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Is Silver the New Gold?

Silver Is Soaring Again, Citi Sees $2000 Gold Imminent

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This article was originally published by ZeroHedge.

Silver Is Soaring Again, Citi Sees $2000 Gold Imminent Tyler Durden Tue, 07/21/2020 - 08:23
Update (0830ET): 5 minutes after we posted and suggested that BIS precious metals boss Benoit Gilson should "get back to work"... he did... *  *  * Silver futures are surging again this morning, dramatically outperforming gold (which is also up notably) with both pushing to new multi-year highs... Silver futures are back near $21... Source: Bloomberg Source: Bloomberg Silver is massively outperforming gold... Source: Bloomberg Erasing all of the pandemic/easing driven spike... Source: Bloomberg Citi analysts said in a note this week, gold is benefiting from loose monetary policy, low real yields, record inflows into exchange-traded funds and increased asset allocation. They expect the precious metal to climb to an all-time high in the next six-to-nine months, and there’s a 30% probability it’ll top $2,000 an ounce in the next three-to-five months.
“Nominal gold prices have already posted fresh records in every other G-10 and major emerging market currency this year,” the analysts said. “It is only a matter of time for fresh” highs in U.S. dollars, they said, adding that demand for a store of wealth should also lift silver.
Citi is the latest in a growing line of firms suggesting precious metals have more room to run - even making new record highs (in US terms). Is the woirld losing faith in fiat? Get back to work Mr.Gilson...

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Spread & Containment

Measuring the Ampleness of Reserves

Over the past fifteen years, reserves in the banking system have grown from tens of billions of dollars to several trillion dollars. This extraordinary…

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Over the past fifteen years, reserves in the banking system have grown from tens of billions of dollars to several trillion dollars. This extraordinary rise poses a natural question: Are the rates paid in the market for reserves still sensitive to changes in the quantity of reserves when aggregate reserve holdings are so large? In today’s post, we answer this question by estimating the slope of the reserve demand curve from 2010 to 2022, when reserves ranged from $1 trillion to $4 trillion.

What Are Reserves? And Why Do They Matter?

Banks hold accounts at the Federal Reserve where they keep cash balances called “reserves.” Reserves meet banks’ various needs, including making payments to other financial institutions and meeting regulatory requirements. Over the past fifteen years, reserves have grown enormously, from tens of billions of dollars in 2007 to $3 trillion today. The chart below shows the evolution of reserves in the U.S. banking system as a share of banks’ total assets from January 2010 through September 2022. The supply of reserves depends importantly on the actions of the Federal Reserve, which can increase or decrease the quantity of reserves by changing its securities holdings, as it did in response to the global financial crisis and the COVID-19 crisis.

Reserves Have Ranged from 8 to 19 Percent of Bank Assets from 2010 to 2022

Sources: Federal Reserve Bank of New York; Federal Reserve Economic Data, FRED (“TLAACBW027SBOG”); authors’ calculations.

Why does the quantity of reserves matter? Because the “price” at which banks trade their reserve balances, which in turn depends importantly on the total amount of reserves in the system, is the federal funds rate, which is the interest rate targeted by the Federal Open Market Committee (FOMC) in the implementation of monetary policy. In 2022, the FOMC stated that “over time, the Committee intends to maintain securities holdings in amounts needed to implement monetary policy efficiently and effectively in its ample reserves regime.” In this ample reserves regime, the Federal Reserve controls short-term interest rates mainly through the setting of administered rates, rather than by adjusting the supply of reserves each day as it did prior to 2008 (as discussed in this post). In today’s post, we describe a method to measure the sensitivity of interest rates to changes in the quantity of reserves that can serve as a useful indicator of whether the level of reserves is ample.

The Demand for Reserves Informs Us about Rate Sensitivity to Reserve Shocks

To assess whether the level of reserves is ample, one needs to first understand the demand for reserves. Banks borrow and lend in the market for reserves, typically overnight. The reserve demand curve describes the price at which these institutions are willing to trade their balances as a function of aggregate reserves. Its slope measures the price sensitivity to changes in the level of reserves. Importantly, banks earn interest on their reserve balances (IORB), set by the Federal Reserve. Because the IORB rate directly affects the willingness of banks to lend reserves, it is useful to describe the reserve demand curve in terms of the spread between the federal funds rate and the IORB rate. In addition, we control for the overall growth of the U.S. banking sector by specifying reserve demand in terms of the level of reserves relative to commercial banks’ assets.

There is a clear nonlinear downward-sloping relationship between prices and quantities of reserves, consistent with economic theory. The chart below plots the spread between the federal funds rate and the IORB against total reserves as a share of commercial banks’ total assets.  When reserves are very low, the demand curve has a steep negative slope, reflecting the willingness of borrowers to pay high rates because reserves are scarce. At the other extreme, when reserves are very high, the curve becomes flat because banks are awash with reserves and the supply is abundant. Between these two regions, an intermediate regime–that we refer to as “ample”–emerges, where the demand curve exhibits a modest downward slope. The color coding of the chart reflects the shifts in the reserve demand curve over time. In particular, the curve appears to have moved to the right and upward around 2015 and then moved upward after March 2020, at the onset of the COVID pandemic.

