SSR Mining : 3rd Quarter 2017 Management Discussion and Analysis

(formerly Silver Standard Resources Inc.)

1. THIRD QUARTER 2017 HIGHLIGHTS

2. OUTLOOK

3. BUSINESS OVERVIEW

4. RESULTS OF OPERATIONS

5. OTHER PROJECTS

6. SUMMARIZED FINANCIAL RESULTS

7. LIQUIDITY

8. CAPITAL RESOURCES

9. FINANCIAL INSTRUMENTS AND RELATED RISKS

10. OTHER RISKS AND UNCERTAINTIES

11. RELATED PARTY TRANSACTIONS

12. NON-GAAP AND ADDITIONAL GAAP FINANCIAL MEASURES

13. CRITICAL ACCOUNTING POLICIES AND ESTIMATES

14. FUTURE ACCOUNTING CHANGES

15. INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES

16. CAUTIONARY NOTES REGARDING FORWARD-LOOKING STATEMENTS AND MINERAL RESERVES AND MINERAL RESOURCES ESTIMATES‌

(formerly Silver Standard Resources Inc.)

This Management's Discussion and Analysis ("MD&A") is intended to supplement the unaudited condensed consolidated interim financial statements of SSR Mining Inc., formerly Silver Standard Resources Inc., ("we", "us", "our" or "SSR Mining") for the three and nine months ended September 30, 2017, and the related notes thereto, which have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting.

All figures are expressed in U.S. dollars except where otherwise indicated. References to C$ refer to Canadian dollars. References to ARS are to Argentine pesos. This MD&A has been prepared as of November 7, 2017, and should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2017.

Additional information, including our Annual Information Form and Annual Report on Form 40-F for the year ended December 31, 2016, 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 16 herein. We use certain non-GAAP and additional GAAP financial measures in this MD&A; for a description of each of these measures, please see the discussion under "Non-GAAP and Additional GAAP Financial Measures" in section 12 of this MD&A.

1. THIRD QUARTER 2017 HIGHLIGHTS
   • Increased cash position: Quarter-end cash increased to $424.0 million, up $70.5 million over the previous quarter, marking this as the eighth consecutive quarter of increased cash.‌
   • Solid operating cash flow: Cash generated by operating activities totaled $30.3 million for the quarter and $99.6 million year-to-date.
   • Net Income: Attributable net income for the quarter was $1.1 million, or $0.01 per share, with adjusted net income totaling $4.4 million, or $0.04 per share.
   • Delivered Seabee mine expansion plan: Seabee PEA evaluates sustained milling rate of 1,050 tonnes per day for a seven-year mine life with average 100,000 ounces of gold per year, a 29% increase from 2016 production, at lower cash costs over the period from 2018 to 2023.
   • Strong operating performance at Seabee: Sustained daily throughput and recovery rates generated solid gold production, positioning Seabee to achieve previously improved annual production and cash costs guidance.
   • Record quarterly material moved at Marigold: Mined over 20 million tonnes of material at $1.52 per tonne during the quarter with ore stacked increasing to over 7 million tonnes.
   • Puna Operations exceeds expectations: The Pirquitas mill operated at a rate of approximately 5,000 tonnes per day, with higher than expected grades resulting in production of 1.5 million ounces of silver during the quarter and 5.0 million ounces year-to-date, surpassing the lower end of annual production guidance. The operation is on track to achieve annual cash costs guidance.
2. OUTLOOK‌

   This section of the MD&A provides management's production and cost estimates. See "Cautionary Notes Regarding Forward-Looking Statements and Mineral Reserves and Mineral Resources Estimates" in section 16 of this MD&A.

   We expect our total production to be within our previously improved annual production guidance as a result of strong results at the Seabee Gold Operation and Puna Operations, offset by lower production results at the Marigold mine. Production guidance at Marigold has been reduced by 10,000 ounces and is now expected to be between 195,000 and 205,000 ounces of gold. This change reflects third quarter gold production, lower pumping rates to the leach pads in the third and fourth quarters due to higher clay content, and the subsequent fourth quarter incident at Marigold mine. Within the current phase of the Mackay pit, more ore tonnes and gold ounces have been encountered, however, the majority of these incremental tonnes have been of a clay nature. Blending of these clay ores with rock ores is required as they are loaded on the leach pads to improve permeability and rate of recovery and this has been and will be an increased focus for the operation through the fourth quarter. While these incremental tonnes and gold ounces encountered are longer term positive, these operating impacts have reduced near term production. Mining of higher clay ore is expected through to the end of the first quarter of 2018.

