The cost of an item of plant and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and for qualifying assets, the associated borrowing costs.

Where an item of plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of plant and equipment.

Costs incurred for major overhaul of existing equipment and sustaining capital are capitalized as plant and equipment and are subject to depreciation once they are available for use. Major overhauls include improvement programs that increase the productivity or extend the useful life of an asset beyond that initially envisaged. The costs of routine maintenance and repairs that do not constitute improvement programs are accounted for as a cost of inventory.

Depreciation

Depreciation

(i)    Mineral properties

Our mineral properties are classified as either those being subject to depletion or not yet subject to depletion. On acquisition of a mineral property, we prepare an estimate of the fair value attributable to Mineral Reserves, Mineral Resources and exploration potential attributable to the property. The fair value attributable to Mineral Resources is classified to mineral properties not subject to depletion. As Mineral Resources are converted into Mineral Reserves at operating properties a portion of the asset balance is reclassified as subject to depletion using an average cost per ounce of Mineral Resource.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Mineral properties subject to depletion are depleted using the units-of-production method. In applying the units-of-production method over the recoverable ounces to which the asset specifically relates, depletion is calculated using the recoverable ounces extracted from the mine in the period as a percentage of the total recoverable ounces expected to be extracted in current and future periods based on Mineral Reserves.

No amortization is charged during the evaluation and development phases as the asset is not available for use.

(ii)   Plant and equipment

The carrying amounts of plant and equipment are depreciated to their estimated residual value over the estimated useful lives of the specific assets concerned, or the estimated life-of-mine ("LOM") or lease, if shorter. Depreciation starts on the date when the asset is available for its intended use. The major categories of plant and equipment are depreciated on a straight-line basis using the estimated lives indicated below:

Computer equipment	3 - 7 years
Furniture and fixtures	7 years
Vehicles	2 - 5 years
Mining equipment	5 - 10 years
Mobile equipment components	2 - 9 years
Buildings	LOM
Mine plant equipment	LOM
Underground infrastructure	LOM
Leasehold improvements	Lease term

Land is not depreciated.

Assets under construction are not depreciated until available for their intended use.

We conduct a review of residual values, useful lives and depreciation methods employed for property, plant and equipment annually, and when events and circumstances indicate that such a review should be made. Any changes in estimates that arise from this review are accounted for prospectively.

Goodwill

Goodwill

Business acquisitions are accounted for using the acquisition method whereby acquired assets and liabilities are recorded at fair value as of the date of acquisition with the excess of the acquisition amount over such fair value being recorded as goodwill and allocated to cash generating units ("CGUs"). CGUs are the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Each individual mining interest that is an operating mine is typically a CGU.

Goodwill arises principally because of the following factors: (i) the ability to capture buyer-specific synergies arising upon a transaction; and (ii) the requirement to record a deferred tax liability for the difference between the assigned values and the tax bases of the assets acquired and liabilities assumed in a business combination.

Review of asset carrying values and impairment assessment

Review of asset carrying values and impairment assessment

Goodwill is not amortized; instead it is tested annually for impairment. In addition, at each reporting period we assess whether there is an indication that goodwill is impaired and, if there is such an indication, we would test for goodwill impairment at that time.

Non-financial assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

We conduct reviews to assess for any indications of impairment of asset values. External factors such as changes in current and forecast metal prices, operating costs and other market factors are also monitored to assess for indications of impairment.

If any such indication exists, an estimate of the recoverable amount is undertaken, being the higher of an asset’s fair value less costs to dispose (“FVLCTD”) and value in use (“VIU”). If the asset’s carrying amount exceeds its recoverable amount then an impairment loss is recognized in the consolidated statements of (loss) income.

FVLCTD is defined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants at the measurement date. Fair value of mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects.

VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal.

Impairment is normally assessed at the level of CGUs, which are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets.

Non-financial assets, other than goodwill, that have been impaired are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed. When a reversal of a previous impairment is recorded, the reversal amount is adjusted for depreciation that would have been recorded had the impairment not taken place. Goodwill that has been previously impaired is not reversed.

Share capital

Share capital

Common shares issued by us are recorded at the net proceeds received which is the fair value of the consideration received less costs incurred in connection with the issue.

Share-based payments

Share-based payments

Equity-settled share-based payment arrangements such as our stock option plan are initially measured at fair value at the date of grant, which is recognized as a share-based compensation expense in the consolidated statements of (loss) income over the vesting period, with a corresponding increase to equity. We estimate the fair value of stock options granted using the Black-Scholes option pricing model and estimate the expected forfeiture rate at the date of grant.

Arrangements considered to be cash-settled are the Directors’ Deferred Share Unit (“DSU”) Plan, the Restricted Share Unit (“RSU”) Plan and the Performance Share Unit (“PSU”) Plan. The fair values of these are recognized as share-based compensation expenses in the consolidated statements of (loss) income over the vesting period, with a corresponding increase to accrued liabilities. The fair value of DSUs, PSUs, and RSUs is estimated based on the quoted market price of our common shares and are remeasured at each reporting period.

When awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed.

Taxation

Taxation

The income tax expense for the period is comprised of current and deferred tax, and is recognized in the consolidated statements of (loss) income except to the extent that it relates to items recognized directly in shareholders’ equity, in which case the tax is recognized in equity.

(i)   Current income tax

Current tax for each of our taxable entities is based on the local taxable profit for the period at the local statutory tax rates enacted or substantively enacted at the date of the consolidated statements of financial position.

(ii)   Deferred tax

Deferred tax is recognized, using the liability method, on temporary differences between the carrying value of assets and liabilities in the consolidated statements of financial position and the corresponding tax bases used in the computation of taxable profit. Deferred tax is determined using tax rates and tax laws that are enacted or substantively enacted at the date of the consolidated statements of financial position and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled.

Deferred tax assets and liabilities are not recognized if the temporary difference arises on the initial recognition of assets and liabilities in a transaction other than a business combination, that at the time of the transaction, affects neither the taxable nor the accounting profit or loss.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the timing of the reversal of the temporary difference is controlled by us and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available to be utilized against those deductible temporary differences. Deferred tax assets are reviewed at each reporting date and amended to the extent that it is no longer probable that the related tax benefit will be realized. The change in the net deferred income tax asset or liability is included in income except for deferred income tax relating to equity items which is recognized directly in equity.  Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the current tax assets against the current tax liabilities and when they relate to income taxes levied by the same taxation authority and we intend to settle our current tax assets and liabilities on a net basis.

(iii)  Royalties and other tax arrangements

Royalties and other arrangements are treated as taxation arrangements when they have the characteristics of income tax. This is considered to be the case when they are imposed under government authority and the amount payable is calculated by reference to an income measure. Obligations arising from royalty arrangements that do not satisfy these criteria are recognized as current liabilities and included within cost of sales.

(iv)  Value added tax (“VAT”)

VAT may be paid in countries where recoverability is uncertain. In these cases, VAT payments are either deferred within exploration and evaluation assets or inventory costs, or expensed if related to exploration and evaluation costs. If we ultimately recover the amounts that have been deferred, the amount received will be applied to reduce any associated asset. If the amounts were previously expensed, the recovery will be recognized in the consolidated statements of (loss) income.

Income per share

Income per share

Basic income per share is calculated by dividing the net income attributable to our shareholders by the weighted average number of shares outstanding during the reporting period.

Diluted income per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potentially dilutive share equivalents, such as stock options and convertible notes. The “treasury stock method” is used for the assumed proceeds upon exercise of the dilutive instruments to determine the number of shares assumed to be purchased at the average market price during the period.

Financial instruments

Financial instruments

We classify our financial instruments in the following categories: at FVTPL, fair value through other comprehensive income (“FVTOCI”) or at amortized cost.

(i) Classification

We determine the classification of financial instruments at initial recognition.

Financial assets

▪ DebtThe classification of debt instruments is driven by our business model for managing the financial assets and their contractual cash flow characteristics. A debt instrument is measured at amortized cost if the objective of the business model is to hold the debt instrument for the collection of contractual cash flows, and the asset's contractual cash flows are comprised solely of payments of principal and interest. They are classified as current or non-current assets based on their maturity date. If the business model is not to hold the asset, it is classified as FVTPL.

• EquityEquity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition we can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI.

Financial liabilities

Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or we have opted to measure at FVTPL.

(ii) Measurement

Financial assets and liabilities at FVTPL

Financial assets and liabilities at FVTPL are initially recognized at fair value and transaction costs are expensed in the consolidated statements of (loss) income. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets or liabilities held at FVTPL are included in the consolidated statements of (loss) income in the period in which they arise. Where we have opted to designate a financial liability at FVTPL, any changes associated with our own credit risk will be recognized in OCI.

Financial assets at FVTOCI

Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently, they are measured at fair value, with gains and losses arising from changes from initial recognition recognized in OCI.

Financial assets and liabilities at amortized cost

Financial assets and liabilities at amortized cost are initially recognized at fair value, and subsequently carried at amortized cost less any impairment.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Derivative financial instruments

When we enter into derivative contracts, these are intended to reduce the exposures related to assets and liabilities, or forecast transactions. Derivatives are classified as FVTPL unless designated as hedges, as described below.

Derivatives embedded in financial liabilities are treated as separate derivatives when their risks and characteristics are not closely related to their host contracts. However, the classification approach described above is applied to all financial assets, including those that contain embedded derivatives, without the need to separate the embedded derivative from the host contract. Commodity-based derivatives resulting from provisional sales prices of metals in concentrate are classified as FVTPL with changes in value recognized in revenue.

(iii) Impairment of financial assets

Impairment of financial assets at amortized cost

We recognize a loss allowance for expected credit losses on financial assets that are measured at amortized cost.

At each reporting date, we measure the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, we measure the loss allowance for the financial asset at an amount equal to twelve month expected credit losses.

Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the expected credit losses are reversed after the impairment was recognized.

(iv) Derecognition

Derecognition of financial assets and liabilities

Financial assets are derecognized when the investments mature or are sold, and substantially all the risks and rewards of ownership have been transferred. A financial liability is derecognized when the obligation under the liability is discharged, canceled or expired. Gains and losses on derecognition are recognized within finance income and finance costs, respectively. Gains or losses on financial assets classified as FVTOCI remain within accumulated OCI.

(v) Fair value of financial instruments

The fair values of quoted investments are based on current prices. If the market for a financial asset is not active (and for unlisted securities), we establish fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the financial asset’s specific circumstances.

(vi) Hedge accounting

Derivative Instruments

Derivative instruments are recorded at fair value on the consolidated statements of financial position, classified based on contractual maturity. Derivative instruments are classified as either hedges of the fair value of recognized assets or liabilities or of firm commitments (“fair value hedges”), hedges of highly probable forecast transactions (“cash flow hedges”) or non-hedge derivatives. Derivatives designated as either a fair value or cash flow hedge that are expected to be highly effective in achieving offsetting changes in fair value or cash flows are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated. Derivative assets and derivative liabilities are shown separately in the consolidated statements of financial position unless there is a legal right to offset and intent to settle on a net basis.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fair Value Hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the consolidated statements of (loss) income, together with any changes in the fair value of the hedged asset or liability or firm commitment that is attributable to the hedged risk.

Cash Flow Hedges

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in OCI. The gain or loss relating to the ineffective portion is recognized in the consolidated statements of (loss) income. Amounts accumulated in OCI are transferred to the consolidated statements of (loss) income in the period when the forecasted transaction impacts earnings. When the forecasted transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously deferred in OCI are transferred from OCI and included in the measurement of the initial carrying amount of the asset or liability.

When a derivative designated as a cash flow hedge expires or is sold and the forecasted transaction is still expected to occur, any cumulative gain or loss relating to the derivative that is recorded in OCI at that time remains in OCI and is recognized in the consolidated statements of (loss) income when the forecasted transaction occurs. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was recorded in OCI is immediately transferred to the consolidated statements of (loss) income.

Non-Hedge Derivatives

Derivative instruments that do not qualify as either fair value or cash flow hedges are recorded at their fair value at the balance sheet date, with changes in fair value recognized in the consolidated statements of (loss) income.

Provisions for close down and restoration and for environmental clean-up costs

Provisions for close down and restoration and for environmental clean-up costs

Close down and restoration costs include dismantling and demolition of infrastructure, the removal of residual materials and remediation of disturbed areas. Estimated close down and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of estimated future costs. The cost estimates are updated during the life of the operation to reflect known development, e.g. revisions to cost estimates and to the estimated lives of the operations, and are subject to formal reviews at regular intervals.

The initial closure provision together with changes resulting from changes in estimated cash flows or discount rates are adjusted within the property, plant and equipment asset to which the provision relates. If no asset remains any change in a provision is charged or credited to the consolidated statements of (loss) income in the period. These costs are then depreciated over the life of the asset to which they relate, typically using the units of production method. The accretion or unwinding of the discount applied in establishing the net present value of provisions is charged to the consolidated statements of (loss) income as a finance expense.

Leases

Leases

Leases which transfer substantially all of the benefits and risks incidental to the ownership of property are accounted for as finance leases. Finance leases are capitalized at the lease commencement at the lower of the fair market value of the leased property and the net present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charge. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the asset’s useful life and the lease term.

All other leases are accounted for as operating leases wherein rental payments are expensed as incurred

Significant accounting judgments and estimates

Significant accounting judgments and estimates

The preparation of financial statements in conformity with IFRS requires the use of judgments and/or estimates that affect the amounts reported and disclosed in the consolidated financial statements and related notes. These judgments and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the financial statements. Information about such judgments and estimation is contained in the accounting policies and/or notes to the consolidated financial statements, and the judgments and other sources of estimation uncertainty that have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year are summarized below.

Areas of judgment that have the most significant effect on the application of accounting policies in the consolidated financial statements are:

▪ Review of non-current asset carrying values and impairment assessment;

▪ Determination of capitalized stripping activities;

▪ Determination of capitalization of underground development activities;

▪ Determination of useful lives of property, plant and equipment;

▪ Close down and restoration provision;

▪ Deferred tax assets and liabilities;

▪ Determination of commencement of commercial production;

▪ Functional currency;

▪ Contingencies; and

▪ Determination of the timing of derecognition of exploration and evaluation assets.

Key sources of estimation uncertainty that have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year are summarized below:

▪ Review of non-current asset carrying values and impairment assessment;

▪ Mineral Reserves and Mineral Resources estimates;

▪ Determination of useful lives of property, plant and equipment;

▪ Valuation of inventory;

▪ Valuation of goodwill (note 3);

▪ Close down and restoration provision;

▪ Determination of the fair values of share-based compensation;

▪ Valuation of financial instruments;

▪ Deferred tax assets and liabilities; and

▪ Contingencies.

Each of these judgments and estimates is considered in more detail below.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Review of non-current asset carrying values and impairment assessment

In accordance with our accounting policy (note 2(m)), goodwill is tested for impairment annually and each asset or CGU is evaluated every reporting period to determine whether there are any indicators of impairment. If an impairment test is required, a formal estimate of recoverable amount is performed and an impairment charge is recognized to the extent that the carrying amount exceeds the recoverable amount. The recoverable amount of an asset or CGU of assets is measured at the higher of FVLCTD or VIU.

The evaluation of asset carrying values for indications of impairment includes judgments of both external and internal sources of information, including such factors as market and economic conditions, metal prices and forecasts, production budgets and forecasts, and LOM estimates.

The determination of FVLCTD and VIU requires management to make estimates and assumptions about expected production based on current estimates of recoverable metal, commodity prices, operating costs, taxes and export duties, inflation and foreign exchange, salvage value, future capital expenditures and discount rates. The estimates and assumptions are subject to risk and uncertainty; hence, there is the possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the assets. In such circumstances, some or all of the carrying value of the assets may be further impaired or the impairment charge reversed with the impact recorded in the consolidated statements of (loss) income.

In our impairment assessment at December 31, 2018, it was determined that there were indicators of potential impairment on the $64 million carrying value of the Pitarrilla project which resulted in us assessing the recoverable amount of the asset, which has been identified as a CGU. The recoverable amount of the Pitarrilla project was determined to be the FVLCTD, which is based upon the CGU's estimated future after-tax cash flows. The cash flows were determined based on cash flow projections, which incorporate our estimates of forecast metal prices, production based on current estimates of recoverable underground Mineral Resources and future operating costs and capital expenditures. We used a silver price of $17.75 per ounce in the cash flow projections, based on market consensus forecasts. Projected cash flows under the FVLCTD model are after-tax and discounted at 8.5% using an estimated weighted average cost of capital of a market participant adjusted for project and country specific risks. We concluded that these discounted cash flows exceeded the carrying value of the Pitarrilla project and no impairment was required.