Reserve Demand Has Shifted over Time

Sources: Federal Reserve Bank of New York; Federal Reserve Economic Data, FRED (“TLAACBW027SBOG,” “IOER,” and “IORB”); authors’ calculations.

This chart highlights two of the main challenges in estimating the slope of the reserve demand curve. First, the curve is highly nonlinear, which means that a standard linear estimation approach is not appropriate. Second, various long-lasting changes in the regulation and supervision of banks, in their internal risk-management frameworks, and in the structure of the reserve market itself have resulted in shifts in the reserve demand curve. A third challenge is that the quantity of reserves may be endogenous to banks’ demand for them. Therefore, to properly measure the reserve demand curve, one must disentangle shocks to supply from those to demand. As we explain in detail in a recent paper, our estimation strategy addresses all three of these challenges.

Estimating the Slope of the Reserve Demand Curve

Our approach provides time-varying estimates of the price sensitivity of the demand for reserves that can be used to distinguish between periods in which reserves are relatively scarce, ample, or abundant. The chart below presents our daily estimates of the slope of the demand curve, as measured by the rate sensitivity to changes in reserves. Although we do not have a precise criterion for when reserves are scarce versus ample, during two episodes in our sample, the estimated rate sensitivity is well away from zero. The first episode occurs early in our sample, in 2010, and the second emerges almost ten years later, in mid-2019. In two other periods—during 2013-2017 and from mid-2020 through early September 2022—the estimated slope is very close to zero, indicating an abundance of reserves. The remaining periods are characterized by a modest negative slope of the reserve demand curve, consistent with ample (but short of abundant) reserves. The overall pattern of these estimates is robust to changes in the model specification, such as including spillovers from the repo and Treasury markets or measuring reserves as a share of gross domestic product or bank deposits (instead of as a share of banks’ assets).

Rate Sensitivity Changed over Time, Following the Path of Reserves

Sources: Federal Reserve Bank of New York; Federal Reserve Economic Data, FRED (“TLAACBW027SBOG,” “IOER,” and “IORB”); authors’ calculations.

Interest Rate Spreads Alone Are Not Reliable Indicators of Reserve Scarcity

As we discuss in our paper, the time variation in the estimated price sensitivity in the demand for reserves is based on observations of small movements along the demand curve due to exogenous supply shocks. The location of the curve itself, however, also changes over time. That is, there is not a constant relationship between the level of reserves and the slope of the reserve demand curve.  

In our paper, we find evidence of both horizontal and vertical shifts in the reserve demand curve, with vertical upward shifts being particularly important since 2015. This finding implies that the level of the federal funds-IORB spread may not be a reliable summary statistic for the sensitivity of interest rates to reserve shocks, and that estimates of the price sensitivity in the demand for reserves provide additional useful information.

In summary, we have developed a method to estimate the time-varying interest rate sensitivity of the demand for reserves that accounts for the nonlinear nature of reserve demand and allows for structural shifts over time. A key advantage of our methodology is that it provides a flexible and readily implementable approach that can be used to monitor the market for reserves in real time, allowing one to assess the “ampleness” of the reserve supply as market conditions evolve.

Gara Afonso is the head of Banking Studies in the Federal Reserve Bank of New York’s Research and Statistics Group.

Gabriele La Spada is a financial research economist in Money and Payments Studies in the Federal Reserve Bank of New York’s Research and Statistics Group.   

John C. Williams is the president and chief executive officer of the Federal Reserve Bank of New York.  

How to cite this post:
Gara Afonso, Gabriele La Spada, and John C. Williams, “Measuring the Ampleness of Reserves,” Federal Reserve Bank of New York Liberty Street Economics, October 5, 2022, https://libertystreeteconomics.newyorkfed.org/2022/10/measuring-the-ampleness-of-reserves/.


Disclaimer
The views expressed in this post are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s).

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Economics

SSR MINING ANNOUNCES POSITIVE EXPLORATION RESULTS FOR THE ÇAKMAKTEPE EXTENSION PROJECT (ARDICH), INCLUDING 28.3 METERS AT 8.23 G/T AU

SSR MINING ANNOUNCES POSITIVE EXPLORATION RESULTS FOR THE ÇAKMAKTEPE EXTENSION PROJECT (ARDICH), INCLUDING 28.3 METERS AT 8.23 G/T AU
PR Newswire
DENVER, Oct. 5, 2022

DENVER, Oct. 5, 2022 /PRNewswire/ – SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (A…

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SSR MINING ANNOUNCES POSITIVE EXPLORATION RESULTS FOR THE ÇAKMAKTEPE EXTENSION PROJECT (ARDICH), INCLUDING 28.3 METERS AT 8.23 G/T AU

PR Newswire

DENVER, Oct. 5, 2022 /PRNewswire/ - SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) ("SSR Mining" or the "Company") is pleased to announce positive results from 151 diamond drill holes for the Çakmaktepe Extension (Ardich) for the period from May 2021 to June 2022. These results build upon, and are subsequent to, the Çakmaktepe Extension Mineral Reserves reported in the Çöpler Technical Report Summary ("TRS") effective as of December 31, 2021, in which the Çakmaktepe Extension deposit contributed 1.2 million ounces of gold production to the Çöpler life of mine production profile beginning in 2023 for total development capital of $69 million. As outlined in the TRS, the Çakmaktepe Extension currently hosts 1.7 million ounces of Mineral Reserves, along with an additional 0.6 million ounces of Measured & Indicated Mineral Resources and 0.8 million ounces of Inferred Mineral Resources. Of the 151 diamond drill holes included in this news release, 34 were infill within the current Mineral Reserve pit, 82 targeted Mineral Reserve conversion within the existing Mineral Resource block model, and 35 were step-out intercepts identifying new mineralization outside of existing Mineral Resources.