   Due to positive cost performance at all three operations throughout the year and enhanced production results at both the Seabee Gold Operation and Puna Operations, we expect our corporate cash cost per payable ounce sold to remain within the previously reduced guidance range.

   As previously disclosed, the Marigold mine was shut down due to an incident on October 31, which resulted in the fatality of two of our employees. The Mine Safety and Health Administration ("MSHA") is conducting an investigation. MSHA has now removed restrictions allowing the restart of operations. After management site reviews, open pit operations have resumed and are in sequential ramp up as crews return to the mine and complete incident and operational briefings. Mine operations were fully or partially suspended for six days and the mine is expected to resume full operations over the next several days.

   Operating Guidance	Marigold mine	Seabee Gold Operation	Puna Operations (75% interest)(3)
   Gold Production	oz	195,000 - 205,000	75,000 - 85,000	-
   Silver Production	Moz	-	-	5.0 - 6.0
   Cash Costs per Payable Ounce Sold (1)	$/oz	640 - 670	575 - 625	12.50 - 14.00
   Capital Expenditures	$M	30	8	5
   Capitalized Stripping / Capitalized Development	$M	20	11	-
   Exploration Expenditures (2)	$M	5	5	-

   (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 and Additional GAAP Financial Measures" in section 12.

   (2) Includes capitalized and expensed exploration expenditures.

   (3) Shown on a 100% basis.

3. BUSINESS OVERVIEW‌

Strategy

We are a 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

Effective August 1, 2017, we changed our name to SSR Mining Inc. from Silver Standard Resources Inc. to better reflect our business focus as a precious metals producer.

On September 7, 2017, we reported positive results of a Preliminary Economic Assessment ("PEA") for the Seabee Gold Operation which provides a mine expansion scenario. The PEA contemplates near-term production growth, extends production to 2024, expands operating margins and improves processing plant performance while requiring low capital investment. We filed a technical report titled "NI 43-101 Technical Report for the Seabee Gold Operation, Saskatchewan, Canada" in support of the PEA, which is available on SEDAR at www.sedar.com and on our website. The PEA is preliminary in nature and 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 PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

In the third quarter of 2017, we sold 6.4 million common shares of Pretium Resources Inc. ("Pretium"), realizing pre- tax cash proceeds of C$67.5 million. Subsequent to the quarter end, we sold an additional 1.5 million Pretium shares, realizing pre-tax cash proceeds of C$17.8 million. We currently hold 9.04 million common shares, representing approximately 4.99% of Pretium.

Macro-economic environment

Our financial performance is impacted by gold and silver prices. Precious metals prices in the third quarter of 2017 continue to be volatile but overall the average gold price was higher by 2% and the average silver price was lower by 2% relative to the second quarter of 2017, with gold averaging $1,278 per ounce and silver averaging $16.84 per ounce. Gold and silver prices remained near these levels at the end of the quarter and closed at $1,285 per ounce and $16.82 per ounce, respectively, on September 30, 2017.

The principal factors impacting precious metals prices in the third quarter were the uncertainty of future movement of the U.S. interest rates and expectations of rising inflation. Additionally, there is uncertainty resulting from high geopolitical risk and trade protectionism.

During the third quarter of 2017, the Canadian dollar strengthened and remained stronger at the end of the quarter. During the third quarter, the Canadian dollar averaged approximately at 1.25 Canadian dollars per 1 U.S. dollar and also closed at 1.25 Canadian dollars per 1 U.S. dollar. 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 2017 and 2018.

The Argentine peso ("ARS") weakened by 6% in the third quarter of 2017, closing at 17.57 ARS per 1 U.S. dollar. While a weaker currency is positive for our Argentine operating costs, we expect the inflation rate in Argentina to somewhat offset the benefits of the devaluation of the currency. The weakening ARS also has a materially positive impact on our outstanding moratorium liability which is denominated in ARS.

West Texas Intermediate oil prices in the third quarter of 2017 were consistent with the second quarter of 2017, averaging $48.16 per barrel, but closed the quarter higher by 12% at $51.67 per barrel. Diesel, a product of oil, is a significant consumable at our operations and the movement in diesel prices can have a significant impact on the cost structure at all of our mines. We hedge a portion of our diesel usage to manage price risk of this consumable through 2019.