Average silver prices would have had to decrease by more than approximately 3% or the discount rate would have to increase to approximately 9.2% for the Project to be impaired.

Mineral Reserves and Mineral Resources estimates

We estimate Mineral Reserves and Mineral Resources based on information prepared by qualified persons as defined by NI 43-101. Mineral Reserves are used in the calculation of depreciation, amortization and impairment charges, for forecasting the timing of the payment of close down and restoration costs, and future taxes. In assessing the life of a mine for accounting purposes, Mineral Resources are only taken into account where there is a high degree of confidence of economic extraction. There are numerous uncertainties inherent in estimating Mineral

Reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of Mineral Reserves and may, ultimately, result in Mineral Reserves estimates being revised. Such changes in Mineral Reserves could impact depreciation and amortization rates, asset carrying values and the provision for close down and restoration.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Determination of capitalized stripping activities

We determine whether stripping costs incurred during the production phase of a surface mining operation provide improved access to a component of an ore body that will be mined in a future period, and whether the costs can be reliably measured. We have to apply judgment when identifying components of the mine over which stripping costs are capitalized, in estimating the average stripping ratio for each component, and in using judgment to determine the period over which the capitalized stripping asset is amortized.

Determination of capitalization of underground development activities

We determine whether development costs incurred during the production phase of an underground mining operation provide improved access to a component of an ore body that will be mined in a future period, and whether the costs can be reliably measured. We have to apply judgment when identifying components of the mine over which development costs are capitalized and in determining the period over which the capitalized underground asset is amortized.

Determination of useful lives of property, plant and equipment

We use the units of production method to deplete mineral properties, whereby depletion is calculated using the quantity of ore extracted from the mine in the period as a percentage of the total quantity of ore expected to be extracted in current and future periods. Other assets are depreciated using the straight-line method, which includes significant management judgment to determine useful lives and residual values.

Valuation of inventory

Stockpiled ore and finished goods

Stockpiled ore and finished goods are valued at the lower of average cost and NRV. NRV is calculated as the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and associated selling costs. The determination of forecast sales price, recovery rates, grade, assumed contained metal in stockpiles and production and selling costs requires significant assumptions that may impact the stated value of our inventory and lead to changes in NRV.

Leach pad inventory

In determining the value of the leach pad, we make estimates of quantities and grades of ore stacked on leach pads and in-process, and the recoverable gold in this material to determine the total inventory. Changes in these estimates can result in a change in carrying amounts of inventory, as well as cost of sales. The determination of forecast sales price, recovery rates, grade, assumed contained metal in leach pad inventory and production and selling costs requires significant assumptions that may impact the stated value of our leach pad inventory and lead to changes in NRV.

Material and supplies inventory

In determining the value of material and supplies inventory, we make estimates of the amounts to be used and realizable value through disposals or sales. Changes in these estimates can result in a change in carrying amounts of inventory, as well as cost of sales.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Close down and restoration provision

Close down and restoration costs are a consequence of exploration activities and mining, and the majority of close down and restoration costs are incurred near the end of the LOM. Our accounting policy requires the recognition of such provisions when the obligation occurs. The initial provisions are periodically reviewed during the life of the operation to reflect known developments, e.g. updated cost estimates and revisions to the estimated lives of operations. Although the ultimate cost to be incurred is uncertain, we estimate our costs based on studies using current restoration standards and techniques. The initial closure provisions together with changes, other than those arising from the discount applied in establishing the net present value of the provision, are capitalized within mineral properties and depleted over the lives of the assets to which they relate.

The ultimate magnitude of these costs is uncertain, and cost estimates can vary in response to many factors including changes to the relevant legal requirements, whether closure plans achieve intended reclamation goals, the emergence of new restoration techniques or experience at other mine sites, local inflation rates and exchange rates when liabilities are anticipated to be settled in a currency other than the United States dollar. The expected timing of expenditure can also change, for example, in response to changes in Mineral Reserves, production rates or economic conditions. As a result there could be significant adjustments to the provision for close down and restoration, which would affect future financial results.

Deferred tax assets and liabilities

The determination of our tax expense for the period and deferred tax assets and liabilities involves significant estimation and judgment by management. In determining these amounts, we interpret tax legislation in a variety of jurisdictions and make estimates of the expected timing of the reversal of deferred tax assets and liabilities. We also make estimates of future earnings which affect the extent to which potential future tax benefits may be used. We are subject to assessments by various taxation authorities, which may interpret legislation differently. These differences may affect the final amount or the timing of the payment of taxes. We provide for such differences where known based on our best estimate of the probable outcome of these matters.

Determination of commencement of commercial production

The determination of when a mine is in the condition necessary for it to be capable of operating in the manner intended by management (referred to as "commercial production") is a matter of significant judgment which impacts when the Company recognizes revenue, operating costs and depreciation and depletion in the statement of profit and loss. In making this determination, management considers whether (a) the major capital expenditures to bring the mine to the condition necessary for it to be capable of operating in the manner intended was complete; (b) ramping up to nameplate design capacity has been achieved for the operations; (c) the mine and mill were meeting performance design criteria such as mining rates, haulage targets, hourly throughput and process recovery; and (d) a saleable product could be produced.

Functional currency

The determination of a subsidiary’s functional currency often requires significant judgment where the primary economic environment in which the subsidiary operates may not be clear. This can have a significant impact on our consolidated results based on the foreign currency translation methods described in note 2(e).

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Contingencies

Contingencies can be either possible assets or liabilities arising from past events which, by their nature, will only be resolved when one or more future events not wholly within our control occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. In assessing loss contingencies related to legal, tax or regulatory proceedings that are pending against us or unasserted claims, that may result in such proceedings or regulatory or government actions that may negatively impact our business or operations, we evaluate with our legal counsel the perceived merits of any legal, tax or regulatory proceedings, unasserted claims or actions. Also evaluated are the perceived merits of the nature and amount of relief sought or expected to be sought, when determining the amount, if any, to recognize as a contingent liability or assessing the impact on the carrying value of assets. Contingent assets or liabilities are not recognized in the consolidated financial statements.

Determination of the timing of derecognition of exploration and evaluation assets

Judgment is required in assessing certain criteria to determine when derecognition of an exploration and evaluation asset has occurred

Change in accounting policies

Change in accounting policies

We adopted the requirements of IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) as of January 1, 2018. IFRS 15 covers principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer. We elected to apply IFRS 15 using a modified retrospective approach by recognizing the cumulative effect of initially adopting IFRS 15 as an adjustment to the opening balance sheet at January 1, 2018. Therefore, the comparative information has not been restated and continues to be reported under IAS 18 Revenue. The details of accounting policy changes and the quantitative impact of these changes are described below.

Gold doré and bullion sales

IFRS 15 requires that revenue from contracts with customers be recognized upon the transfer of control over goods or services to the customer. The recognition of revenue upon transfer of control to the customer is consistent with our revenue recognition policy as set out in note 2(f) to our audited consolidated financial statements, as the condition is satisfied on gold doré and bullion sales when title transfers to the customer. Accordingly, upon adoption, this requirement under IFRS 15 resulted in no impact to our financial statements, as the timing of revenue recognition on our gold bullion sales is unchanged.

Concentrate sales

We performed an assessment of our existing concentrate sales agreements and determined that there is no change in the timing of revenue recognition under IFRS 15. The point of transfer of risks and rewards and transfer of control for concentrate sales occur at the same time. IFRS 15 identifies that the shipping component associated with certain concentrate sales may be a separate performance obligation, which would require a portion of the revenue to be deferred and recognized as the obligation is fulfilled. We have determined that the deferred revenue would be insignificant and thus, have not accounted for the shipping component as a separate performance obligation.

IFRS 15 does not consider changes in the fair value of the concentrate receivable measured at fair value through profit and loss as revenue from contracts with customers. Accordingly, we have separately presented the changes as other revenue in note 17.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

New Accounting Policy

As a result of IFRS 15, we have adopted the accounting policy set out below, effective January 1, 2018.

Our primary source of revenue is from the sale of gold doré or bullion and metal-bearing concentrate.

Initially we determine what performance obligations our contracts with customers create, and where applicable, allocate the consideration expected to be received between different the performance obligations on the basis of relative stand-alone selling prices. Revenue is then recognized when all of our performance obligations are satisfied. A performance obligation is satisfied when control of the underlying goods or services for that particular performance obligation is transferred to the customer. Control is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset underlying the good or service. In order to evaluate the point in time at which control of the asset has been transferred to a customer we consider the following indicators:

▪ title to the asset has transferred;

▪ physical possession of the asset has transferred;

▪ we have a present right to payment for the asset;

▪ the customer has accepted the asset; and

▪ the customer has the significant risks and rewards of ownership of the asset

Gold doré and bullion sales

Gold doré and bullion is sold primarily to bullion banks in the London spot market. The sales price is fixed on the date of sale based on the gold spot price. Generally, we record revenue from gold bullion sales at the time of physical delivery, which is also the date that title to the gold passes, and cash is received.

Concentrate sales

Under the terms of concentrate sales contracts with independent trading and smelting companies; typically, provisional payment is received based upon the estimated metal content and metal prices at the date of shipment. The final quantity of metal sold is then determined through a settlement process at a date after the product has been delivered, with metal sales prices being based on a specified future date after shipment based on market prices. We record revenues under these contracts at the point that control has passed, which is when the risk and rewards of ownership pass to our customers, typically at port of loading or port of unloading based on the terms of the contract. We estimate the consideration to be received based upon provisional assays adjusted for expected final settlement differences, and using forward market prices on the expected date that final sales prices will be determined.

Variations between the price recorded at the revenue recognition date and the actual final price set under the sales contracts are caused by changes in market prices, which result in the existence of a trade receivable financial instrument that is recorded at fair value through profit and loss (“FVTPL”) each period until final settlement occurs. Changes in fair value are included in other revenue in the consolidated statement of income.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

w)Future accounting changes

IFRS 16 Leases

On January 13, 2016, the IASB issued IFRS 16 Leases, which will replace IAS 17 Leases. The standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than twelve months, unless the underlying asset is of low value. A lessee is required to recognize a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The standard is effective for annual reporting periods beginning on or after January 1, 2019. SSR Mining intends to adopt IFRS 16 for the annual reporting period beginning on January 1, 2019 and apply the following practical expedients on initial application:

• application only to contracts that were previously identified as leases, and;

• electing to not recognize leases for which the underlying asset is of low value or considered to be a short-term lease.

We anticipate using the modified retrospective with cumulative effect method of adoption.

The application of IFRS 16 will not have any impact on the amounts recognized in our consolidated financial statements for finance leases where an asset and a related liability for the lease arrangement have been recognized or where SSR Mining is a lessor.

Our assessment of non-cancellable operating lease commitments indicates that our arrangements will meet the definition of a lease under IFRS 16, and therefore, at January 1, 2019, we will recognize a right-of-use asset and a corresponding liability in respect of these leases.

Our operating lease commitments have been disclosed in note 9.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure Of Significant Accounting Policies [Abstract]

Plant and equipment

The major categories of plant and equipment are depreciated on a straight-line basis using the estimated lives indicated below:

Computer equipment	3 - 7 years
Furniture and fixtures	7 years
Vehicles	2 - 5 years
Mining equipment	5 - 10 years
Mobile equipment components	2 - 9 years
Buildings	LOM
Mine plant equipment	LOM
Underground infrastructure	LOM
Leasehold improvements	Lease term

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CASH AND CASH EQUIVALENTS (Tables)

12 Months Ended

Dec. 31, 2018

Cash and cash equivalents [abstract]

Schedule of cash and cash equivalents

	December 31, 2018	December 31, 2017
	$	$
Cash	209,518	131,589
Short-term investments	209,694	328,275
	419,212	459,864

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TRADE AND OTHER RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2018

Trade and other receivables [abstract]

Schedule of trade and other receivables

	December 31, 2018	December 31, 2017
	$	$
Trade receivables	11,287	14,848
Value added tax receivables (note 11)	12,811	7,004
Prepayments and deposits	10,880	8,875
Income tax receivable	2,947	1,213
Other taxes receivable	4,274	4,824
Other receivables	642	1,288
	42,841	38,052

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MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure Of Detailed Information About Marketable Securities [Abstract]

Disclosure of the movement in marketable securities

	December 31, 2018		December 31, 2017
	$		$
Balance, beginning of year	114,001		148,944
Additions	22,674		5,295
Disposals	(63,445	)	(72,132	)
Fair value adjustments	(43,688	)	31,894
Balance, end of year	29,542		114,001

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INVENTORY (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of inventories [Abstract]

Schedule of inventory

	December 31, 2018	December 31, 2017
	$	$
Current:
Finished goods	23,433	19,262
Stockpiled ore	18,195	6,806
Leach pad inventory	162,335	128,783
Materials and supplies	28,785	27,730
	232,748	182,581
Non-current materials and supplies (note 8)	2,006	3,973
	234,754	186,554

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OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2018

Other Assets [Abstract]

Schedule of Other Assets

	December 31, 2018		December 31, 2017
	Current	Non-current	Current	Non-current
	$	$	$	$
Financial assets:
Restricted cash (1)	—	2,035	—	3,079
Deferred consideration (2, 3)	7,345	11,289	2,394	15,639
Derivative asset	—	—	1,287	—
Loan receivable from JV Partner (4)	—	8,214	—	—
Non-financial assets:
Non-current value added tax receivable (note 11)	—	5,991	—	6,751
Non-current inventory (note 7)	—	2,006	—	3,973
Held for sale	1,431	—	1,418	—
	8,776	29,535	5,099	29,442

⁽¹⁾  We have cash and security deposits in relation to our close down and restoration provisions of $1,934,000 (December 31, 2017 - $1,895,000).

⁽²⁾  On November 1, 2016, we sold our Diablillos and M-18 properties in Argentina to AbraPlata Resource Corp ("AbraPlata") (formerly Huayra Minerals Corporation) for consideration of:

• 19.9% equity stake in Abra Plata, with free carried interest until the completion of a financing of $5,000,000 or more, valued at $2,887,000. By December 31, 2018, the financing had been completed;

• Cash payments of $14,100,000 over the following five years ($1,350,000 received by December 31, 2018), valued initially at $7,452,000 using a discount rate of 20%; and

• We have retained a 1.0% net smelter returns royalty on production from each of the projects.

As at December 31, 2018 a payment from AbraPlata due on November 1, 2018 was 61 days past due. However, as the deferred consideration remains fully collateralized by the asset (whose fair value approximates the carrying value of the deferred consideration) an expected credit loss provision was not recorded (note 24b)).

⁽³⁾  On May 2, 2017, we sold our Berenguela project in Peru to Valor Resources Limited ("Valor") for consideration of:

▪ 145,881,177 shares of Valor, valued at $1,098,000;

▪ Additional shares from financing received in 2018, valued initially at $520,000;

▪ Cash payment of $12,000,000 over the next 5 years ($550,000 received by December 31, 2018), originally valued at $6,726,000 using a discount rate of 15%; and

• We have retained a 1.0% net smelter returns royalty on production from the project.

⁽⁴⁾  As of July 6, 2018, we entered into a credit agreement with Golden Arrow (the "Credit Agreement") for a non-revolving term loan (the "Loan") in an aggregate principal amount equal to $10,000,000. The Loan matures on July 22, 2020.

The proceeds borrowed under the Credit Agreement are required to be used by Golden Arrow to fund its contributions under the shareholders' agreement we entered into with Golden Arrow on May 31, 2017, as the sole shareholders of Puna Operations. The Loan is secured by Golden Arrow's ownership and equity interests in Puna Operations.

The Loan bears interest (computed on the basis of the actual number of days elapsed over a year of 365 days and compounded monthly) at a rate per annum equal to the US Base Rate (as such term is defined in the Credit Agreement) plus 10%. Interest on the loan accrues from and including the date of each borrowing under the Credit Agreement, compounded monthly, and shall be capitalized and payable on the maturity date.