The drilling program aimed to both upgrade and expand the existing Mineral Reserves and Resources at Çakmaktepe Extension (see Figure 2 and 3) (Table 1), with highlight drill intercepts including:

  • AR461: 8.23 g/t Au over 28.3 meters from 138.0 meters,
    • including: 21.09 g/t Au over 4.0 meters from 154.0 meters,
    • including: 24.95 g/t Au over 3.0 meters from 162.0 meters.
  • AR514: 2.46 g/t Au over 53.0 meters from 160.0 meters.
  • AR536: 2.38 g/t Au over 55.8 meters from 110.6 meters.
  • AR544: 5.24 g/t Au over 27.1 meters from 130.3 meters.
  • AR558: 5.20 g/t Au over 27.6 meters from 149.1 meters,
    • including: 13.66 g/t Au over 4.2 meters from 160.4 meters.

Rod Antal, President and CEO of SSR Mining said, "Çöpler has evolved significantly over its more than 10-year operating life, and the Çakmaktepe Extension project represents the next phase of growth for the asset. As highlighted in the 2021 TRS, the Çakmaktepe Extension will add 1.2 million ounces over 15+ years of production for an expected $69M in development capital, representing one of the highest return growth projects in the entire sector. These drill holes provide both improved confidence for the Çakmaktepe Extension mine plan and set the stage for additional growth at the project. We will incorporate these results into an updated Mineral Reserve and Resource statement for the deposit in an updated Technical Report Summary for Çöpler expected in 2023.

In addition to the positive drill results, we have continued to de-risk the Çakmaktepe Extension project startup during the third quarter of 2022 with the receipt of the Environmental Impact Assessment ("EIA") for the first phase of the project. Clearly, Çöpler's best days lie ahead, with value accretive growth opportunities like our C2 project on the horizon and a wealth of exploration targets to advance across the district in the years to come."

The Çakmaktepe Extension was discovered in 2017 and is located 1.5km north of the Çakmaktepe mine and 6km from the Çöpler operations, enabling both oxide and sulfide ore to be processed with existing Çöpler Mine processing infrastructure (see Figure 1). The 2022 drilling plan aims to deliver additional Mineral Reserve and Resource growth at Çakmaktepe Extension beyond the mine plan incorporated into the 2021 TRS. The deposit remains open to the southwest and at depth, and the site team has also advanced additional metallurgical testing at the project with the focus on improving oxide recoveries.

Overview of Mineralization Style

The Çakmaktepe Extension deposit is a listwanite-dolomite hosted gold replacement mineralization occurring along thrust fault zones between listwanite, ophiolite, dolomite, cataclastite, hornfels, and limestone. Mineralization and alteration extend in a NW-SE direction, parallel to major high angle fault structures controlling both mineralization and block rotations. Gold grades increase at dolomite-listwanite contacts and within silica-rich (jasperoid) listwanites. The mineralization is predominantly oxide (67% of existing Mineral Reserves) with sulfide mineralization confined to pyrite-rich jasperoid zones. Based on available drill data, the main mineralized zone appears tabular and almost flat lying.

As exploration advances and the geological understanding of the Çakmaktepe and Çakmaktepe Extension deposits increases, it appears that there is probable structural connectivity between the areas, potentially creating an expanded "Greater Çakmaktepe" development pathway.

Figure 2: Drill hole locations and surface outline of Reserve Pit Boundary. (CNW Group/SSR Mining Inc.)

Figure 3: Section showcasing highlighted drill holes against the Reserve pit shell. (CNW Group/SSR Mining Inc.)

Drilling

SSR Mining has drilled 578 diamond core holes at the Çakmaktepe Extension between August 2017 and June 2022, totaling 121,536 meters. The majority of these drill holes were drilled within SSR Mining's 80% owned and managed licenses and approximately 88% of the existing Çakmaktepe Extension Mineral Reserves are located on ground held 80% by SSR Mining, with the remainder located on ground 50% held by SSR Mining.1

The 151 holes announced in this news release total 34,496m of drilling that was completed between May 2021 and June 2022 (hole IDs AR428-AR578). These holes targeted Mineral Reserve conversion and potential Mineral Reserve and Resource growth at the Çakmaktepe Extension. The Çakmaktepe Extension mineralization dips gently towards the southeast and is interpreted to become deeper due to faulting and topography.

Drilling Highlights

Table 1: Significant gold intercepts at the Çakmaktepe Extension project.

