NASDAQ: SSRM

The Company also participates in exploration and development activities at properties located in the United States, Argentina, Canada and Türkiye. See Item 2. Properties, for further information about the Company’s production, exploration and development properties.

Principal Products

Çöpler, Marigold, CC&V and Seabee produce gold doré. Doré consists of unrefined gold bullion bars that generally contain in excess of 90% gold, which is subsequently refined by a third party to gold bullion. The Company sells gold doré produced at Marigold, CC&V and Seabee primarily to banks, and sells gold doré produced at Çöpler, when operational, to the Central Bank of Türkiye. Puna produces silver, lead and zinc concentrates, which are sold to smelters or traders for further refining.

During 2025, sales of gold doré represented approximately 71% of total revenue, with 33% sold to Canadian Imperial Bank of Commerce (“CIBC”), 13% sold to the Royal Bank of Canada (“RBC”), and 12% sold to the National Bank of Canada (“NBC”). Silver sales represented approximately 24% of revenue with 10% sold to Trafigura Trading LLC. During 2024, sales of gold doré accounted for 67% of revenue, with 30% sold to CIBC and 13% to Asahi Refining. During 2023, sales of gold doré accounted for 80% of revenue, with 33% sold to CIBC and 31% sold to Central Bank of Türkiye.

The Company sells lead and zinc concentrate with high silver content, through contractual arrangements with smelters and traders located in Asia and Europe. The concentrates are sold under supply contracts updated annually or as needed through spot sales, with processing fees based on the demand for the concentrates in the global marketplace.

The Company’s product revenue by category for the following years was as follows:

Year Ended December 31,

Product Revenue (1)
202520242023

Gold71 %67 %80 %

Silver24 %27 %15 %

Lead3 %5 %3 %

Zinc— %— %1 %

Other (2)
2 %1 %1 %

(1) The Company also realizes de minimis revenue from copper.

(2) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.

For information on the mineral resources and mineral reserves for each operating asset, see Item 2, “Proven and Probable Reserve Estimates by Mineral” and “Resource Estimates by Mineral.”

The market prices of gold and silver are key drivers of the Company’s profitability. The prices of gold and silver can fluctuate widely and are affected by a number of macroeconomic factors, including global or regional consumption patterns, the supply of, and demand for gold and silver, interest rates, exchange rates, inflation or deflation, and the political and economic conditions of major gold- and silver-producing and gold- and silver-consuming countries throughout the world. Importantly, the price of gold and silver can be impacted by their role as safe havens during periods of market turmoil and as defense against the perceived inflationary impacts and currency depreciation caused by the responses of governments and central banking authorities to various economic threats. See