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PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2018

Property, plant and equipment [abstract]

Disclosure of detailed information about property, plant and equipment

	December 31, 2018
	Plant and equipment (1)		Mineral properties subject to depletion (3)		Mineral properties not yet subject to depletion (2)(3)(5)		Exploration and evaluation assets		Total
	$		$		$		$		$
Cost
Balance, beginning of year	545,090		393,273		121,854		91,579		1,151,796
Additions	102,275		33,371		13,771		956		150,373
Disposals	(15,485	)	—		—		(1,307	)	(16,792	)
Costs written off	(9,998	)	—		—		—		(9,998	)
Change in estimate of close down and restoration provision	—		3,269		—		—		3,269
Transfers	—		33,635		(33,635	)	—		—
Balance, end of year	621,882		463,548		101,990		91,228		1,278,648
Accumulated depreciation
Balance, beginning of year	(315,261	)	(177,906	)	—		—		(493,167	)
Charge for the year	(44,772	)	(61,414	)	—		—		(106,186	)
Disposals	12,728								12,728
Write off	9,152		—		—		—		9,152
Balance, end of year	(338,153	)	(239,320	)	—		—		(577,473	)
Net book value at December 31, 2018	283,729		224,228		101,990		91,228		701,175

9. PROPERTY, PLANT AND EQUIPMENT (Continued)

	December 31, 2017
	Plant and equipment (1)		Mineral properties subject to depletion(3)		Mineral properties not yet subject to depletion(2)(3)(5)		Exploration and evaluation assets(4)		Total
	$		$		$		$		$
Cost
Balance, beginning of year	509,008		306,277		133,560		92,720		1,041,565
Additions	33,738		43,118		33,589		758		111,203
Disposals	(13,555	)	—		—		(1,000	)	(14,555	)
Impairment reversal	24,357		—		—		—		24,357
Property write downs	—		(747	)	—		(899	)	(1,646	)
Change in estimate of close down and restoration provision	(8,458	)	(670	)	—		—		(9,128	)
Transfers	—		45,295		(45,295	)	—		—
Balance, end of year	545,090		393,273		121,854		91,579		1,151,796
Accumulated depreciation
Balance, beginning of year	(276,170	)	(101,567	)	—		—		(377,737	)
Charge for the year	(50,915	)	(76,339	)	—		—		(127,254	)
Disposals	11,824		—		—		—		11,824
Balance, end of year	(315,261	)	(177,906	)	—		—		(493,167	)
Net book value at December 31, 2017	229,829		215,367		121,854		91,579		658,629

⁽¹⁾  Includes assets under construction of $44,858,000 at December 31, 2018 (December 31, 2017 - $17,307,000).

⁽²⁾  Includes assets under construction of $Nil at December 31, 2018 (December 31, 2017 - $3,715,000).

⁽³⁾  We converted Inferred Mineral Resources to Mineral Reserves at our Seabee Gold Operation and correspondingly have transferred $33,635,000 (December 31, 2017 - $45,295,000) from mineral properties not yet subject to depletion to being subject to depletion.

⁽⁴⁾  On January 16, 2017, we entered into an option agreement with Silver One Resources Inc. ("Silver One") in respect of our Candelaria project in the United States for consideration consisting of $1,000,000 worth of Silver One shares issued on January 20, 2017, and three annual installments of $1,000,000 worth of Silver One shares. Under the terms of this agreement, Silver One has three years to evaluate the Candelaria project. On January 19, 2019, we received the third installment of $1,000,000 worth of Silver One shares.

(5) We have changed the presentation of the Pitarrilla project in all periods presented in the tables above from exploration and evaluation assets to mineral properties not yet subject to depletion.

Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit

A discounted cash flow analysis was performed using a discount rate of 10% and the following estimated metal prices;

9. PROPERTY, PLANT AND EQUIPMENT (Continued)

	2017	2018	2019	2020	LT
Silver / oz	$17.93	$18.72	$19.14	$19.53	$19.65
Lead / lb	$1.01	$1.03	$1.02	$0.99	$0.94
Zinc / lb	$1.27	$1.31	$1.24	$1.18	$1.06

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CURRENT AND DEFERRED INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

Disclosure of income tax expense differences

The reasons for the differences are as follows:

Years ended December 31	2018		2017
	$		$
Income before taxes	8,090		74,587
Statutory tax rate	27.00	%	26.00	%
Expected income tax	2,184		19,392
Decrease resulting from:
Permanent differences	25,408		(17,048	)
Foreign exchange	(13,714	)	4,806
Differences in foreign and future tax rates	(1,086	)	48,167
Mining & overseas withholding tax	4,955		5,134
Expired losses	2,928		3,658
Restructure	114,100		—
Change in estimates in respect of prior years	1,501		(484	)
Movement in deferred tax not recognized	(128,066	)	(60,540	)
Other	(89	)	36
Total income tax expense	8,121		3,121
Current tax expense	8,043		3,094
Deferred tax expense	78		27
Total income tax expense	8,121		3,121

Disclosure of temporary difference, unused tax losses and unused tax credits [text block]

The tax effected items that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities for the years ended December 31, 2018 and 2017 are presented below:

								Balance as at December 31, 2018
	Net balance at beginning of year		Recognized in statement of income		Recognized in OCI	AMT refund		Net		Deferred tax assets		Deferred tax liabilities
	$		$		$	$		$		$		$
Marketable securities	(13,205	)	376		13,867	—		1,038		1,038		—
Inventory	(7,244	)	3,733		—	—		(3,511	)	—		(3,511	)
Property, plant and equipment	(81,294	)	(10,452	)	—	—		(91,746	)	940		(92,686	)
Close down and restoration provision	1,787		1,567		—	—		3,354		3,354		—
Convertible notes	(4,056	)	1,820		—	—		(2,236	)	—		(2,236	)
Carry forward tax loss and tax credits	21,830		(6,469	)	—	—		15,361		15,361		—
Mining and foreign withholding tax	(39,227	)	(1,916	)	—	—		(41,143	)	—		(41,143	)
Executive compensation plans	2,065		1,918		—	—		3,983		3,983		—
Deductibility of other taxes	9,021		424		—	—		9,445		9,445		—
Other	(4,253	)	8,921		850	(449	)	5,069		5,200		(131	)
Net deferred tax (liabilities) assets before set-off	(114,576	)	(78	)	14,717	(449	)	(100,386	)	39,321		(139,707	)
Offset tax	—		—		—	—		—		(31,798	)	31,798
Net deferred tax (liabilities) assets	(114,576	)	(78	)	14,717	(449	)	(100,386	)	7,523		(107,909	)

10. CURRENT AND DEFERRED INCOME TAX (Continued)

							Balance as at December 31, 2017
	Net balance at beginning of year		Recognized in statement of income		Recognized in OCI		Net		Deferred tax assets		Deferred tax liabilities
	$		$		$		$		$		$
Marketable securities	(16,949	)	—		3,744		(13,205	)	—		(13,205	)
Inventory	(1,984	)	(5,260	)	—		(7,244	)	—		(7,244	)
Property, plant and equipment	(96,614	)	15,320		—		(81,294	)	1,016		(82,310	)
Close down and restoration provision	3,917		(2,130	)	—		1,787		1,787		—
Convertible notes	(5,497	)	1,441		—		(4,056	)			(4,056	)
Carry forward tax loss and tax credits	20,682		3,404		(2,256	)	21,830		21,830		—
Mining and foreign withholding tax	(37,151	)	(2,076	)	—		(39,227	)	—		(39,227	)
Executive compensation plans	2,582		(517	)	—		2,065		2,065		—
Deductibility of other taxes	9,459		(438	)	—		9,021		9,021		—
Other	5,764		(9,771	)	(246	)	(4,253	)	2,895		(7,148	)
Net deferred tax (liabilities) assets before set-off	(115,791	)	(27	)	1,242		(114,576	)	38,614		(153,190	)
Offset tax	—		—		—		—		(38,614	)	38,614
Net deferred tax (liabilities) assets	(115,791	)	(27	)	1,242		(114,576	)	—		(114,576	)

Disclosure of unrecognized deductible temporary differences for which no deferred tax asset is recognized

Our unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts:

Years ended December 31	2018	2017
	$	$
Inventory	—	11,237
Property, plant and equipment	3,330	79,336
Close down and restoration provision	30,677	38,027
Carry forward tax loss and tax credits	7,962	396,830
Mineral and foreign withholding tax	567	—
Other items	3,883	75,327
Unrecognized deductible temporary differences	46,419	600,757

Disclosure of estimated tax operating losses available to reduce future taxable income

At December 31, 2018, we had the following estimated tax operating losses available to reduce future taxable income, including both losses for which deferred tax assets are utilized to offset applicable deferred tax liabilities and losses for which deferred tax assets are not recognized as listed in the table above. Losses expire at various dates and amounts between 2019 and 2038.

As at December 31, 2018	$
Argentina	17,324
Mexico	41,601
Peru	71
Canada	4,256
U.S.A.	9,482
Tax operating losses	72,734

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VALUE ADDED TAX RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2018

Trade and other receivables [abstract]

Schedule of value added tax receivable

	December 31, 2018	December 31, 2017
	$	$
Current (note 5)	12,811	7,004
Non-current (note 8)	5,991	6,751
	18,802	13,755

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TRADE AND OTHER PAYABLES (Tables)

12 Months Ended

Dec. 31, 2018

Trade and other payables [abstract]

Schedule of trade and other payables

	December 31, 2018	December 31, 2017
	$	$
Trade payables	15,896	16,740
Accrued liabilities	43,589	29,574
Accrued royalties	4,542	6,276
Derivative liabilities	2,798	—
Income taxes payable	8,463	4,385
Accrued interest on convertible notes (note 14(a))	3,178	3,178
	78,466	60,153

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PROVISIONS (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of other provisions, contingent liabilities and contingent assets [Abstract]

Provisions

	December 31, 2018		December 31, 2017
	Current	Non-current	Current	Non-current
	$	$	$	$
Moratorium (1)	4,570	14,487	9,085	36,952
Close down and restoration provision (2)	211	61,961	978	57,352
Other provisions	7	—	1,250	—
	4,788	76,448	11,313	94,304

⁽¹⁾  We entered into a fiscal stability agreement with the Federal Government of Argentina in 1998 for production from the Puna Operations. In December 2007, the National Customs Authority of Argentina (Dirección Nacional de Aduanas) ("Customs") levied an export duty of approximately 10% from concentrate for projects with fiscal stability agreements pre-dating 2002 and Customs had asserted that the Puna Operations was subject to this duty. We had previously challenged the legality of the export duty applied to silver concentrate.

On March 31, 2017, we entered into the tax moratorium system in Argentina to resolve the export duty dispute. Under the conditions of the moratorium, which converted the export duty liability to ARS, we agreed to pay ARS 1,057,444,000 ($68,621,000 undiscounted) with a 5% down payment initially and the balance in installments over 60 months. Outstanding ARS amounts are subject to interest at a minimum rate of 1.5% per month.

With our entry into the tax moratorium for resolution of our export duty dispute, we are no longer challenging the legality of the application of the export duty other than with respect to our right for reimbursement of the $6,646,000 of export duty that we paid.

⁽²⁾  Our close down and restoration provision relates to the restoration and closure of our mining operations and exploration and evaluation assets (note 9).

Disclosure of Changes in the Close Down and Restoration Provision

The changes in the close down and restoration provision during the years ended December 31, 2018 and December 31, 2017 were as follows:

	December 31, 2018		December 31, 2017
	$		$
Balance, beginning of year	58,330		63,909
Settled during the year	(852	)	(926	)
Accretion expense	3,459		3,380
Foreign exchange gain (loss)	(504	)	396
Revisions and new estimated cash flows	1,739		(8,429	)
Balance, end of year	62,172		58,330
Less: current portion	(211	)	(978	)
Non-current close down and restoration provision	61,961		57,352

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DEBT AND CREDIT FACILITY (Tables)

12 Months Ended

Dec. 31, 2018

Financial Instruments [Abstract]

Disclosure of debt

The movement in the debt portion of the Notes during the years ended December 31, 2018 and 2017 are comprised of the following:

	December 31, 2018		December 31, 2017
	$		$
Balance, beginning of year	236,358		223,211
Accretion of discount	14,371		13,147
Interest accrued in period	7,619		7,619
Interest paid	(7,619	)	(7,619	)
Balance, end of year	250,729		236,358
Accrued interest outstanding (note 12)	(3,178	)	(3,178	)
Non-current portion of Notes outstanding	247,551		233,180

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SHARE CAPITAL AND SHARE-BASED PAYMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Share-Based Payment Arrangements [Abstract]

Disclosure of number and weighted average exercise prices of share options

The changes in stock options issued during the years ended December 31, 2018 and December 31, 2017 are as follows:

	2018				2017
	Number of stock options		Weighted average exercise price (C$/option)		Number of stock options		Weighted average exercise price (C$/option)
Outstanding, beginning of year	2,976,360		9.35		3,038,707		8.52
Granted	668,664		11.84		489,305		12.50
Exercised	(899,050	)	(7.79	)	(440,317	)	(6.60	)
Expired	(56,700	)	(14.15	)	—		—
Forfeited	(50,525	)	(12.70	)	(111,335	)	(11.25	)
Outstanding, end of year	2,638,749		10.35		2,976,360		9.35

Disclosure of indirect measurement of fair value of goods or services received, share options granted during period

The weighted average fair value of stock options granted during the year ended December 31, 2018 and year ended December 31, 2017 were estimated to be C$5.06 and C$5.97 per stock option, respectively, at the grant date using the Black-Scholes option pricing model, based on the following assumptions:

Years ended December 31	2018	2017
Forfeiture rate (%)	3.0	3.0
Dividend yield (%)	—	—
Average risk-free interest rate (%)	1.88	1.00
Expected life (years)	4.2	4.2
Volatility (%)	55.8	60.9

Disclosure of range of exercise prices of outstanding share options

The following table summarizes information about stock options outstanding and exercisable at December 31, 2018:

	Stock options outstanding		Stock options exercisable
Exercise prices (C$)	Stock options outstanding	Weighted average remaining contractual life (years)	Stock options exercisable	Weighted average exercise price (C$/option)
3.30 - 7.02	321,592	2.5	321,592	5.83
7.03 - 7.36	630,045	3.4	401,717	7.19
7.37 - 11.95	700,836	4.3	324,536	9.05
11.96 - 24.41	986,276	3.7	443,859	15.56
	2,638,749	3.6	1,491,704	9.79

Disclosure of number and weighted average exercise prices of other equity instruments

Years ended December 31	2018		2017
	Number of DSUs		Number of DSUs
Outstanding, beginning of year	608,763		535,579
Granted	107,318		73,184
Redeemed	(182,383	)	—
Outstanding, end of year	533,698		608,763

Years ended December 31	2018		2017
	Number of PSUs		Number of PSUs
Outstanding, beginning of year	391,432		524,550
Granted	174,900		159,850
Settled	(255,232	)	(190,000	)
Forfeited	—		(102,968	)
Outstanding, end of year	311,100		391,432

Years ended December 31	2018		2017
	Number of RSUs		Number of RSUs
Outstanding, beginning of year	541,006		704,055
Granted	322,935		242,565
Settled	(276,983	)	(313,003	)
Forfeited	(161,863	)	(92,611	)
Outstanding, end of year	425,095		541,006

Explanation of effect of share-based payments on entity's profit or loss [text block]

Total share-based compensation, including all equity and cash-settled arrangements, for the years ended December 31, 2018 and 2017 has been recognized in the consolidated financial statements as follows:

Years ended December 31	2018	2017
	$	$
Equity-settled
Cost of inventory	160	190
General and administrative expense	1,958	1,988
Exploration, evaluation and reclamation expenses	39	41
Cash-settled
Cost of inventory	1,024	1,639
General and administrative expense	11,412	2,237
Exploration, evaluation and reclamation expenses	125	—
Total	14,718	6,095

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OTHER RESERVES AND NON-CONTROLLING INTEREST (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of share capital, reserves and other equity interest [Abstract]

Disclosure of Other Reserves

OTHER RESERVES AND NON-CONTROLLING INTEREST

a) Reserves

	2018		2017
	$		$
Foreign currency translation reserve
At beginning of year	781		781
At end of year	781		781
Revaluation reserves
At beginning of year	3,353		(23,121	)
Gain on marketable securities at FVTOCI, net of tax	(37,686	)	25,948
Unrealized gain on effective portion of derivative, net of tax	(2,907	)	526
At end of year	(37,240	)	3,353
Share-based compensation reserve
At beginning of year	50,404		49,524
Stock options exercised	(2,864	)	(1,339	)
Share-based compensation	2,156		2,219
At end of year	49,696		50,404
Other
At beginning of year	(29,540	)	(28,198	)
Recognition of joint venture	—		(1,342	)
At end of year	(29,540	)	(29,540	)
Total other reserves at December 31	(16,303	)	24,998