Hole ID

From

(m)

To

(m)

Interval
(m)

Gold

(Au g/t)

Oxidation

State

EOH Depth

(m)

Comments

AR446

171.00

191.90

20.90

4.80

Mixed

280.90

44/56 Oxide - Sulfide

including

188.50

190.50

2.00

12.20

Sulfide



237.30

240.30

3.00

0.78

Oxide


AR452

184.00

191.00

7.00

1.70

Oxide

254.90


193.80

198.00

4.20

3.26

Oxide


206.00

226.00

20.00

4.38

Mixed

75/25 Oxide-Sulfide,
includes 1.3 meters
isolated core loss

including

214.00

216.00

2.00

12.40

Sulfide


AR461

138.00

166.30

28.30

8.23

Mixed

201.80

51/49 Oxide - Sulfide

including

150.00

151.00

1.00

12.15

Sulfide


including

154.00

158.00

4.00

21.09

Sulfide


including

162.00

165.00

3.00

24.95

Mixed

67/33 Oxide - Sulfide

AR464

186.00

207.30

21.30

2.42

Oxide

320.00


210.50

213.50

3.00

25.88

Sulfide


including

210.50

212.50

2.00

37.25

Sulfide



240.70

252.70

12.00

0.36

Sulfide


AR482

151.50

188.40

36.90

2.72

Oxide

212.30


AR514

160.00

213.00

53.00

2.46

Mixed

272.00

70/30 Oxide - Sulfide

including

191.00

191.80

0.80

11.55

Sulfide


AR536

110.60

166.40

55.80

2.38

Mixed

187.60

56/44 Oxide - Sulfide

including

144.30

145.30

1.00

10.30

Sulfide



184.60

185.60

1.00

5.45

Sulfide


AR544

130.30

157.40

27.10

5.24

Mixed

192.50

56/44 Oxide - Sulfide

including

138.30

139.10

0.80

12.30

Sulfide


including

147.00

148.00

1.00

23.00

Oxide


AR558

149.10

176.70

27.60

5.20

Mixed

204.00

63/37 Oxide - Sulfide,
includes 0.7 meters
isolated core loss

including

160.40

164.60

4.20

13.66

Mixed

48/52 Oxide - Sulfide

AR570

145.00

150.40

5.40

5.73

Mixed

269.20

46/54 Oxide - Sulfide

including

145.00

145.80

0.80

11.40

Oxide



157.40

166.00

8.60

4.00

Sulfide


including

164.00

165.00

1.00

14.10

Sulfide



175.00

204.60

29.60

1.60

Mixed

59/41 Oxide - Sulfide

208.70

224.80

16.10

1.93

Mixed

52/48 Oxide - Sulfide

 

Significant gold intervals reported at a nominal 0.3 g/t gold cut-off and with a maximum 2.5m contiguous dilution are given in
Table 1. All thicknesses are down hole length and true widths are not known at this stage. The complete drill assay results and
further technical information relating to this news release can be found below.

Technical Procedural Information
Sampling, Assaying and QA/QC

The Çakmaktepe Extension drilling program started in 2017. Diamond drill core is sampled as half core at 1m intervals or geological contacts. Sampling interval varies between 0.5 meters and 3.3 meters with an average of 1.37 meters length. The samples were submitted to ALS Global laboratories in Izmir, Türkiye for sample preparation and analysis which is an ISO/IEC 7025:2005 certified and accredited laboratory. Bureau Veritas (Acme) laboratory, in Ankara, Türkiye was used for umpire check sample analysis. Gold was analyzed by fire assay with an AAS finish, and the multi-element analyses were determined by four acid digestion and ICP-AES and MS finish. For gold assays greater than or equal to 10 g/t, the fire assay process was repeated with a gravimetric finish for coarse gold. The drill and geochemical samples were collected in accordance with accepted industry standards. SSR Mining conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field duplicates, and umpire laboratory check assays. External review of data and processes relating to Çakmaktepe Extension was completed by independent consultant Dr. Erdem Yetkin, P.Geo. in September 2022. There were no adverse material results detected and the QA/QC indicates the information collected is acceptable, and the database can be used for further studies.

Metallurgical Test Work

Metallurgical test work and recovery assumptions are reported in the 2021 TRS and include heap leach for oxide ores and flotation and pressure oxidation of sulfide ore.

Qualified Person

The exploration results disclosed in this news release were prepared under the supervision and approved by Dr. Cengiz Y. Demirci, AIPG Registered Member and a CPG (Certified Professional Geologist), and VP Exploration at SSR Mining. Dr. Demirci has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and is a qualified person for purposes of Subpart 1300 of Regulation S-K ("S-K 1300") and National Instrument 43-101 ("NI 43-101").

External review of data and processes relating to the Çakmaktepe Extension was completed in September 2022 by independent consultant Dr. Erdem Yetkin, P.Geo. a qualified person for purposes of S-K 1300 and NI 43-101. There were no adverse material results detected and Dr. Yetkin is of the opinion that the QA/QC indicates the information collected is acceptable, and the database can be used for announcing the exploration results.

You are encouraged to also review the 2021 Çöpler TRS, which is available on SSR Mining's Current Report on Form 8-K filed with the Securities and Exchange Commission's EDGAR system (sec.gov) on September 29, 2022.

