NI 43-101 Technical Report on Çöpler District Master Plan 2020 Erzincan Province, Turkey
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This notice is an integral component of the Çöpler District Master Plan 2020 Technical Report (CDMP20) and should be read in its entirety and must accompany every copy made of the Technical Report. The CDMP20 has been prepared using the Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects. The CDMP20 has been prepared for SSR Mining Inc. (SSR Mining) by OreWin Pty Ltd (OreWin). The CDMP20 is based on information and data supplied to OreWin by SSR Mining and other parties and where necessary OreWin has assumed that the supplied data and information are accurate and complete. The CDMP20 includes a Preliminary Economic Assessment (PEA) and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would allow them to be categorised as Mineral Reserves, and there is no certainty that the results will be realised. Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The results of the PEA represent forward-looking information. The forward-looking information includes metal price assumptions, cash flow forecasts, projected capital and operating costs, metal recoveries, mine life and production rates, and other assumptions used in the PEA. Readers are cautioned that actual results may vary from those presented. The factors and assumptions used to develop the forward- looking information, and the risks that could cause the actual results to differ materially are presented in the body of this report under each relevant section. The conclusions and estimates stated in the CDMP20 are to the accuracy stated in the CDMP20 only and rely on assumptions stated in the CDMP20. The results of further work may indicate that the conclusions, estimates and assumptions in the CDMP20 need to be revised or reviewed. OreWin has used its experience and industry expertise to produce the estimates and approximations in the CDMP20. Where OreWin has made those estimates and approximations it does not warrant the accuracy of those amounts and it should also be noted that all estimates and approximations contained in the CDMP20 will be prone to fluctuations with time and changing industry circumstances. The CDMP20 should be construed in light of the methods, procedures, and techniques used to prepare the CDMP20. Sections or parts of the CDMP20 should be read in context of the entire CDMP20 and should not be removed from their original context. The CDMP20 is intended to be used by SSR Mining, subject to the terms and conditions of its contract with OreWin. Recognising that SSR Mining has legal and regulatory obligations, OreWin has consented to the filing of the CDMP20 with Canadian Securities Administrators and its System for Electronic Document Analysis and Retrieval (SEDAR). Except for the purposes legislated under provincial securities laws, any other use of this report by any third party is at that party's sole risk. Project Name: Çöpler Project Title: Çöpler District Master Plan 2020 Location: Erzincan Province Turkey Effective Date of Technical Report: 27 November 2020 Effective Date of Mineral Resources: 27 November 2020 Effective Date of Drilling Database: 27 November 2020 Effective Date of Mineral Reserves: 27 November 2020 Qualified Persons: • Bernard Peters, BEng (Mining), FAusIMM (201743), employed by OreWin Pty Ltd as Technical Director – Mining, was responsible for the overall preparation of the CDMP20 and, the Mineral Reserve estimates, Sections 1 to 4; Sections 5 and 6; Section 13; Sections 15 to 27. • Sharron Sylvester, BSc (Geol), RPGeo AIG (10125), employed by OreWin Pty Ltd as Technical Director – Geology, was responsible for the preparation of the Mineral Resources, Sections 1 to 4; Section 7 to 12; Section 14; Sections 25 to 27. 19010CDMP20_201130rev0.docx ii Project Name: Çöpler Project Title: Çöpler District Master Plan 2020 Location: Erzincan Province Turkey Date of Signing: 30 November 2020 Effective Date of Technical Report: 27 November 2020 /s/ Bernard Peters Bernard Peters, Technical Director – Mining, OreWin Pty Ltd, BEng (Mining), FAusIMM (201743) /s/ Sharron Sylvester Sharron Sylvester, Technical Director – Geology, OreWin Pty Ltd, BSc (Geol), RPGeo AIG (10125) 19010CDMP20_201130rev0.docx iii 1 Summary ...................................................................................................................................... 1 1.1 Introduction ........................................................................................................................ 1 1.2 Mineral and Surface Rights .............................................................................................. 6 1.3 Accessibility, Climate, Local Resources, Infrastructure and Physiography ................ 6 1.4 History .................................................................................................................................. 6 1.5 Geological Setting and Mineralisation ........................................................................... 7 1.6 Exploration .......................................................................................................................... 9 1.7 Drilling .................................................................................................................................. 9 1.8 Sampling Method, Approach and Analyses ............................................................... 10 1.9 Data Verification ............................................................................................................. 11 1.10 Metallurgical Testwork .................................................................................................... 11 Oxide Testwork ......................................................................................................... 11 Sulfide Testwork ........................................................................................................ 12 1.11 Mineral Resource ............................................................................................................. 13 Resource Modelling ................................................................................................ 13 Reasonable Prospects for Eventual Economic Extraction ................................. 16 Mineral Resource Estimates ................................................................................... 16 1.12 Mining Method ................................................................................................................ 18 1.13 Recovery Methods .......................................................................................................... 19 Sulfide Plant .............................................................................................................. 19 Oxide Ore Heap Leach Processing....................................................................... 22 Project Infrastructure ............................................................................................... 24 1.14 Market Studies ................................................................................................................. 24 1.15 Environmental and Permitting ....................................................................................... 24 1.16 Capital and Operating Costs ........................................................................................ 26 1.17 Capital Costs.................................................................................................................... 26 1.18 Operating Costs .............................................................................................................. 27 1.19 CDMP20 Reserve Case ................................................................................................... 28 1.20 CDMP20 PEA Case .......................................................................................................... 32 1.21 CDMP20 Comparison with 2016 Technical Report ..................................................... 39 1.22 Interpretation and Conclusions ..................................................................................... 39 1.23 Recommendations ......................................................................................................... 41 2 Introduction ............................................................................................................................... 42 2.1 SSR Mining Inc. ................................................................................................................. 42 19010CDMP20_201130rev0.docx iv 2.2 Terms of Reference and Purpose of the Report .......................................................... 42 2.3 Qualified Persons ............................................................................................................. 42 2.4 Site Visits and Scope of Personal Inspection ................................................................ 43 2.5 Effective Dates................................................................................................................. 43 2.6 Information Sources and References ........................................................................... 43 3 Reliance on Other Experts ....................................................................................................... 44 3.1 Mineral Reserve ..............................................................................................................