16. OTHER RESERVES AND NON-CONTROLLING INTEREST (Continued)

b) Non-controlling Interest

	2018		2017
	$		$
At beginning of year	23,043		—
Recognition of non-controlling interest	—		18,573
Funding from non-controlling interest	15,196		2,320
Total comprehensive (loss) income for the year attributable to non-controlling interest	(6,410	)	2,150
Total non-controlling interest at December 31	31,829		23,043

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REVENUE (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of revenue from contracts with customers [Abstract]

Information about relationship between disclosure of disaggregated revenue from contracts with customers and revenue information for reportable segments [text block]

Years ended December 31	2018		2017
	$		$
Gold doré and bullion sales	365,996		358,790
Concentrate sales	57,461		88,823
Other revenue	(2,782	)	1,160
	420,675		448,773

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OPERATING COSTS BY NATURE (Tables)

12 Months Ended

Dec. 31, 2018

Analysis of income and expense [abstract]

Disclosure of cost of sales

Cost of sales

Years ended December 31	2018	2017
	$	$
Cost of inventory	245,111	242,998
Depletion, depreciation and amortization	98,719	102,416
Moratorium (settlement) (note 13)	—	(4,303	)
(Recovery) of inventory provision (note 7)	—	(5,710	)
Restructuring costs	—	109
	343,830	335,510

Disclosure of general and administrative expense

General and administrative expenses

Years ended December 31	2018	2017
	$	$
Salaries and benefits	12,157	9,029
Share-based compensation	13,371	4,225
Consulting and professional fees	3,036	2,288
Travel expense	1,044	562
Rent expense	842	703
Insurance expense	676	569
Computer expenses	668	789
Depreciation and amortization	194	202
Shareholder and investor relations	99	323
Listing and filing fees	249	251
Directors fees and expenses	347	227
Other expenses	258	1,139
	32,941	20,307

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FINANCE INCOME AND EXPENSES (Tables)

12 Months Ended

Dec. 31, 2018

Analysis of income and expense [abstract]

Disclosure of interest income and other finance income

Interest earned and other finance income

Years ended December 31	2018	2017
	$	$
Interest earned	9,219	4,132
Accretion income on deferred consideration	2,542	1,998
Total interest earned and other finance income	11,761	6,130

Disclosure of interest expense and other finance expenses

Interest expense and other finance expenses

Years ended December 31	2018		2017
	$		$
Interest expense on convertible notes (note 14)	(7,619	)	(7,619	)
Accretion expense on convertible notes (note 14)	(14,371	)	(13,147	)
Accretion of close down and restoration provision (note 13)	(3,459	)	(3,380	)
Interest on moratorium	(6,212	)	(7,616	)
Other finance expenses	(1,969	)	(3,108	)
Total interest expense and other finance expenses	(33,630	)	(34,870	)

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OTHER (EXPENSES) INCOME (Tables)

12 Months Ended

Dec. 31, 2018

Analysis of income and expense [abstract]

Other income (expenses)

Years ended December 31	2018		2017
	$		$
Loss on disposal of plant and equipment	(5,344	)	(3,068	)
Expense related to the premium paid for shares over the prevailing market price	(2,782	)	—
Write-down of mineral properties	—		(906	)
Royalty income	—		1,417
Other	(1,023	)	(510	)
	(9,149	)	(3,067	)

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INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2018

Earnings per share [abstract]

Schedule of calculations of basic and diluted earnings (loss) per share

The calculations of basic and diluted income per share for the years ended December 31, 2018 and 2017 are based on the following:

Years ended December 31	2018			2017
	$			$
(Loss) Income for the year	(31		)	71,466
Non-controlling interest	(6,410		)	2,150
Income attributable to equity holders of SSR Mining used in the calculation of income per share	6,379			69,316
Weighted average number of common shares issued (thousands)	120,137			119,593
Adjustments for dilutive instruments:
Stock options (thousands)	1,217			1,088
Weighted average number of common shares for diluted income per share (thousands)	121,354			120,681
Basic income per share		$0.05			$0.58
Diluted income per share		$0.05			$0.57

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OPERATING SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Operating Segments [Abstract]

Disclosure of Segment Reporting Information, by Segment

The following is a summary of the reported amounts of income or loss, and the carrying amounts of assets and liabilities by operating segment:

Year ended and at December 31, 2018	Marigold mine		Seabee Gold Operation		Puna Operations (1)		Exploration, evaluation and development properties		Other reconciling items (2)		Total
	$		$		$		$		$		$
Revenue	250,341		115,655		54,679		—		—		420,675
Cost of inventory	(143,380	)	(46,054	)	(55,677	)	—		—		(245,111	)
Depletion, depreciation and amortization	(56,748	)	(38,818	)	(3,153	)	—		—		(98,719	)
Cost of sales	(200,128	)	(84,872	)	(58,830	)	—		—		(343,830	)
Income from mine operations	50,213		30,783		(4,151	)	—		—		76,845
Exploration, evaluation and reclamation expenses	(769	)	(7,703	)	919		(2,857	)	(3,599	)	(14,009	)
Operating income (loss)	43,399		20,657		(8,457	)	(2,801	)	(22,903	)	29,895
Income (loss) before income tax	26,239		20,204		(9,066	)	(2,751	)	(26,536	)	8,090
Total assets	478,187		448,891		185,298		71,830		336,932		1,521,138
Non-current assets	235,242		321,802		121,890		69,263		26,498		774,695
Total liabilities	(79,210	)	(93,017	)	(62,243	)	(6,330	)	(274,362	)	(515,162	)

Year ended and at December 31, 2017	Marigold mine		Seabee Gold Operation		Puna Operations (1)		Exploration, evaluation and development properties		Other reconciling items (2)		Total
	$		$		$		$		$		$
Revenue	250,825		108,334		89,614		—		—		448,773
Cost of inventory	(129,176	)	(51,683	)	(62,139	)	—		—		(242,998	)
Depletion, depreciation and amortization	(54,983	)	(40,375	)	(7,058	)	—		—		(102,416	)
Export duties reversal (note 13)	—		—		4,303		—		—		4,303
Restructuring costs (note 18)	—		—		(109	)	—		—		(109	)
Inventory (provision) reversal (note 7)	—		(632	)	6,342		—		—		5,710
Cost of sales	(184,159	)	(92,690	)	(58,661	)	—		—		(335,510	)
Income from mine operations	66,666		15,644		30,953		—		—		113,263
Exploration, evaluation and reclamation expenses	(1,875	)	(5,050	)	(324	)	(8,357	)	(375	)	(15,981	)
Impairment reversal (note 9)	—		—		24,357		—		—		24,357
Operating income (loss)	64,935		10,594		52,788		(8,360	)	(18,625	)	101,332
Income (loss) before income tax	63,959		10,126		46,379		(14,840	)	(31,037	)	74,587
Total assets	436,815		418,210		200,590		72,825		409,014		1,537,454
Non-current assets	222,800		346,647		77,112		71,782		798		719,139
Total liabilities	(73,526	)	(92,050	)	(77,850	)	(6,496	)	(263,604	)	(513,526	)

⁽¹⁾  Following the formation of the Puna Operations joint venture in 2017, the Pirquitas property was combined with the Chinchillas project into the Puna Operations operating segment and the segment has been amended accordingly. We consolidate Puna Operations which includes non-controlling interest portion of revenues, and income (loss) from mine operations for the year ended December 31, 2018 of $13,077,000 and $(1,243,000), respectively, (2017: $12,361,000 and $4,039,000)

⁽²⁾  Other reconciling items refer to items that are not reported as part of segment performance as they are managed on a corporate basis.

Disclosure of Revenue by Product

Years ended December 31	2018	2017
	%	%
Gold	87	80
Silver	12	20
Zinc	1	—
Lead	—	—

Disclosure of Long-lived Assets by Geographic Areas

Non-current assets by location

	December 31, 2018	December 31, 2017
	$	$
Canada	357,783	348,455
United States	236,054	224,612
Argentina	113,534	79,250
Mexico	66,749	66,131
Other	575	691
Total	774,695	719,139

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure Of Financial Instruments And Fair Value Measurement [Abstract]

Disclosure of financial assets

Financial assets and liabilities by category

At December 31, 2018	Amortized cost	FVTPL	FVTOCI	Total
	$	$	$	$
Financial assets
Cash and cash equivalents (note 4)	—	419,212	—	419,212
Trade receivables (1) (note 5)	—	11,287	—	11,287
Marketable securities (note 6)	—	—	29,542	29,542
Other financial assets (note 8)	25,172	3,711	—	28,883
Total financial assets	25,172	434,210	29,542	488,924
Financial liabilities
Trade and other payables	54,118	15,885	—	70,003
Non-current portion of debt (note 14(a))	247,551	—	—	247,551
Total financial liabilities	301,669	15,885	—	317,554

At December 31, 2017	Amortized cost	FVTPL	FVTOCI	Total
	$	$	$	$
Financial assets
Cash and cash equivalents (note 4)	—	459,864	—	459,864
Trade receivables  (1) (note 5)	—	14,848	—	14,848
Marketable securities (note 6)	—	—	114,001	114,001
Other financial assets (note 8)	14,773	7,626	—	22,399
Total financial assets	14,773	482,338	114,001	611,112
Financial liabilities
Trade and other payables	45,759	10,009	—	55,768
Non-current portion of debt (note 14(a))	233,180	—	—	233,180
Total financial liabilities	278,939	10,009	—	288,948

⁽¹⁾  Certain trade receivables are classified as FVTPL due to the derivative identified through provisional pricing arrangements discussed in note 2(f).

Disclosure of financial liabilities

Financial assets and liabilities by category

At December 31, 2018	Amortized cost	FVTPL	FVTOCI	Total
	$	$	$	$
Financial assets
Cash and cash equivalents (note 4)	—	419,212	—	419,212
Trade receivables (1) (note 5)	—	11,287	—	11,287
Marketable securities (note 6)	—	—	29,542	29,542
Other financial assets (note 8)	25,172	3,711	—	28,883
Total financial assets	25,172	434,210	29,542	488,924
Financial liabilities
Trade and other payables	54,118	15,885	—	70,003
Non-current portion of debt (note 14(a))	247,551	—	—	247,551
Total financial liabilities	301,669	15,885	—	317,554

At December 31, 2017	Amortized cost	FVTPL	FVTOCI	Total
	$	$	$	$
Financial assets
Cash and cash equivalents (note 4)	—	459,864	—	459,864
Trade receivables  (1) (note 5)	—	14,848	—	14,848
Marketable securities (note 6)	—	—	114,001	114,001
Other financial assets (note 8)	14,773	7,626	—	22,399
Total financial assets	14,773	482,338	114,001	611,112
Financial liabilities
Trade and other payables	45,759	10,009	—	55,768
Non-current portion of debt (note 14(a))	233,180	—	—	233,180
Total financial liabilities	278,939	10,009	—	288,948

⁽¹⁾  Certain trade receivables are classified as FVTPL due to the derivative identified through provisional pricing arrangements discussed in note 2(f).

Disclosure of fair value of financial instruments

Fair value of financial instruments

	December 31, 2018				December 31, 2017
	Carrying value		Fair value		Carrying value		Fair value
	$		$		$		$
Trade receivables	11,287		11,287		14,848		14,848
Marketable securities (note 6)	29,542		29,542		114,001		114,001
Other financial assets (note 8)	28,883		28,883		22,399		22,399
Non-current portion of debt (note 14(a)) (1)	(247,551	)	(263,675	)	(233,180	)	(259,578	)
	(177,839	)	(193,963	)	(81,932	)	(108,330	)

(1)The fair value of the Notes includes both the debt and equity components.

Disclosure of fair value hierarchy

Assets and liabilities that are held at fair value are categorized based on a valuation hierarchy which is determined by the valuation methodology utilized:

	Fair value at December 31, 2018
	Quoted prices in active market (1)		Significant other observable inputs (2)		Significant unobservable inputs (3)	Total
	$		$		$	$
Recurring measurements
Trade receivables	—		11,287		—	11,287
Marketable securities (note 6)	29,542		—		—	29,542
Other financial assets	—		—		3,711	3,711
Accrued liabilities	—		(16,649	)	—	(16,649	)
	29,542		(5,362	)	3,711	27,891
Fair values disclosed
Convertible notes	(263,675	)	—		—	(263,675	)
	(263,675	)	—		—	(263,675	)

23. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Continued)

	Fair value at December 31, 2017
	Quoted prices in active market (1)		Significant other observable inputs (2)		Significant unobservable inputs (3)	Total
	$		$		$	$
Recurring measurements
Trade receivables	—		14,848		—	14,848
Marketable securities (note 6)	114,001		—		—	114,001
Other financial assets	—		—		6,338	6,338
Derivative assets	—		1,287		—	1,287
Accrued liabilities	—		(10,009	)	—	(10,009	)
	114,001		6,126		6,338	126,465
Non-recurring measurement
Deferred consideration	—		—		7,399	7,399
	—		—		7,399	7,399
Fair values disclosed
Convertible notes	(259,578	)	—		—	(259,578	)
	(259,578	)	—		—	(259,578	)

⁽¹⁾ Marketable securities of publicly quoted companies, consisting of FVTOCI investments are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. The fair value disclosed for our Notes is also included in Level 1, as the basis of valuation uses a quoted price in an active market.

⁽²⁾ Trade receivables from provisional invoices are included in Level 2 as the basis of valuation uses quoted commodity forward prices. Accrued liabilities relating to DSUs, RSUs, and PSUs and derivative assets and liabilities are included in Level 2 as the basis of valuation uses quoted prices in active markets.

⁽³⁾ Certain items of deferred consideration from the sale of exploration and evaluation assets (note 8) is included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data as detailed in note 2(r)(v). During the year ended December 31, 2018, we transferred $nil from Level 3 to Level 1. During 2017, we transferred $2,057,000 from Level 3 to Level 1 following the reverse take-over ("RTO") of Huayra Minerals Corporation ("HMC") the shares of a previously private company that we classified as Level 3 became publicly traded as AbraPlata Resource Corp. and the fair value is now based upon observable market data (note 8).

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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2018

Financial Instruments [Abstract]

Disclosure of information about terms and conditions of hedging instruments and market risk

As at December 31, 2018, we had the following hedge positions outstanding:

	2019		2020
Notional amount (in thousands of Canadian dollars)	54,140		30,000
Estimated usage	71.2	%	40.3	%
Floor level (Canadian dollars per $1 U.S. dollar)	1.2500		1.2614
Cap level (Canadian dollars per $1 U.S. dollar)	1.3348		1.3710

As at December 31, 2018, the spot price of diesel was $1.56/gallon and we have hedged the following future anticipated usage at the Marigold mine:

	2019		2020
Gallons hedged (in thousands)	5,364		3,600
Estimated usage	52.6	%	35.3	%
Floor price ($/gallon)	1.70		1.75
Cap price ($/gallon)	2.34		2.36

As at December 31, 2018, the spot price of diesel was $0.44/litre and we have hedged the following future anticipated usage at the Seabee mine:

	2019		2020
Litres hedged (in thousands)	3,188		—
Estimated usage	75	%	—
Floor price ($/litre)	0.46		—
Cap price ($/litre)	0.55		—

Disclosure of nature and extent of risks arising from financial instruments

The following are the most significant areas of exposure to currency risk, shown in thousands of U.S. dollars:

	December 31, 2018
	Canadian dollar		Argentine peso
Cash	7,982		1,604
Value added tax receivable	145		17,039
Trade and other payables (excluding VAT and income taxes)	(22,974	)	(9,908	)
Provisions	—		(19,056	)
Total	(14,847	)	(10,321	)

	December 31, 2017
	Canadian dollar		Argentine peso
Cash	5,342		17,223
Value added tax receivable	206		12,242
Other financial assets	200		884
Trade and other payables (excluding VAT and income taxes)	(17,017	)	(5,021	)
Provisions	—		(47,287	)
Total	(11,269	)	(21,959	)

Disclosure of sensitivity analysis for types of market risk

A 10% increase or decrease in the U.S. dollar exchange rate, as at December 31, 2018 and December 31, 2017, on financial assets and liabilities denominated in the following currencies, with all other variables held constant, would have resulted in the following impact to our total comprehensive income for the years ended December 31, 2018 and December 31, 2017, respectively:

Years ended December 31	2018	2017
	$	$
Canadian dollar	1,084	701
Argentine peso	715	1,460

Disclosure of credit risk exposure

Our maximum exposure to credit risk as at December 31, 2018 and December 31, 2017 was as follows:

	December 31, 2018	December 31, 2017
	$	$
Cash and cash equivalents	419,212	459,864
Value added tax receivable	18,802	13,755
Trade receivables and other assets	11,287	14,848
Other financial assets	28,883	22,399
	478,184	510,866

Disclosure of liquidity risk

The following is a maturity profile of financial liabilities and moratorium commitments presenting undiscounted cash flows to the contractual maturity date:

	Payments due by period (as at December 31, 2018)					At December 31, 2017
	Less than one year	1 - 3 years	4-5 years	After 5 years	Total	Total
	$	$	$	$	$	$
Trade and other payables	70,003	—	—	—	70,003	52,590
Moratorium	4,570	14,487	—	—	19,057	46,037
Notes (i)	—	265,000	—	—	265,000	265,000
Interest on convertible notes (i)	7,619	3,809	—	—	11,428	19,047
Total contractual obligations	82,192	283,296	—	—	365,488	382,674

⁽ⁱ⁾  The Notes mature in 2033 but are redeemable in part or in full at the option of the holder on February 1 at each of 2020, 2023, and 2028, or upon fundamental corporate changes. They are also redeemable by us in part or in full on and after February 1, 2018 (note 14).