End Notes

  1. The Çöpler gold mine is owned and operated by Anagold Madencilik Sanayi ve Ticaret Anonim Şirketi (Anagold). SSR Mining controls 80% of the shares of Anagold, Lidya Madencilik Sanayi ve Ticaret A.Ş. ("Lidya"), controls 18.5%, and a bank wholly owned by Çalık Holdings A.Ş., holds the remaining 1.5%. Exploration tenures surrounding the project area and mining at Çakmaktepe are subject to joint venture agreements between SSR Mining and Lidya that have varying interest proportions. SSR Mining controls 50% of the shares of Kartaltepe Madencilik Sanayi ve Ticaret Anonim Şirketi and 50% of Tunçpinar Madencilik Sanayi ve Ticaret Anonim Şirketi. The other 50% is controlled by Lidya.
About SSR Mining

SSR Mining Inc. is a leading, free cash flow focused gold company with four producing assets located in the USA, Türkiye, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets. In 2021, the four operating assets produced approximately 794,000 gold-equivalent ounces. SSR Mining is listed under the ticker symbol SSRM on the NASDAQ and the TSX, and SSR on the ASX.

SSR Mining Contacts:

F. Edward Farid, Executive Vice President, Chief Corporate Development Officer
Alex Hunchak, Director, Corporate Development and Investor Relations

SSR Mining Inc.
E-Mail: invest@ssrmining.com
Phone: +1 (888) 338-0046

To receive SSR Mining's news releases by e-mail, please register using the SSR Mining website at www.ssrmining.com.

Cautionary Note Regarding Forward-Looking Information

Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts.

Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include, but are not limited to: local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; developments with respect to the COVID-19 pandemic, including the duration, severity and scope of the pandemic and potential impacts on mining operations; and other risk factors detailed from time to time in our reports filed with the Securities and Exchange Commission on EDGAR and the Canadian securities regulatory authorities on SEDAR.

Forward-looking information and statements in this news release include any statements concerning, among other things: preliminary cost reporting in this document; production, operating, cost, and capital expenditure guidance; our operational and development targets and catalysts and the impact of any suspension on operations; forecasts and outlook, including related to production guidance; timing and expectations regarding the impact of any interruptions caused on our operations; the results of any gold reconciliations; the ability to discover additional oxide gold ore; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; Mineral Resources, Mineral Reserves, conversion of Mineral Resources, realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of our filings on EDGAR and SEDAR, and include: the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to our mines or facilities; lack of legal challenges with respect to our properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

The above list is not exhaustive of the factors that may affect any of the Company's forward-looking information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in our filings on our website at www.ssrmining.com, on SEDAR at www.sedar.com, on EDGAR at www.sec.gov and on the ASX at www.asx.com.au and other unforeseen events or circumstances. Other than as required by law, we do not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Qualified Persons

The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a "qualified person" under S-K 1300. For details on the "qualified persons" approving such information, a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources for SSR Mining Inc.'s material properties included in this news release, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company's material properties which are available at www.sec.gov.

Table 2: All drill holes completed at the Çakmaktepe Extension project between May 2021 and June 2022.

Hole ID

From

(m)

To

(m)

Interval

(m)

Gold

(Au g/t)

Oxidation

Stage

EOH Depth

(m)

Comments

AR428

201.00

215.00

14.00

1.42

Oxide

229.40


AR429

119.20

124.20

5.00

0.48

Oxide

196.40


AR430

42.00

52.40

10.40

0.71

Oxide

173.00


AR431

48.00

51.00

3.00

1.00

Oxide

149.70


AR432

194.00

199.40

5.40

5.50

Oxide

334.50

Includes 0.6 meter
isolated core loss

including

195.60

196.40

0.80

13.70

Oxide



213.00

220.40

7.40

1.32

Sulfide


238.00

242.80

4.80

1.10

Sulfide


AR433

18.10

31.00

12.90

1.67

Oxide

125.50


37.00

63.10

26.10

1.26

Oxide


AR434

126.50

131.50

5.00

0.33

Oxide

164.80


AR435

151.80

158.80

7.00

0.39

Oxide

250.00


AR436

N.S.I

183.50


AR437

N.S.I

206.00


AR438

N.S.I

224.40


AR439

126.70

143.00

16.30

1.79

Mixed

184.10

37/63 Oxide - Sulfide

146.00

152.00

6.00

2.14

Oxide


AR440

193.00

196.00

3.00

0.91

Oxide

321.90


AR441

70.00

76.30

6.30

1.34

Oxide

257.50


95.00

104.00

9.00

0.50

Mixed

33/67 Oxide - Sulfide

140.00

145.00

5.00

0.80

Oxide


AR442

50.00

56.00

6.00

0.50

Oxide

176.00


99.00

102.00

3.00

0.42

Oxide


AR443

202.70

211.70

9.00

5.44

Sulfide

211.70


including

209.90

210.90

1.00

13.95

Oxide


AR444

202.20

221.00

18.80

0.84

Mixed

240.30

73/27 Oxide Sulfide

AR445

N.S.I

198.00


AR446

171.00

191.90

20.90

4.80

Mixed

280.90

44/56 Oxide - Sulfide

including

188.50

190.50

2.00

12.20

Sulfide



237.30

240.30

3.00

0.78

Oxide


AR447

72.30

76.30

4.00

2.11

Oxide

146.10


AR448

61.00

75.00

14.00

0.86

Oxide

254.50


115.00

120.00

5.00

0.67

Mixed

56/44 Oxide - Sulfide

AR449

N.S.I

111.00

Abandoned hole.