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RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2018

Related Party [Abstract]

Disclosure of Key Management Compensation

Key management includes our directors (executive and non-executive) and other key officers, including the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer. The compensation paid or payable to key management for employee services is shown below:

Years ended December 31	2018	2017
	$	$
Salaries and other short-term employee benefits	2,589	2,240
Post-employment benefits	83	30
Termination benefits	1,379	—
Share-based compensation (i)	10,819	3,176
Total compensation	14,870	5,446

⁽ⁱ⁾  Share-based compensation includes mark-to-market adjustments on cumulative DSU and PSU positions as reported in the consolidated statements of (loss) income

Disclosure of Principal Subsidiaries

The consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, the most significant as at December 31, 2018 of which are presented in the following table:

Subsidiary	Location	Ownership	Principal project or purpose
Marigold Mining Company	USA	100%	Marigold
SGO Mining Inc. (formerly Claude Resources Inc.)	Canada	100%	Seabee Gold Operation
Puna Operations Inc.	Canada	75%	Puna Operations
SSR Durango, S.A. de C.V.	Mexico	100%	Pitarrilla
Intertrade Metals Limited Partnership	Canada	100%	Sales and marketing

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SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2018

Cash Flow Statement [Abstract]

Schedule of Changes in Working Capital

Changes in working capital items during the years ended December 31, 2018 and 2017 are as follows:

Years ended December 31	2018		2017
	$		$
Trade and other receivables	(4,234	)	23,232
Inventory	(40,144	)	(10,973	)
Trade and other payables	18,753		(10,117	)
Provisions	(5,309	)	(7,028	)
	(30,934	)	(4,886	)

Schedule of Other Items Impacting Operating Cash Flows

Other adjustments for non-cash income statement items during the years ended December 31, 2018 and 2017 are as follows:

Years ended December 31	2018	2017
	$	$
Share-based payments	2,157	2,219
Export duty adjustment in cost of sales	—	(4,303	)
Change in estimate of close down and restoration provision	1,580	141
Write down of fixed assets	2,771	1,719
Other	375	3,834
	6,883	3,610

Schedule of Noncash Investing and Financing Transactions

During the years ended December 31, 2018 and 2017, we conducted the following non-cash investing and financing transactions:

Years ended December 31	2018		2017
	$		$
Marketable securities received for sale of exploration and evaluation assets (note 6)	1,751		992
Transfer of share-based payment reserve upon exercise of stock options	(2,864	)	(1,339	)
Acquisition of Chinchillas mineral property (note 3)	—		28,839

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NATURE OF OPERATIONS (Details)	12 Months Ended
	Dec. 31, 2018 segment
Disclosure of detailed information about business combination [line items]
Number of operating segments (in segments)	3
Puna Operations Inc.
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in subsidiary	75.00%

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) $ / ounce	Dec. 31, 2017 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Write down of fixed assets	$ 2,771	$ 1,719
Computer equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	3 years
Computer equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	7 years
Furniture and fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	7 years
Vehicles | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	2 years
Vehicles | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	5 years
Mining equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	5 years
Mining equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	10 years
Mobile equipment components | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	2 years
Mobile equipment components | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment	9 years
Pitarrilla Project | Silver
Disclosure of detailed information about property, plant and equipment [line items]
Write down of fixed assets	$ 64,000
Discounted cash flow, price per ounce (usd per oz) | $ / ounce	17.75
Weighted average cost of capital, significant unobservable inputs, assets	8.50%
Percentage of increase (decrease) in value of currency	(3.00%)
Discount rate used in current measurement of expected future proceeds from sale of assets	9.00%

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ACQUISITIONS AND CHANGE IN INTEREST ON MINERAL PROPERTIES (Details) $ in Thousands		12 Months Ended
	May 31, 2017 USD ($)	Dec. 31, 2018 USD ($) $ / $ $ / ounce	Dec. 31, 2017 USD ($)	May 31, 2016 USD ($)
Disclosure of detailed information about business combination [line items]
Payments for interest in joint venture		$ 0	$ 12,972
Property, plant and equipment		701,175	658,629
Non-controlling interest		31,829	23,043
Equity attributable to our shareholders			17,231
Goodwill		$ 49,786	49,786
Seabee Gold Operation
Disclosure of detailed information about business combination [line items]
Commodity price applied to cash flow projections (in USD per ounce) | $ / ounce		1,300
Foreign exchange rate applied to cash flow projections (in CAD per USD) | $ / $		1.25
Discount rate applied to cash flow projections		7.00%
Claude Resources Inc.
Disclosure of detailed information about business combination [line items]
Goodwill				$ 49,786
Puna Operations Inc.
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in joint venture	75.00%
Useful life of property, plant and equipment	8 years
Payments for interest in joint venture	$ 12,972
Property, plant and equipment	28,839
Non-controlling interest	18,573
Other
Disclosure of detailed information about business combination [line items]
Equity attributable to our shareholders		$ 0	$ (1,342)
Other | Puna Operations Inc.
Disclosure of detailed information about business combination [line items]
Equity attributable to our shareholders	$ 1,342

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CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and cash equivalents [abstract]
Cash	$ 209,518	$ 131,589
Short-term investments	209,694	328,275
Cash and cash equivalents	$ 419,212	$ 459,864	$ 327,127

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TRADE AND OTHER RECEIVABLES (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets [line items]
Trade receivables	$ 11,287,000	$ 14,848,000
Value added tax receivables (note 11)	12,811,000	7,004,000
Prepayments and deposits	10,880,000	8,875,000
Income tax receivable	2,947,000	1,213,000
Other taxes receivable	4,274,000	4,824,000
Other receivables	642,000	1,288,000
Trade and other receivables	42,841,000	38,052,000
Later than three months
Disclosure of financial assets [line items]
Trade receivables	0	0
Trade and other receivables
Disclosure of financial assets [line items]
Allowance recorded against trade receivables	0	0
Collateral held for receivable amounts	$ 0	$ 0

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MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Investment [Line Items]
Investment in marketable securities	$ 23,057	$ 0
Net proceeds from sale of marketable securities	63,445	68,641
Gain on marketable securities at FVTOCI, net of tax	(37,686)	25,948
Balance, beginning of year	114,001	148,944
Additions	22,674	5,295
Disposals	(63,445)	(72,132)
Fair value adjustments	(43,688)	31,894
Balance, end of year	$ 29,542	$ 114,001
SilverCrest
Investment [Line Items]
Increase (decrease) in number of shares owned (in shares)	8.2
Investment in marketable securities	$ 23,100
Losses on disposals of investments	2,800
Gain on marketable securities at FVTOCI, net of tax	$ 4,300
Pretium Resources Inc
Investment [Line Items]
Increase (decrease) in number of shares owned (in shares)	(9.0)
Net proceeds from sale of marketable securities	$ 63,400

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INVENTORY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of operating segments [line items]
Write-downs (reversals of write-downs) of inventories	$ 0	$ (5,710)
Finished goods	23,433	19,262
Stockpiled ore	18,195	6,806
Leach pad inventory	162,335	128,783
Materials and supplies	28,785	27,730
Current inventories	232,748	182,581
Non-current materials and supplies (note 8)	2,006	3,973
Inventories	234,754	186,554
Inventory write-down	$ 3,436	7,250
Puna Operations
Disclosure of operating segments [line items]
Write-downs (reversals of write-downs) of inventories		$ (6,342)

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OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial assets:
Restricted cash, Current	$ 0	$ 0
Restricted cash, Non-current	2,035	3,079
Deferred consideration, Current	7,345	2,394
Deferred consideration, Non-current	11,289	15,639
Derivative asset, Current	0	1,287
Derivative asset, Non-current	0	0
Loan receivable From JV Partner, Current	0	0
Loan receivable From JV Partner, Non-current	8,214	0
Non-financial assets:
Non-current value added tax receivable (note 11)	5,991	6,751
Non-current materials inventory (note 7)	2,006	3,973
Held for sale	1,431	1,418
Other current assets	8,776	5,099
Other non-current assets	$ 29,535	$ 29,442

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OTHER ASSETS - Narrative (Details) - USD ($)			8 Months Ended	12 Months Ended
	May 02, 2017	Nov. 01, 2016	Dec. 31, 2017	Dec. 31, 2018	Jul. 06, 2018	Dec. 31, 2016
Other Assets [Abstract]
Cash and security deposits from close down and restoration provisions			$ 1,895,000	$ 1,934,000
Disposal Groups, Including Discontinued Operations 1 [Line Items]
Borrowings			236,358,000	250,729,000		$ 223,211,000
Diablillos and M-18 properties
Disposal Groups, Including Discontinued Operations 1 [Line Items]
Sale of assets, value of equity received as consideration		$ 2,887,000
Proceeds from sale of assets		$ 14,100,000		$ 1,350,000
Net smelter royalty, percentage		1.00%
Sale of assets, ownership percentage acquired as consideration		19.90%
Sale of assets, financing value		$ 5,000,000
Sale of assets, expected future period of proceeds from sale of assets		5 years
Sale of assets, expected future proceeds from sale of assets, initial value		$ 7,452,000
Discount rate used in current measurement of expected future proceeds from sale of assets		20.00%
Berenguela project
Disposal Groups, Including Discontinued Operations 1 [Line Items]
Sale of assets, shares received as consideration	145,881,177
Sale of assets, value of equity received as consideration	$ 1,098,000
Initial value of proceeds from right to receive equity	$ 520,000
Proceeds from sale of assets			$ 550,000
Net smelter royalty, percentage	1.00%
Sale of assets, expected future proceeds from sale of assets	$ 12,000,000
Sale of assets, expected future period of proceeds from sale of assets	5 years
Sale of assets, expected future proceeds from sale of assets, initial value	$ 6,726,000
Discount rate used in current measurement of expected future proceeds from sale of assets	15.00%
Credit Agreement
Disposal Groups, Including Discontinued Operations 1 [Line Items]
Borrowings					$ 10,000,000
US Base Rate | Credit Agreement
Disposal Groups, Including Discontinued Operations 1 [Line Items]
Borrowings, adjustment to interest rate basis					10.00%

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PROPERTY, PLANT AND EQUIPMENT - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	$ 658,629
Impairment reversal		$ 24,357
Ending balance	701,175	658,629
Gross carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	1,151,796	1,041,565
Additions	150,373	111,203
Disposals	(16,792)	(14,555)
Costs written off	(9,998)
Impairment reversal		24,357
Property write downs		(1,646)
Change in estimate of close down and restoration provision	3,269	(9,128)
Transfers	0	0
Ending balance	1,278,648	1,151,796
Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(493,167)	(377,737)
Charge for the year	(106,186)	(127,254)
Disposals	12,728	11,824
Costs written off	9,152
Ending balance	(577,473)	(493,167)
Plant and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	229,829
Ending balance	283,729	229,829
Plant and equipment | Gross carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	545,090	509,008
Additions	102,275	33,738
Disposals	(15,485)	(13,555)
Costs written off	(9,998)
Impairment reversal		24,357
Property write downs		0
Change in estimate of close down and restoration provision	0	(8,458)
Transfers	0	0
Ending balance	621,882	545,090
Plant and equipment | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(315,261)	(276,170)
Charge for the year	(44,772)	(50,915)
Disposals	12,728	11,824
Costs written off	9,152
Ending balance	(338,153)	(315,261)
Mineral properties subject to depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	215,367
Ending balance	224,228	215,367
Mineral properties subject to depreciation | Gross carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	393,273	306,277
Additions	33,371	43,118
Disposals	0	0
Costs written off	0
Impairment reversal		0
Property write downs		(747)
Change in estimate of close down and restoration provision	3,269	(670)
Transfers	33,635	45,295
Ending balance	463,548	393,273
Mineral properties subject to depreciation | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(177,906)	(101,567)
Charge for the year	(61,414)	(76,339)
Disposals		0
Costs written off	0
Ending balance	(239,320)	(177,906)
Mineral properties not yet subject to depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	121,854
Ending balance	101,990	121,854
Mineral properties not yet subject to depreciation | Gross carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	121,854	133,560
Additions	13,771	33,589
Disposals	0	0
Costs written off	0
Impairment reversal		0
Property write downs		0
Change in estimate of close down and restoration provision	0	0
Transfers	(33,635)	(45,295)
Ending balance	101,990	121,854
Mineral properties not yet subject to depreciation | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	0	0
Charge for the year	0	0
Disposals		0
Costs written off	0
Ending balance	0	0
Exploration and evaluation assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	91,579
Ending balance	91,228	91,579
Exploration and evaluation assets | Gross carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	91,579	92,720
Additions	956	758
Disposals	(1,307)	(1,000)
Costs written off	0
Impairment reversal		0
Property write downs		(899)
Change in estimate of close down and restoration provision	0	0
Transfers	0	0
Ending balance	91,228	91,579
Exploration and evaluation assets | Accumulated depreciation and amortisation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	0	0
Charge for the year	0	0
Disposals		0
Costs written off	0
Ending balance	$ 0	$ 0

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PROPERTY, PLANT AND EQUIPMENT - Additional Information for Rollforward (Details)				12 Months Ended
	Jan. 19, 2018 USD ($)	May 31, 2017	Jan. 16, 2017 USD ($) installment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Number of years purchaser allowed to evaluate project per option agreement				3 years
Puna Operations Inc.
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of property, plant and equipment		8 years
Plant and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Construction in progress				$ 44,858,000	$ 17,307,000
Mineral properties subject to depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Construction in progress				$ 0	3,715,000
Exploration and evaluation assets | Candelaria project
Disclosure of detailed information about property, plant and equipment [line items]
Initial proceeds from sale of productive assets			$ 1,000,000
Number of annual installments per option agreement | installment			3
Annual installment amount per option agreement	$ 1,000,000		$ 1,000,000
Pirquitas plant assets
Disclosure of detailed information about property, plant and equipment [line items]
Impairment reversal recognized					$ 24,357,000
Seabee Gold Operation
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate used for future cash payments				2.30%	2.30%
Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Transfers				$ 0	$ 0
Impairment loss recognised in profit or loss, property, plant and equipment					1,646,000
Gross carrying amount | Plant and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Transfers				0	0
Impairment loss recognised in profit or loss, property, plant and equipment					0
Gross carrying amount | Mineral properties subject to depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Transfers				33,635,000	45,295,000
Impairment loss recognised in profit or loss, property, plant and equipment					747,000
Gross carrying amount | Mineral properties subject to depreciation, net of assets held-for-sale
Disclosure of detailed information about property, plant and equipment [line items]
Transfers					45,295,000
Gross carrying amount | Exploration and evaluation assets
Disclosure of detailed information about property, plant and equipment [line items]
Transfers				$ 0	0
Impairment loss recognised in profit or loss, property, plant and equipment					$ 899,000

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PROPERTY, PLANT AND EQUIPMENT - Estimated Metal Prices (Details)	Dec. 31, 2018	May 31, 2017 $ / pound $ / ounce
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Discount rate used in current measurement of fair value	10.00%
Pirquitas plant assets | Silver
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Price per ounce, 2017 (usd per oz) | $ / ounce		17.93
Price per ounce, 2018 (usd per oz) | $ / ounce		18.72
Price per ounce, 2019 (usd per oz) | $ / ounce		19.14
Price per ounce, 2020 (usd per oz) | $ / ounce		19.53
Price per ounce, Long-term (usd per oz) | $ / ounce		19.65
Pirquitas plant assets | Lead
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Price per pound, 2017 (usd per lb)		1.01
Price per pound, 2018 (usd per lb)		1.03
Price per pound, 2019 (usd per lb)		1.02
Price per pound, 2020 (usd per lb)		0.99
Price per pound, Long-term (usd per lb)		0.94
Pirquitas plant assets | Zinc
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Price per pound, 2017 (usd per lb)		1.27
Price per pound, 2018 (usd per lb)		1.31
Price per pound, 2019 (usd per lb)		1.24
Price per pound, 2020 (usd per lb)		1.18
Price per pound, Long-term (usd per lb)		1.06

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PROPERTY, PLANT AND EQUIPMENT - Capital Commitments and Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of maturity analysis of operating lease payments [line items]
Capital commitments	$ 29,989	$ 10,207
Operating lease commitments	5,260
Less than one year
Disclosure of maturity analysis of operating lease payments [line items]
Operating lease commitments	513
Two to five years
Disclosure of maturity analysis of operating lease payments [line items]
Operating lease commitments	2,425
Six to ten years
Disclosure of maturity analysis of operating lease payments [line items]
Operating lease commitments	$ 2,322

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CURRENT AND DEFERRED INCOME TAX - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Movement in deferred tax not recognized	$ (128,066)	$ (60,540)
Net proceeds from sale of marketable securities	63,445	68,641
Deferred income tax liabilities	107,909	114,576
Temporary differences associated with investments in subsidiaries	58,724	$ 75,814
Decrease in tax loss carry forward	$ 357,000
Statutory tax rate	27.00%	26.00%
Investments in Subsidiaries
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liabilities	$ 17,617	$ 22,744
Pretium Resources Inc
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Increase (decrease) in number of shares outstanding	(9.0)
Net proceeds from sale of marketable securities	$ 63,400
Income tax payable	7,800
Argentine Operation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Movement in deferred tax not recognized	125,700
Change to tax expense from restructuring activities	114,100
Current tax expense	$ 4,700

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CURRENT AND DEFERRED INCOME TAX - Income Tax Differences (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Abstract]
Income before taxes	$ 8,090	$ 74,587
Statutory tax rate	27.00%	26.00%
Expected income tax	$ 2,184	$ 19,392
Increase (decrease) resulting from permanent differences	25,408	(17,048)
Increase (decrease) resulting from foreign exchange	(13,714)	4,806
Differences in foreign and future tax rates	(1,086)	48,167
Mining & overseas withholding tax	4,955	5,134
Expired losses	2,928	3,658
Restructure	114,100	0
Change in estimates in respect of prior years	1,501	(484)
Movement in deferred tax not recognized	(128,066)	(60,540)
Other	(89)	36
Total income tax expense	8,121	3,121
Current tax expense	8,043	3,094
Deferred tax expense	78	27
Total income tax expense	$ 8,121	$ 3,121

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CURRENT AND DEFERRED INCOME TAX - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net balance at beginning of year	$ (114,576)	$ (115,791)
Recognized in statement of income	(78)	(27)
Recognized in OCI	14,717	1,242
AMT refund	(449)
Net, ending balance	(100,386)	(114,576)
Deferred tax assets	(7,523)	0
Deferred tax liabilities	(107,909)	(114,576)
Marketable securities
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net balance at beginning of year	(13,205)	(16,949)
Recognized in statement of income	376	0
Recognized in OCI	13,867	3,744
AMT refund	0
Net, ending balance	1,038	(13,205)
Inventory
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net balance at beginning of year	(7,244)	(1,984)
Recognized in statement of income	3,733	(5,260)
Recognized in OCI	0	0
AMT refund	0
Net, ending balance	(3,511)	(7,244)
Property, plant and equipment
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net balance at beginning of year	(81,294)	(96,614)
Recognized in statement of income	(10,452)	15,320
Recognized in OCI	0	0
AMT refund	0
Net, ending balance	(91,746)	(81,294)
Close down and restoration provision
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net balance at beginning of year	1,787	3,917
Recognized in statement of income	1,567	(2,130)
Recognized in OCI	0	0
AMT refund	0
Net, ending balance	3,354	1,787
Convertible notes
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net balance at beginning of year	(4,056)	(5,497)
Recognized in statement of income	1,820	1,441
Recognized in OCI	0	0
AMT refund	0
Net, ending balance	(2,236)	(4,056)
Carry forward tax loss and tax credits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net balance at beginning of year	21,830	20,682
Recognized in statement of income	(6,469)	3,404
Recognized in OCI	0	(2,256)
AMT refund	0
Net, ending balance	15,361	21,830
Mining and foreign withholding tax
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net balance at beginning of year	(39,227)	(37,151)
Recognized in statement of income	(1,916)	(2,076)
Recognized in OCI	0	0
AMT refund	0
Net, ending balance	(41,143)	(39,227)
Executive compensation plans
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net balance at beginning of year	2,065	2,582
Recognized in statement of income	1,918	(517)
Recognized in OCI	0	0
AMT refund	0
Net, ending balance	3,983	2,065
Deductibility of other taxes
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net balance at beginning of year	9,021	9,459
Recognized in statement of income	424	(438)
Recognized in OCI	0	0
AMT refund	0
Net, ending balance	9,445	9,021
Other
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net balance at beginning of year	(4,253)	5,764
Recognized in statement of income	8,921	(9,771)
Recognized in OCI	850	(246)
AMT refund	(449)
Net, ending balance	5,069	(4,253)
Before Offset Amount
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	(39,321)	(38,614)
Deferred tax liabilities	(139,707)	(153,190)
Before Offset Amount | Marketable securities
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	(1,038)	0
Deferred tax liabilities	0	(13,205)
Before Offset Amount | Inventory
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	0	0
Deferred tax liabilities	(3,511)	(7,244)
Before Offset Amount | Property, plant and equipment
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	(940)	(1,016)
Deferred tax liabilities	(92,686)	(82,310)
Before Offset Amount | Close down and restoration provision
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	(3,354)	(1,787)
Deferred tax liabilities	0	0
Before Offset Amount | Convertible notes
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	0
Deferred tax liabilities	(2,236)	(4,056)
Before Offset Amount | Carry forward tax loss and tax credits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	(15,361)	(21,830)
Deferred tax liabilities	0	0
Before Offset Amount | Mining and foreign withholding tax
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	0	0
Deferred tax liabilities	(41,143)	(39,227)
Before Offset Amount | Executive compensation plans
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	(3,983)	(2,065)
Deferred tax liabilities	0	0
Before Offset Amount | Deductibility of other taxes
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	(9,445)	(9,021)
Deferred tax liabilities	0	0
Before Offset Amount | Other
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	(5,200)	(2,895)
Deferred tax liabilities	(131)	(7,148)
Offset Amount
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	(31,798)	(38,614)
Deferred tax liabilities	$ (31,798)	$ (38,614)

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CURRENT AND DEFERRED INCOME TAX - Unrecognized Deductible Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	$ 46,419	$ 600,757
Inventory
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	0	11,237
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	3,330	79,336
Close down and restoration provision
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	30,677	38,027
Carry forward tax loss and tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	7,962	396,830
Mineral and foreign withholding tax
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	567	0
Other
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	$ 3,883	$ 75,327

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CURRENT AND DEFERRED INCOME TAX - Tax Operating Losses (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax operating losses	$ 72,734
Argentina
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax operating losses	17,324
Mexico
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax operating losses	41,601
Peru
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax operating losses	71
Canada
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax operating losses	4,256
U.S.A.
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax operating losses	$ 9,482

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VALUE ADDED TAX RECEIVABLE (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Trade and other receivables [abstract]
Current (note 5)	$ 12,811	$ 7,004
Non-current (note 8)	5,991	6,751
Value added tax receivable	$ 18,802	$ 13,755

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TRADE AND OTHER PAYABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Trade and other payables [abstract]
Trade payables	$ 15,896	$ 16,740
Accrued liabilities	43,589	29,574
Accrued royalties	4,542	6,276
Derivative liabilities	2,798	0
Income taxes payable	8,463	4,385
Accrued interest on convertible notes (note 14(a))	3,178	3,178
Trade and other current payables	$ 78,466	$ 60,153

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PROVISIONS - Provisions (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current provisions [abstract]
Current moratorium provision	$ 4,570	$ 9,085
Current close down and restoration provision	211	978
Current other provisions	7	1,250
Current provisions	4,788	11,313
Non-current provisions [abstract]
Non-current moratorium provision	14,487	36,952
Non-current close down and restoration provision	61,961	57,352
Non-current provisions	$ 76,448	$ 94,304

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PROVISIONS - Changes in the Close Down and Restoration Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in other provisions [abstract]
Balance, beginning of year	$ 62,172	$ 58,330	$ 63,909
Settled during the year	(852)	(926)
Accretion expense	3,459	3,380
Foreign exchange gain (loss)	(504)	396
Revisions and new estimated cash flows	1,739	(8,429)
Less: current portion	(211)	(978)
Non-current close down and restoration provision	$ 61,961	$ 57,352

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PROVISIONS - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	May 31, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2007
Disclosure of other provisions [line items]
Export duty, percentage						10.00%
Tax moratorium, settlement amount		$ 1,057,444
Tax moratorium, settlement amount, undiscounted cash flows		$ 68,621
Tax moratorium, down payment percentage		5.00%
Tax moratorium, installment payment period		60 months
Tax moratorium liability, interest rate		1.50%
Export duties paid			$ 6,646
Total liabilities			515,162	$ 513,526
Provision for decommissioning, restoration and rehabilitation costs			$ 62,172	$ 58,330	$ 63,909
Change in the discount rate			1.00%
Increase (decrease) through change in discount rate, other provisions			$ 5,559
Marigold mine
Disclosure of other provisions [line items]
Discount rate used for future cash payments			2.80%	2.60%
Length of settlement			20 years
Puna Operations
Disclosure of other provisions [line items]
Discount rate used for future cash payments			9.90%	9.90%
Length of settlement			15 years
Seabee Gold Operation
Disclosure of other provisions [line items]
Discount rate used for future cash payments			2.30%	2.30%
Length of settlement			11 years
Gross carrying amount
Disclosure of other provisions [line items]
Change in estimate of close down and restoration provision			$ 3,269	$ (9,128)
Puna Operations Inc.
Disclosure of other provisions [line items]
Useful life of property, plant and equipment	8 years
Provision for decommissioning, restoration and rehabilitation costs			(8,317)
Amount recorded against carrying value of plant			8,458
Benefit recognized in income statement			$ 141

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DEBT AND CREDIT FACILITY - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Jul. 06, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 04, 2015
Investment [Line Items]
Debt	$ 250,729,000		$ 236,358,000	$ 223,211,000
Equity component of convertible notes	68,347,000		68,347,000
Senior Convertible Unsecured Notes
Investment [Line Items]
Debt	$ 265,000,000
Debt instrument, interest rate, stated percentage	2.875%
Debt conversion, converted instrument, shares issued	50
Debt instrument, convertible, conversion price (in usd per share)	$ 20.00
Number of trading days sale price exceeds conversion price	20 days
Number of consecutive trading days	30 days
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Debt instrument, redemption price, percentage	100.00%
Debt instrument, fair value disclosure	$ 178,358,000
Debt instrument, term	7 years
Fair value inputs, discount rate	8.50%
Equity component of convertible notes, gross	$ 77,723,000
Equity component of convertible notes	68,347,000
Revolving Credit Facility
Investment [Line Items]
Debt		$ 10,000,000
Notional amount					$ 75,000,000
Borrowing capacity, Accordion feature	$ 25,000,000
Line of credit facility, financial letters of credit, percentage	66.00%
Line of credit facility, undrawn fees, percentage	25.00%
Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)
Investment [Line Items]
Borrowings, adjustment to interest rate basis	2.25%
Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)
Investment [Line Items]
Borrowings, adjustment to interest rate basis	3.75%
Letter of Credit
Investment [Line Items]
Debt	$ 8,000,000		$ 7,700,000

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DEBT AND CREDIT FACILITY - Disclosure of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Financial Instruments [Abstract]
Balance, beginning of year	$ 236,358	$ 223,211
Accretion of discount	14,371	13,147
Interest accrued in period	7,619	7,619
Interest paid	(7,619)	(7,619)
Balance, end of year	250,729	236,358
Accrued interest outstanding (note 12)	(3,178)	(3,178)
Non-current portion of Notes outstanding	$ 247,551	$ 233,180

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SHARE CAPITAL AND SHARE-BASED PAYMENTS - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018 CAD ($) $ / shares	Dec. 31, 2017 CAD ($) $ / shares	Dec. 31, 2018 USD ($)	Dec. 31, 2018 CAD ($) $ / shares	Dec. 31, 2017 USD ($)	Dec. 31, 2017 CAD ($) $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum percentage of options authorized to be issued through incentive plan	6.50%
Maximum term options granted	7 years
Percentage of incentive stock options to issued and outstanding common share capital			2.20%	2.20%	2.50%	2.50%
Aggregate intrinsic value of vested share options			$ 11,898		$ 4,076
Weighted average fair value of stock options granted				$ 5.06		$ 5.97
Weighted average share price at date of grant	$ 11.84	$ 12.50
Weighted average share price at date of exercise of stock options (C$ per share) | $ / shares	$ 14.13	$ 13.50
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years
Deferred Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value at measurement date, other equity instruments granted				$ 12.49		$ 12.95
Weighted average fair value (C$ per unit) | $ / shares				$ 16.50		$ 11.07
Liabilities from share-based payment transactions			6,455		5,372
Restricted Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value at measurement date, other equity instruments granted				$ 11.47		$ 14.06
Fair value of units settled (C$ per unit) | $ / shares	$ 12.33	13.98
Weighted average fair value (C$ per unit) | $ / shares				$ 16.50		$ 11.07
Liabilities from share-based payment transactions			2,949		3,339
Performance Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value at measurement date, other equity instruments granted				$ 10.72		$ 12.62
Fair value of units settled (C$ per unit) | $ / shares	$ 23.09	$ 13.97
Weighted average fair value (C$ per unit) | $ / shares				$ 26.76		$ 9.47
Liabilities from share-based payment transactions			$ 7,230		$ 1,299
Vesting period	3 years
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price, share options granted	$ 11.07	$ 12.01
Minimum | Performance Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting rights, percentage	0.00%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum term options granted	10 years
Exercise price, share options granted	$ 13.39	$ 14.12
Maximum | Performance Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting rights, percentage	200.00%

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SHARE CAPITAL AND SHARE-BASED PAYMENTS - Changes in Stock Options Issued (Details)	12 Months Ended
	Dec. 31, 2018 CAD ($) shares	Dec. 31, 2017 CAD ($) shares
Share-Based Payment Arrangements [Abstract]
Outstanding, beginning balance (in shares) | shares	2,976,360	3,038,707
Granted (in shares) | shares	668,664	489,305
Exercised (in shares) | shares	(899,050)	(440,317)
Expired (in shares) | shares	(56,700)	0
Forfeited (in shares) | shares	(50,525)	(111,335)
Outstanding, ending balance (in shares) | shares	2,638,749	2,976,360
Beginning balance (C$ per share) | $	$ 9.35	$ 8.52
Granted (C$ per share) | $	11.84	12.50
Exercised (C$ per share) | $	(7.79)	(6.60)
Expired (C$ per share) | $	(14.15)	(0.00)
Forfeited (C$ per share) | $	(12.70)	(11.25)
Ending balance (C$ per share) | $	$ 10.35	$ 9.35