AR450

100.80

111.00

10.20

1.21

Oxide

153.80


AR451

125.00

129.40

4.40

0.92

Oxide

286.00


192.90

198.00

5.10

1.60

Sulfide


AR452

184.00

191.00

7.00

1.70

Oxide

254.90


193.80

198.00

4.20

3.26

Oxide


206.00

226.00

20.00

4.38

Mixed

75/25 Oxide-Sulfide,
includes 1.3 meter
isolated core loss

including

214.00

216.00

2.00

12.40

Sulfide


AR453

92.90

109.80

16.90

4.98

Oxide

218.40


including

98.90

100.90

2.00

17.80

Sulfide


AR454

124.20

141.20

17.00

3.26

Oxide

198.00


AR455

92.00

96.80

4.80

1.26

Oxide

153.50


AR456

168.50

178.10

9.60

1.40

Mixed

200.80

73/27 Oxide - Sulfide

AR457

175.00

184.00

9.00

2.26

Sulfide

312.00


187.50

188.80

1.30

3.01

Sulfide


199.00

217.00

18.00

0.80

Sulfide


232.00

238.00

6.00

1.08

Sulfide


AR458

68.80

99.00

30.20

1.23

Mixed

238.30

65/35 Oxide - Sulfide

131.00

136.00

5.00

0.85

Sulfide


AR459

84.10

99.00

14.90

0.78

Mixed

161.00

65/35 Oxide - Sulfide

AR460

58.20

59.50

1.30

3.43

Oxide

260.00


114.10

121.60

7.50

1.80

Sulfide


127.60

133.00

5.40

2.10

Sulfide


AR461

138.00

166.30

28.30

8.23

Mixed

201.80

51/49 Oxide - Sulfide

including

150.00

151.00

1.00

12.15

Sulfide


including

154.00

158.00

4.00

21.09

Sulfide


including

162.00

165.00

3.00

24.95

Mixed

67/33 Oxide - Sulfide

AR462

N.S.I

165.20


AR463

N.S.I

119.30


AR464

186.00

207.30

21.30

2.42

Oxide

320.00


210.50

213.50

3.00

25.88

Sulfide


including

210.50

212.50

2.00

37.25

Sulfide



240.70

252.70

12.00

0.36

Sulfide


AR465

149.00

160.70

11.70

0.78

Mixed

272.80

32/68 Oxide - Sulfide

165.70

168.70

3.00

0.37

Sulfide


186.20

195.20

9.00

1.93

Oxide


AR466

169.20

176.20

7.00

0.56

Oxide

269.50


194.20

197.40

3.20

2.34

Oxide


207.50

221.40

13.90

0.88

Oxide


224.00

233.00

9.00

0.88

Oxide


AR467

200.50

216.50

16.00

2.54

Mixed

275.40

32/68 Oxide - Sulfide

220.00

223.00

3.00

0.33

Oxide


AR468

93.10

103.20

10.10

1.71

Oxide

159.80


106.00

111.60

5.60

0.71

Mixed

68/32 Oxide - Sulfide

AR469

N.S.I

96.50


AR470

261.30

273.30

12.00

0.35

Oxide

293.30


AR471

N.S.I

131.00


AR472

N.S.I

207.50


AR473

252.00

255.00

3.00

0.33

Sulfide

265.00


AR474

64.15

73.50

9.35

1.71

Oxide

182.60


79.40

87.00

7.60

0.43

Oxide


99.80

104.80

5.00

0.34

Sulfide


AR475

106.20

124.50

18.30

1.24

Oxide

262.00

Includes 0.6 meter
isolated core loss

129.50

143.40

13.90

0.66

Oxide

Includes 0.3 meter
isolated core loss

197.00

201.00

4.00

0.31

Oxide


AR476

170.70

176.30

5.60

1.60

Mixed

226.50

59/41 Oxide - Sulfide

204.00

216.80

12.80

4.27

Mixed

41/59 Oxide - Sulfide

AR477

149.80

152.90

3.10

2.71

Oxide

271.20


170.50

175.00

4.50

0.73

Oxide


190.00

191.00

1.00

3.69

Sulfide


263.60

266.60

3.00

0.41

Sulfide


AR478

N.S.I

100.00


AR479

195.50

205.80

10.30

2.18

Sulfide

288.20


210.80

223.40

12.60

1.09

Mixed

63/37 Oxide - Sulfide

234.00

240.80

6.80

1.11

Oxide


259.20

267.80

8.60

0.68

Mixed

71/29 Oxide - Sulfide

AR480

230.50

234.80

4.30

0.89

Oxide

302.00


238.60

241.70

3.10

0.41

Oxide


245.50

258.80

13.30

0.66

Oxide


AR481

84.50

92.80

8.30

1.80

Oxide

247.70


96.80

114.40

17.60

1.22

Oxide


AR482

151.50

188.40

36.90

2.72

Oxide

212.30


AR483

192.60

195.60

3.00

0.93

Oxide

250.00


AR484

176.30

196.60

20.30

1.75

Mixed

316.60

33/67 Oxide - Sulfide

200.10

203.60

3.50

0.77

Oxide


227.60

238.30

10.70

0.68