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SHARE CAPITAL AND SHARE-BASED PAYMENTS - Valuation Assumptions (Details) - year	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-Based Payment Arrangements [Abstract]
Forfeiture rate (%)	3.00%	3.00%
Dividend yield (%)	0.00%	0.00%
Average risk-free interest rate (%)	1.88%	1.00%
Expected life (years)	4.2	4.2
Volatility (%)	55.80%	60.90%

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SHARE CAPITAL AND SHARE-BASED PAYMENTS - Stock Options Outstanding and Exercisable (Details)	Dec. 31, 2018 CAD ($) shares year	Dec. 31, 2017 shares	Dec. 31, 2016 shares
Disclosure of range of exercise prices of outstanding share options [line items]
Stock options outstanding | shares	2,638,749	2,976,360	3,038,707
Weighted average remaining contractual life (years) | year	3.6
Stock options exercisable | shares	1,491,704
Weighted average exercise price (C$/option)	$ 9.79
3.30 - 7.02
Disclosure of range of exercise prices of outstanding share options [line items]
Stock options outstanding | shares	321,592
Weighted average remaining contractual life (years) | year	2.5
Stock options exercisable | shares	321,592
Weighted average exercise price (C$/option)	$ 5.83
3.30 - 7.02 | Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price, share options outstanding (C$ per share)	3.30
3.30 - 7.02 | Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price, share options outstanding (C$ per share)	$ 7.02
7.03 - 7.36
Disclosure of range of exercise prices of outstanding share options [line items]
Stock options outstanding | shares	630,045
Weighted average remaining contractual life (years) | year	3.4
Stock options exercisable | shares	401,717
Weighted average exercise price (C$/option)	$ 7.19
7.03 - 7.36 | Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price, share options outstanding (C$ per share)	7.03
7.03 - 7.36 | Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price, share options outstanding (C$ per share)	$ 7.36
7.37 - 11.95
Disclosure of range of exercise prices of outstanding share options [line items]
Stock options outstanding | shares	700,836
Weighted average remaining contractual life (years) | year	4.3
Stock options exercisable | shares	324,536
Weighted average exercise price (C$/option)	$ 9.05
7.37 - 11.95 | Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price, share options outstanding (C$ per share)	7.37
7.37 - 11.95 | Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price, share options outstanding (C$ per share)	$ 11.95
11.96 - 24.41
Disclosure of range of exercise prices of outstanding share options [line items]
Stock options outstanding | shares	986,276
Weighted average remaining contractual life (years) | year	3.7
Stock options exercisable | shares	443,859
Weighted average exercise price (C$/option)	$ 15.56
11.96 - 24.41 | Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price, share options outstanding (C$ per share)	11.96
11.96 - 24.41 | Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price, share options outstanding (C$ per share)	$ 24.41

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SHARE CAPITAL AND SHARE-BASED PAYMENTS - Activity of Outstanding Units Other than Options (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Deferred Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding, January 1	608,763,000	535,579,000
Granted (in units)	107,318,000	73,184,000
Redeemed / Settled (in units)	(182,383,000)	0
Outstanding, December 31	533,698,000	608,763,000
Restricted Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding, January 1	541,006,000	704,055,000
Granted (in units)	322,935,000	242,565,000
Redeemed / Settled (in units)	(276,983,000)	(313,003,000)
Forfeited (in units)	(161,863,000)	(92,611,000)
Outstanding, December 31	425,095,000	541,006,000
Performance Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding, January 1	391,432,000	524,550,000
Granted (in units)	174,900,000	159,850,000
Redeemed / Settled (in units)	(255,232,000)	(190,000,000)
Forfeited (in units)	0	(102,968,000)
Outstanding, December 31	311,100,000	391,432,000

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SHARE CAPITAL AND SHARE-BASED PAYMENTS - Share-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-settled	$ 2,782	$ 0
Share-based compensation	14,718	6,095
Cost of inventory
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-settled	160	190
Cash-settled	1,024	1,639
General and administrative expense
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-settled	1,958	1,988
Cash-settled	11,412	2,237
Exploration, evaluation and reclamation expenses
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-settled	39	41
Cash-settled	$ 125	$ 0

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OTHER RESERVES AND NON-CONTROLLING INTEREST (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of reserves within equity [line items]
Beginning balance	$ 1,023,928	$ 901,879
Gain on marketable securities at FVTOCI, net of tax	(37,686)	25,948
Unrealized gain on effective portion of derivative, net of tax	(2,907)	526
Stock options exercised	5,320	2,339
Share-based compensation	2,156	2,219
Recognition of joint venture		17,231
Funding from non-controlling interest	15,196	2,320
Total comprehensive (loss) income	(40,624)	97,940
Ending balance	1,005,976	1,023,928
Other reserves
Disclosure of reserves within equity [line items]
Beginning balance	24,998	(1,014)
Stock options exercised	(2,864)	(1,339)
Share-based compensation	2,156	2,219
Recognition of joint venture		(1,342)
Total comprehensive (loss) income	(40,593)	26,474
Ending balance	(16,303)	24,998
Foreign currency translation reserve
Disclosure of reserves within equity [line items]
Beginning balance	781	781
Ending balance	781	781
Revaluation reserves
Disclosure of reserves within equity [line items]
Beginning balance	3,353	(23,121)
Gain on marketable securities at FVTOCI, net of tax	(37,686)	25,948
Unrealized gain on effective portion of derivative, net of tax	(2,907)	526
Ending balance	(37,240)	3,353
Share-based compensation reserve
Disclosure of reserves within equity [line items]
Beginning balance	50,404	49,524
Stock options exercised	(2,864)	(1,339)
Share-based compensation	2,156	2,219
Ending balance	49,696	50,404
Other
Disclosure of reserves within equity [line items]
Beginning balance	(29,540)	(28,198)
Recognition of joint venture	0	(1,342)
Ending balance	(29,540)	(29,540)
Transactions with non-controlling interests
Disclosure of reserves within equity [line items]
Beginning balance	23,043	0
Recognition of joint venture	0	18,573
Funding from non-controlling interest	15,196	2,320
Total comprehensive (loss) income	(6,410)	2,150
Ending balance	$ 31,829	$ 23,043

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REVENUE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 420,675	$ 448,773
Gold doré and bullion sales
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	365,996	358,790
Concentrate sales
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	57,461	88,823
Other revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ (2,782)	$ 1,160

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OPERATING COSTS BY NATURE - Cost of Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Analysis of income and expense [abstract]
Cost of inventory	$ 245,111	$ 242,998
Depletion, depreciation and amortization	98,719	102,416
Moratorium (settlement) (note 13)	0	(4,303)
(Recovery) of inventory provision (note 7)	0	(5,710)
Restructuring costs	0	109
Cost of sales	$ 343,830	$ 335,510

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OPERATING COSTS BY NATURE - General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Analysis of income and expense [abstract]
Salaries and benefits	$ 12,157	$ 9,029
Share-based compensation	13,371	4,225
Consulting and professional fees	3,036	2,288
Travel expense	1,044	562
Rent expense	842	703
Insurance expense	676	569
Computer expenses	668	789
Depreciation and amortization	194	202
Shareholder and investor relations	99	323
Listing and filing fees	249	251
Directors fees and expenses	347	227
Other expenses	258	1,139
General and administrative expense	$ 32,941	$ 20,307

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FINANCE INCOME AND EXPENSES - Interest earned and other finance income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Analysis of income and expense [abstract]
Interest earned	$ 9,219	$ 4,132
Accretion income on deferred consideration	2,542	1,998
Total interest earned and other finance income	$ 11,761	$ 6,130

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FINANCE INCOME AND EXPENSES - Interest expense and other financial expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Analysis of income and expense [abstract]
Interest expense on convertible notes (note 14)	$ (7,619)	$ (7,619)
Accretion expense on convertible notes (note 14)	(14,371)	(13,147)
Accretion of close down and restoration provision (note 13)	(3,459)	(3,380)
Interest on moratorium	(6,212)	(7,616)
Other finance expenses	(1,969)	(3,108)
Total interest expense and other finance expenses	$ (33,630)	$ (34,870)

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OTHER (EXPENSES) INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Analysis of income and expense [abstract]
Loss on disposal of plant and equipment	$ (5,344)	$ (3,068)
Expense related to the premium paid for shares over the prevailing market price	(2,782)	0
Write-down of mineral properties	0	(906)
Royalty income	0	1,417
Other	(1,023)	(510)
Other (expenses) income	$ (9,149)	$ (3,067)

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INCOME PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Earnings per share [abstract]
Net (loss) income	$ (31)	$ 71,466
Non-controlling interest	(6,410)	2,150
Income attributable to equity holders of SSR Mining used in the calculation of income per share	$ 6,379	$ 69,316
Weighted average number of common shares issued (thousands) (in shares)	120,137	119,593
Adjustments for dilutive instruments:
Stock options (thousands) (in shares)	1,217	1,088
Weighted average number of common shares for diluted income per share (thousands) (in shares)	121,354	120,681
Basic earnings (loss) per share (usd per share)	$ 0.05	$ 0.58
Diluted earnings (loss) per share (usd per share)	$ 0.05	$ 0.57

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OPERATING SEGMENTS - Segment Reporting Information, by Segment (Details)	12 Months Ended
	Dec. 31, 2018 USD ($) segment	Dec. 31, 2017 USD ($)
Disclosure of operating segments [line items]
Number of operating segments (in segments) | segment	3
Revenue	$ 420,675,000	$ 448,773,000
Cost of inventory	(245,111,000)	(242,998,000)
Depletion, depreciation and amortization	(98,719,000)	(102,416,000)
Export duties reversal (note 13)	0	4,303,000
Restructuring costs (note 18)	0	(109,000)
Inventory (provision) reversal (note 7)	0	5,710,000
Cost of sales	(343,830,000)	(335,510,000)
Income from mine operations	76,845,000	113,263,000
Exploration, evaluation and reclamation expenses	(14,009,000)	(15,981,000)
Impairment reversal	0	24,357,000
Operating income (loss)	29,895,000	101,332,000
Income (loss) before income tax	8,090,000	74,587,000
Total assets	1,521,138,000	1,537,454,000
Non-current assets	774,695,000	719,139,000
Total liabilities	(515,162,000)	(513,526,000)
Puna Operations Inc.
Disclosure of operating segments [line items]
Revenue	13,077,000	12,361,000
Income from mine operations	(1,243,000)	4,039,000
Puna Operations
Disclosure of operating segments [line items]
Inventory (provision) reversal (note 7)		6,342,000
Operating segments | Marigold mine
Disclosure of operating segments [line items]
Revenue	250,341,000	250,825,000
Cost of inventory	(143,380,000)	(129,176,000)
Depletion, depreciation and amortization	(56,748,000)	(54,983,000)
Export duties reversal (note 13)		0
Restructuring costs (note 18)		0
Inventory (provision) reversal (note 7)		0
Cost of sales	(200,128,000)	(184,159,000)
Income from mine operations	50,213,000	66,666,000
Exploration, evaluation and reclamation expenses	(769,000)	(1,875,000)
Impairment reversal		0
Operating income (loss)	43,399,000	64,935,000
Income (loss) before income tax	26,239,000	63,959,000
Total assets	478,187,000	436,815,000
Non-current assets	235,242,000	222,800,000
Total liabilities	(79,210,000)	(73,526,000)
Operating segments | Seabee Gold Operation
Disclosure of operating segments [line items]
Revenue	115,655,000	108,334,000
Cost of inventory	(46,054,000)	(51,683,000)
Depletion, depreciation and amortization	(38,818,000)	(40,375,000)
Export duties reversal (note 13)		0
Restructuring costs (note 18)		0
Inventory (provision) reversal (note 7)		(632,000)
Cost of sales	(84,872,000)	(92,690,000)
Income from mine operations	30,783,000	15,644,000
Exploration, evaluation and reclamation expenses	(7,703,000)	(5,050,000)
Impairment reversal		0
Operating income (loss)	20,657,000	10,594,000
Income (loss) before income tax	20,204,000	10,126,000
Total assets	448,891,000	418,210,000
Non-current assets	321,802,000	346,647,000
Total liabilities	(93,017,000)	(92,050,000)
Operating segments | Puna Operations
Disclosure of operating segments [line items]
Revenue	54,679,000	89,614,000
Cost of inventory	(55,677,000)	(62,139,000)
Depletion, depreciation and amortization	(3,153,000)	(7,058,000)
Export duties reversal (note 13)		4,303,000
Restructuring costs (note 18)		(109,000)
Inventory (provision) reversal (note 7)		6,342,000
Cost of sales	(58,830,000)	(58,661,000)
Income from mine operations	(4,151,000)	30,953,000
Exploration, evaluation and reclamation expenses	919,000	(324,000)
Impairment reversal		24,357,000
Operating income (loss)	(8,457,000)	52,788,000
Income (loss) before income tax	(9,066,000)	46,379,000
Total assets	185,298,000	200,590,000
Non-current assets	121,890,000	77,112,000
Total liabilities	(62,243,000)	(77,850,000)
Operating segments | Exploration, evaluation and development properties
Disclosure of operating segments [line items]
Revenue	0	0
Cost of inventory	0	0
Depletion, depreciation and amortization	0	0
Export duties reversal (note 13)		0
Restructuring costs (note 18)		0
Inventory (provision) reversal (note 7)		0
Cost of sales	0	0
Income from mine operations	0	0
Exploration, evaluation and reclamation expenses	(2,857,000)	(8,357,000)
Impairment reversal		0
Operating income (loss)	(2,801,000)	(8,360,000)
Income (loss) before income tax	(2,751,000)	(14,840,000)
Total assets	71,830,000	72,825,000
Non-current assets	69,263,000	71,782,000
Total liabilities	(6,330,000)	(6,496,000)
Other reconciling items
Disclosure of operating segments [line items]
Revenue	0	0
Cost of inventory	0	0
Depletion, depreciation and amortization	0	0
Export duties reversal (note 13)		0
Restructuring costs (note 18)		0
Inventory (provision) reversal (note 7)		0
Cost of sales	0	0
Income from mine operations	0	0
Exploration, evaluation and reclamation expenses	(3,599,000)	(375,000)
Impairment reversal		0
Operating income (loss)	(22,903,000)	(18,625,000)
Income (loss) before income tax	(26,536,000)	(31,037,000)
Total assets	336,932,000	409,014,000
Non-current assets	26,498,000	798,000
Total liabilities	$ (274,362,000)	$ (263,604,000)

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OPERATING SEGMENTS - Revenue by Product (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Gold
Disclosure of products and services [line items]
Revenue (as a percent)	87.00%	80.00%
Silver
Disclosure of products and services [line items]
Revenue (as a percent)	12.00%	20.00%
Zinc
Disclosure of products and services [line items]
Revenue (as a percent)	1.00%	0.00%
Lead
Disclosure of products and services [line items]
Revenue (as a percent)	0.00%	0.00%
Customer One
Disclosure of products and services [line items]
Revenue (as a percent)	51.00%	7.00%

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OPERATING SEGMENTS - Long Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of geographical areas [line items]
Non-current assets	$ 774,695	$ 719,139
Canada
Disclosure of geographical areas [line items]
Non-current assets	357,783	348,455
United States
Disclosure of geographical areas [line items]
Non-current assets	236,054	224,612
Argentina
Disclosure of geographical areas [line items]
Non-current assets	113,534	79,250
Mexico
Disclosure of geographical areas [line items]
Non-current assets	66,749	66,131
Other
Disclosure of geographical areas [line items]
Non-current assets	$ 575	$ 691