Sulfide


259.40

262.40

3.00

0.73

Oxide


AR485

164.30

169.90

5.60

1.00

Oxide

242.40


172.90

184.60

11.70

1.07

Oxide


215.60

220.60

5.00

0.35

Oxide


AR486

109.90

116.90

7.00

1.22

Oxide

254.00


AR487

79.80

83.80

4.00

0.47

Oxide

309.30


88.80

93.80

5.00

0.51

Oxide


246.90

257.90

11.00

2.71

Sulfide


AR488

147.50

181.10

33.60

2.06

Mixed

195.50

68/32 Oxide - Sulfide

AR489

84.80

136.50

51.70

1.37

Mixed

208.40

68/32 Oxide - Sulfide

142.50

153.50

11.00

0.82

Oxide


AR490

N.S.I

293.00


AR491

140.10

140.80

0.70

4.43

Oxide

240.00


155.80

160.40

4.60

0.47

Oxide


AR492

118.10

149.00

30.90

1.62

Mixed

214.20

74/26 Oxide - Sulfide

including

119.10

120.10

1.00

17.15

Oxide



153.00

158.50

5.50

0.76

Oxide


174.00

183.50

9.50

3.57

Oxide


AR493

N.S.I

130.00

SRK Piezometer water
well

AR494

179.70

206.00

26.30

2.89

Mixed

331.60

73/27 Oxide - Sulfide

including

181.70

183.70

2.00

16.08

Sulfide



220.60

224.80

4.20

0.49

Mixed

52/48 Oxide - Sulfide

235.80

239.80

4.00

0.39

Oxide


AR495

121.30

140.00

18.70

0.96

Oxide

268.40


AR496

72.30

75.30

3.00

0.82

Oxide

213.00


95.20

99.20

4.00

0.85

Oxide


105.20

111.20

6.00

0.40

Oxide


195.00

202.00

7.00

0.72

Sulfide


AR497

199.90

218.70

18.80

0.81

Oxide

288.30


227.00

232.60

5.60

0.73

Oxide


242.00

249.70

7.70

0.49

Oxide


268.70

271.70

3.00

0.41

Oxide


AR498

175.90

184.70

8.80

0.66

Oxide

260.60


187.70

197.90

10.20

0.54

Oxide


AR499

114.00

117.00

3.00

1.11

Oxide

270.00


127.40

131.50

4.10

0.56

Oxide


134.80

139.80

5.00

0.74

Oxide


181.00

190.20

9.20

1.73

Mixed

67/33 Oxide - Sulfide

AR500

199.50

204.40

4.90

3.67

Sulfide

278.00


224.50

229.40

4.90

0.34

Mixed

41/59 Oxide - Sulfide

AR501

210.70

225.60

14.90

1.81

Oxide

275.50


AR502

212.90

218.50

5.60

0.45

Sulfide

223.50


AR503

107.90

138.20

30.30

1.95

Oxide

230.10


including

111.50

112.50

1.00

13.70

Oxide


AR504

200.00

228.00

28.00

2.80

Sulfide

310.60


including

226.00

227.00

1.00

14.00

Sulfide



264.60

267.60

3.00

0.39

Oxide


AR505

195.50

205.50

10.00

2.20

Mixed

305.10

70/30 Oxide - Sulfide

225.70

228.70

3.00

0.84

Sulfide


256.20

261.10

4.90

0.42

Oxide


271.90

275.90

4.00

0.44

Mixed

50/50 Oxide - Sulfide

279.40

283.40

4.00

0.51

Oxide


AR506

39.30

48.40

9.10

0.46

Oxide

302.00


98.00

103.90

5.90

0.46

Oxide


AR507

N.S.I

331.60


AR508

192.50

213.20

20.70

0.74

Oxide

275.10


217.80

218.80

1.00

4.62

Sulfide


AR509

174.00

188.40

14.40

3.38

Mixed

230.00

50/50 Oxide - Sulfide

including

182.00

182.70

0.70

11.60

Sulfide


AR510

197.70

209.80

12.10

1.51

Oxide

272.20


215.80

220.80

5.00

0.44

Mixed

40/60 Oxide - Sulfide

AR511

N.S.I

413.00


AR512

164.40

172.40

8.00

1.90

Oxide

293.00


175.40

178.40

3.00

0.66

Oxide


204.80

220.20

15.40

0.76

Mixed

64/36 Oxide - Sulfide

238.30

248.30

10.00

0.81

Oxide


AR513

N.S.I

113.20

Abandoned hole.

AR514

160.00

213.00

53.00

2.46

Mixed

272.00

70/30 Oxide - Sulfide

including

191.00

191.80

0.80

11.55

Sulfide


AR515

178.00

201.70

23.70

1.76

Mixed

271.10

62/38 Oxide - Sulfide,
includes 0.9 meter
isolated core loss

AR516

N.S.I

289.10


AR517

71.50

75.50

4.00

0.30

Oxide

250.40


151.00

163.90

12.90

3.77

Oxide


including

159.00

161.00

2.00

12.30

Oxide


AR518

150.10

178.40

28.30

2.22

Oxide

200.00


AR519

N.S.I

85.00

Abandoned hole.