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities by Category (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial liabilities [line items]
Financial liabilities	$ 317,554	$ 288,948
Disclosure of financial assets [line items]
Financial assets	488,924	611,112
Trade and other payables
Disclosure of financial liabilities [line items]
Financial liabilities	70,003	55,768
Debt
Disclosure of financial liabilities [line items]
Financial liabilities	247,551	233,180
Cash and cash equivalents
Disclosure of financial assets [line items]
Financial assets	419,212	459,864
Trade receivables
Disclosure of financial assets [line items]
Financial assets	11,287	14,848
Marketable securities
Disclosure of financial assets [line items]
Financial assets	29,542	114,001
Other financial assets
Disclosure of financial assets [line items]
Financial assets	28,883	22,399
Amortized cost
Disclosure of financial liabilities [line items]
Financial liabilities	301,669	278,939
Amortized cost | Trade and other payables
Disclosure of financial liabilities [line items]
Financial liabilities	54,118	45,759
Amortized cost | Debt
Disclosure of financial liabilities [line items]
Financial liabilities	247,551	233,180
FVTPL
Disclosure of financial liabilities [line items]
Financial liabilities	15,885	10,009
FVTPL | Trade and other payables
Disclosure of financial liabilities [line items]
Financial liabilities	15,885	10,009
FVTPL | Debt
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
FVTOCI
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
FVTOCI | Trade and other payables
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
FVTOCI | Debt
Disclosure of financial liabilities [line items]
Financial liabilities	0	0
Amortized cost
Disclosure of financial assets [line items]
Financial assets	25,172	14,773
Amortized cost | Cash and cash equivalents
Disclosure of financial assets [line items]
Financial assets	0	0
Amortized cost | Trade receivables
Disclosure of financial assets [line items]
Financial assets	0	0
Amortized cost | Marketable securities
Disclosure of financial assets [line items]
Financial assets	0	0
Amortized cost | Other financial assets
Disclosure of financial assets [line items]
Financial assets	25,172	14,773
FVTPL
Disclosure of financial assets [line items]
Financial assets	434,210	482,338
FVTPL | Cash and cash equivalents
Disclosure of financial assets [line items]
Financial assets	419,212	459,864
FVTPL | Trade receivables
Disclosure of financial assets [line items]
Financial assets	11,287	14,848
FVTPL | Marketable securities
Disclosure of financial assets [line items]
Financial assets	0	0
FVTPL | Other financial assets
Disclosure of financial assets [line items]
Financial assets	3,711	7,626
FVTOCI
Disclosure of financial assets [line items]
Financial assets	29,542	114,001
FVTOCI | Cash and cash equivalents
Disclosure of financial assets [line items]
Financial assets	0	0
FVTOCI | Trade receivables
Disclosure of financial assets [line items]
Financial assets	0	0
FVTOCI | Marketable securities
Disclosure of financial assets [line items]
Financial assets	29,542	114,001
FVTOCI | Other financial assets
Disclosure of financial assets [line items]
Financial assets	$ 0	$ 0

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of fair value measurement of assets [line items]
Assets	$ 1,521,138	$ 1,537,454
Liabilities	(515,162)	(513,526)
Carrying value
Disclosure of fair value measurement of assets [line items]
Net assets (liabilities)	(177,839)	(81,932)
Carrying value | Non-current portion of debt
Disclosure of fair value measurement of assets [line items]
Liabilities	(247,551)	(233,180)
Carrying value | Trade receivables
Disclosure of fair value measurement of assets [line items]
Assets	11,287	14,848
Carrying value | Marketable securities
Disclosure of fair value measurement of assets [line items]
Assets	29,542	114,001
Carrying value | Other financial assets
Disclosure of fair value measurement of assets [line items]
Assets	28,883	22,399
Fair value
Disclosure of fair value measurement of assets [line items]
Liabilities	(263,675)	(259,578)
Net assets (liabilities)	(193,963)	(108,330)
Fair value | Non-current portion of debt
Disclosure of fair value measurement of assets [line items]
Liabilities	(263,675)	(259,578)
Fair value | Trade receivables
Disclosure of fair value measurement of assets [line items]
Assets	11,287	14,848
Fair value | Marketable securities
Disclosure of fair value measurement of assets [line items]
Assets	29,542	114,001
Fair value | Other financial assets
Disclosure of fair value measurement of assets [line items]
Assets	$ 28,883	$ 22,399

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of fair value measurement of assets [line items]
Total assets	$ 1,521,138	$ 1,537,454
Liabilities	(515,162)	(513,526)
Recurring measurements
Disclosure of fair value measurement of assets [line items]
Net assets (liabilities)	27,891	126,465
Recurring measurements | Quoted prices in active market
Disclosure of fair value measurement of assets [line items]
Net assets (liabilities)	29,542	114,001
Recurring measurements | Significant other observable inputs
Disclosure of fair value measurement of assets [line items]
Net assets (liabilities)	(5,362)	6,126
Recurring measurements | Significant unobservable inputs
Disclosure of fair value measurement of assets [line items]
Net assets (liabilities)	3,711	6,338
Non-recurring measurements
Disclosure of fair value measurement of assets [line items]
Total assets		7,399
Non-recurring measurements | Quoted prices in active market
Disclosure of fair value measurement of assets [line items]
Total assets		0
Non-recurring measurements | Significant other observable inputs
Disclosure of fair value measurement of assets [line items]
Total assets		0
Non-recurring measurements | Significant unobservable inputs
Disclosure of fair value measurement of assets [line items]
Total assets		7,399
Fair values disclosed
Disclosure of fair value measurement of assets [line items]
Liabilities	(263,675)	(259,578)
Net assets (liabilities)	(193,963)	(108,330)
Fair values disclosed | Quoted prices in active market
Disclosure of fair value measurement of assets [line items]
Liabilities	(263,675)	(259,578)
Fair values disclosed | Significant other observable inputs
Disclosure of fair value measurement of assets [line items]
Liabilities	0	0
Fair values disclosed | Significant unobservable inputs
Disclosure of fair value measurement of assets [line items]
Liabilities	0	0
Derivative assets
Disclosure of fair value measurement of assets [line items]
Liabilities		(10,009)
Derivative assets | Recurring measurements
Disclosure of fair value measurement of assets [line items]
Liabilities	(16,649)
Derivative assets | Recurring measurements | Quoted prices in active market
Disclosure of fair value measurement of assets [line items]
Liabilities	0	0
Derivative assets | Recurring measurements | Significant other observable inputs
Disclosure of fair value measurement of assets [line items]
Liabilities	(16,649)	(10,009)
Derivative assets | Recurring measurements | Significant unobservable inputs
Disclosure of fair value measurement of assets [line items]
Liabilities	0	0
Convertible notes | Fair values disclosed
Disclosure of fair value measurement of assets [line items]
Liabilities	(263,675)	(259,578)
Convertible notes | Fair values disclosed | Quoted prices in active market
Disclosure of fair value measurement of assets [line items]
Liabilities	(263,675)	(259,578)
Convertible notes | Fair values disclosed | Significant other observable inputs
Disclosure of fair value measurement of assets [line items]
Liabilities	0	0
Convertible notes | Fair values disclosed | Significant unobservable inputs
Disclosure of fair value measurement of assets [line items]
Liabilities	0	0
Trade receivables | Recurring measurements
Disclosure of fair value measurement of assets [line items]
Total assets	11,287	14,848
Trade receivables | Recurring measurements | Quoted prices in active market
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Trade receivables | Recurring measurements | Significant other observable inputs
Disclosure of fair value measurement of assets [line items]
Total assets	11,287	14,848
Trade receivables | Recurring measurements | Significant unobservable inputs
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Trade receivables | Fair values disclosed
Disclosure of fair value measurement of assets [line items]
Total assets	11,287	14,848
Marketable securities | Recurring measurements
Disclosure of fair value measurement of assets [line items]
Total assets	29,542	114,001
Marketable securities | Recurring measurements | Quoted prices in active market
Disclosure of fair value measurement of assets [line items]
Total assets	29,542	114,001
Marketable securities | Recurring measurements | Significant other observable inputs
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Marketable securities | Recurring measurements | Significant unobservable inputs
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Marketable securities | Fair values disclosed
Disclosure of fair value measurement of assets [line items]
Total assets	29,542	114,001
Other financial assets | Recurring measurements
Disclosure of fair value measurement of assets [line items]
Total assets	3,711	6,338
Other financial assets | Recurring measurements | Quoted prices in active market
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Other financial assets | Recurring measurements | Significant other observable inputs
Disclosure of fair value measurement of assets [line items]
Total assets	0	0
Other financial assets | Recurring measurements | Significant unobservable inputs
Disclosure of fair value measurement of assets [line items]
Total assets	3,711	6,338
Other financial assets | Fair values disclosed
Disclosure of fair value measurement of assets [line items]
Total assets	$ 28,883	22,399
Derivative assets | Recurring measurements
Disclosure of fair value measurement of assets [line items]
Total assets		1,287
Derivative assets | Recurring measurements | Quoted prices in active market
Disclosure of fair value measurement of assets [line items]
Total assets		0
Derivative assets | Recurring measurements | Significant other observable inputs
Disclosure of fair value measurement of assets [line items]
Total assets		1,287
Derivative assets | Recurring measurements | Significant unobservable inputs
Disclosure of fair value measurement of assets [line items]
Total assets		0
Deferred consideration | Non-recurring measurements
Disclosure of fair value measurement of assets [line items]
Total assets		7,399
Deferred consideration | Non-recurring measurements | Quoted prices in active market
Disclosure of fair value measurement of assets [line items]
Total assets		0
Deferred consideration | Non-recurring measurements | Significant other observable inputs
Disclosure of fair value measurement of assets [line items]
Total assets		0
Deferred consideration | Non-recurring measurements | Significant unobservable inputs
Disclosure of fair value measurement of assets [line items]
Total assets		$ 7,399

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Financial Instruments And Fair Value Measurement [Abstract]
Transfers out of Level 3 of fair value hierarchy, assets	$ 0	$ 2,057

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FINANCIAL RISK MANAGEMENT - Narrative (Details)		12 Months Ended
	Mar. 31, 2017	Dec. 31, 2018 USD ($) $ / $ $ / liter $ / gal	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Tax moratorium liability, interest rate	1.50%
Borrowings		$ 250,729,000	$ 236,358,000	$ 223,211,000
Letter of Credit
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings		8,000,000	7,700,000
Surety Bonds
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings		$ 54,053,000	61,186,000
Commodity price risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent		10.00%
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, Impact on OCI		$ 2,555,000	9,861,000
Commodity price risk | Silver
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent		10.00%
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on earnings (loss)		$ 891,000	987,000
Commodity price risk | Gulf Coast diesel index commodity swaps and options
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average hedging price | $ / gal		1.56
Mark-to-market gain (loss) on hedging instrument			117,000
Commodity price risk | US New York Harbour diesel index
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average hedging price | $ / liter		0.44
Mark-to-market gain (loss) on hedging instrument		$ (144,000)	0
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average hedging price | $ / $		1.36
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent		10.00%
Mark-to-market gain (loss) on hedging instrument		$ (1,572,000)	$ 412,000
Currency risk | Argentine peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of increase (decrease) in value of currency		(102.00%)	(17.00%)
Currency risk | Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of increase (decrease) in value of currency		9.00%	(7.00%)
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent		1.00%
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on earnings (loss)		$ 3,372,000	$ 2,368,000
Tax moratorium liability, interest rate			1.50%
Weighted average interest rate earned on cash and cash equivalent			0.97%

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FINANCIAL RISK MANAGEMENT - Market Price Risk (Details) - Commodity price risk gal in Thousands	Dec. 31, 2019 $ / liter gal $ / gal	Dec. 31, 2018 $ / liter gal $ / gal
Gulf Coast diesel index commodity swaps and options
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Gallons hedged | gal	3,600	5,364
Estimated usage	35.30%	52.60%
Average hedging price | $ / gal		1.56
Gulf Coast diesel index commodity swaps and options | Floor price
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Average hedging price | $ / gal	1.75	1.70
Gulf Coast diesel index commodity swaps and options | Cap price
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Average hedging price | $ / gal	2.36	2.34
US New York Harbour diesel index
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Gallons hedged | gal	0	3,188
Estimated usage	0.00%	75.00%
Average hedging price | $ / liter		0.44
US New York Harbour diesel index | Floor price
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Average hedging price | $ / liter	0.00	0.46
US New York Harbour diesel index | Cap price
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Average hedging price | $ / liter	0.00	0.55

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FINANCIAL RISK MANAGEMENT - Market Currency Risk (Details) - Currency risk - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	$ (14,847)	$ (11,269)
Canadian dollar | Cash
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	7,982	5,342
Canadian dollar | Value added tax receivable
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	145	206
Canadian dollar | Other financial assets
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure		200
Canadian dollar | Trade and other payables (excluding VAT and income taxes)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	(22,974)	(17,017)
Canadian dollar | Provisions
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	0	0
Argentine peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	(10,321)	(21,959)
Argentine peso | Cash
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	1,604	17,223
Argentine peso | Value added tax receivable
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	17,039	12,242
Argentine peso | Other financial assets
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure		884
Argentine peso | Trade and other payables (excluding VAT and income taxes)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	(9,908)	(5,021)
Argentine peso | Provisions
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure	$ (19,056)	$ (47,287)

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FINANCIAL RISK MANAGEMENT - Currency Risk Positions (Details) - Currency risk $ in Thousands	Dec. 31, 2019 CAD ($) $ / $	Dec. 31, 2018 CAD ($) $ / $
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Notional amount | $	$ 30,000	$ 54,140
Estimated usage	40.30%	71.20%
Hedging price ($/gallon and $/litre)		1.36
Floor price
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Hedging price ($/gallon and $/litre)	1.2614	1.2500
Cap price
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Hedging price ($/gallon and $/litre)	1.3710	1.3348

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FINANCIAL RISK MANAGEMENT - Sensitivity Analysis of Currency Risk (Details) - Currency risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent	10.00%
Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, Impact on OCI	$ 1,084	$ 701
Argentine peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, Impact on OCI	$ 715	$ 1,460

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FINANCIAL RISK MANAGEMENT - Credit Risk (Details) - Credit risk - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 478,184	$ 510,866
Cash and cash equivalents
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	419,212	459,864
Value added tax receivable
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	18,802	13,755
Trade receivables and other assets
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk	$ 11,287	14,848
Other financial assets
Disclosure of credit risk exposure [line items]
Maximum exposure to credit risk		$ 22,399

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FINANCIAL RISK MANAGEMENT - Liquidity Risk (Details) - Liquidity risk - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade and other payables	$ 70,003	$ 52,590
Moratorium	19,057	46,037
Notes	265,000	265,000
Interest on convertible notes	11,428	19,047
Total contractual obligations	365,488	$ 382,674
Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade and other payables	70,003
Moratorium	4,570
Notes	0
Interest on convertible notes	7,619
Total contractual obligations	82,192
1 - 3 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade and other payables	0
Moratorium	14,487
Notes	265,000
Interest on convertible notes	3,809
Total contractual obligations	283,296
4-5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade and other payables	0
Moratorium	0
Notes	0
Interest on convertible notes	0
Total contractual obligations	0
After 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade and other payables	0
Moratorium	0
Notes	0
Interest on convertible notes	0
Total contractual obligations	$ 0

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RELATED PARTY TRANSACTIONS - Key Management Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party [Abstract]
Salaries and other short-term employee benefits	$ 2,589	$ 2,240
Post-employment benefits	83	30
Termination benefits	1,379	0
Share-based compensation	10,819	3,176
Total compensation	$ 14,870	$ 5,446

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RELATED PARTY TRANSACTIONS - Principal Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2018
Marigold Mining Company
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in subsidiary	100.00%
SGO Mining Inc. (formerly Claude Resources Inc.)
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in subsidiary	100.00%
Puna Operations Inc.
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in subsidiary	75.00%
SSR Durango, S.A. de C.V.
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in subsidiary	100.00%
Intertrade Metals Limited Partnership
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in subsidiary	100.00%

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SUPPLEMENTAL CASH FLOW INFORMATION - Changes in Working Capital Items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash Flow Statement [Abstract]
Trade and other receivables	$ (4,234)	$ 23,232
Inventory	(40,144)	(10,973)
Trade and other payables	18,753	(10,117)
Provisions	(5,309)	(7,028)
Change in working capital	$ (30,934)	$ (4,886)

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SUPPLEMENTAL CASH FLOW INFORMATION - Other Items Impacting Operating Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash Flow Statement [Abstract]
Share-based payments	$ 2,157	$ 2,219
Export duty adjustment in cost of sales	0	(4,303)
Change in estimate of close down and restoration provision	1,580	141
Write down of fixed assets	2,771	1,719
Other	375	3,834
Other non-cash items	$ 6,883	$ 3,610

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SUPPLEMENTAL CASH FLOW INFORMATION - Non-cash Investing and Financing Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash Flow Statement [Abstract]
Marketable securities received for sale of exploration and evaluation assets (note 6)	$ 1,751	$ 992
Transfer of share-based payment reserve upon exercise of stock options	(2,864)	(1,339)
Acquisition of Chinchillas mineral property (note 3)	$ 0	$ 28,839