AR520

N.S.I

258.10


AR521

171.80

181.80

10.00

0.97

Mixed

220.10

53/47 Oxide - Sulfide

AR522

120.50

123.50

3.00

0.70

Oxide

230.50


AR523

108.00

112.00

4.00

0.69

Sulfide

246.30


127.00

136.60

9.60

1.01

Sulfide


AR524

168.80

182.10

13.30

3.95

Sulfide

209.30


including

175.50

176.50

1.00

11.90

Sulfide


AR525

211.20

230.80

19.60

1.27

Mixed

250.80

59/41 Oxide - Sulfide,
includes 1.1 meter
isolated core loss

AR526

206.60

224.00

17.40

1.27

Mixed

232.00

39/61 Oxide - Sulfide

AR527

122.00

130.00

8.00

2.39

Oxide

172.60


139.20

144.10

4.90

1.65

Oxide


AR528

189.00

200.30

11.30

0.75

Oxide

226.90


AR529

152.00

170.00

18.00

0.87

Oxide

210.00


AR530

N.S.I

152.20

Abandoned hole.

AR531

146.30

152.30

6.00

0.52

Oxide

266.00


AR532

94.50

106.20

11.70

1.65

Oxide

182.00


109.00

114.00

5.00

0.35

Sulfide


131.50

135.00

3.50

0.60

Mixed

51/49 Oxide - Sulfide

142.00

153.00

11.00

0.38

Oxide


AR533

16.50

47.00

30.50

1.52

Oxide

178.00


AR534

92.50

150.30

57.80

1.68

Sulfide

166.20


AR535

129.70

158.40

28.70

1.91

Mixed

215.00

73/27 Oxide - Sulfide

162.60

165.70

3.10

0.90

Oxide


174.40

178.50

4.10

0.62

Oxide


AR536

110.60

166.40

55.80

2.38

Mixed

187.60

56/44 Oxide - Sulfide

including

144.30

145.30

1.00

10.30

Sulfide



184.60

185.60

1.00

5.45

Sulfide


AR537

127.50

173.20

45.70

1.42

Oxide

230.00


179.10

186.30

7.20

2.93

Sulfide


AR538

89.00

112.70

23.70

3.63

Oxide

166.00

98.00 - 101.40 Sulfide

including

90.10

91.00

0.90

11.50

Oxide


AR539

169.50

196.10

26.60

1.61

Sulfide

211.20


202.10

206.10

4.00

1.39

Sulfide


AR540

130.60

164.80

34.20

2.78

Oxide

171.10


AR541

101.90

117.60

15.70

3.29

Mixed

174.40

54/46 Oxide - Sulfide

134.70

136.00

1.30

6.15

Oxide


AR542

100.20

119.00

18.80

3.13

Oxide

149.00


including

108.00

109.00

1.00

10.35

Oxide


AR543

182.80

187.20

4.40

0.64

Oxide

223.00

Includes 0.3 meter
isolated core loss

AR544

130.30

157.40

27.10

5.24

Mixed

192.50

56/44 Oxide - Sulfide

including

138.30

139.10

0.80

12.30

Sulfide


including

147.00

148.00

1.00

23.00

Oxide


AR545

190.40

200.00

9.60

1.53

Sulfide

275.00


207.00

219.00

12.00

0.66

Oxide


222.00

226.00

4.00

1.97

Mixed

57/43 Oxide - Sulfide

228.70

232.80

4.10

0.41

Mixed

59/41 Oxide - Sulfide

AR546

87.80

91.40

3.60

1.50

Sulfide

139.00


AR547

232.10

241.00

8.90

1.25

Sulfide

347.00


256.00

273.20

17.20

1.05

Oxide


AR548

185.70

203.70

18.00

1.16

Mixed

234.90

31/69 Oxide - Sulfide

208.70

223.00

14.30

0.41

Oxide


AR549

247.20

253.10

5.90

0.65

Oxide

321.50


273.00

285.00

12.00

0.71

Sulfide


AR550

95.00

104.70

9.70

0.82

Oxide

261.70


142.00

151.00

9.00

0.46

Oxide


AR551

124.50

146.00

21.50

2.51

Oxide

248.00

Includes 0.5 meter
isolated core loss

177.00

186.90

9.90

1.25

Oxide


AR552

N.S.I

391.50


AR553

N.S.I

311.10


AR554

170.80

200.50

29.70

1.60

Oxide

231.40

Includes 1.4 meter
isolated core loss

AR555

92.30

99.30

7.00

1.20

Oxide

137.90


119.80

130.80

11.00

1.51

Sulfide


AR556

196.10

219.00

22.90

1.26

Oxide

237.30


AR557

N.S.I

347.00


AR558

149.10

176.70

27.60

5.20

Mixed

204.00

63/37 Oxide - Sulfide,
includes 0.7 meter
isolated core loss

including

160.40

164.60

4.20

13.66

Mixed

48/52 Oxide - Sulfide

AR559

246.20

250.60

4.40

0.63

Mixed

332.30

48/52 Oxide - Sulfide

262.50

265.50

3.00

0.61

Sulfide


280.00

284.00

4.00

0.62

Sulfide


AR560

16.50

46.80

30.30

2.19

Mixed

98.60

49/51 Oxide - Sulfide

49.80

57.10

7.30

1.38

Mixed

42/58 Oxide - Sulfide

86.80

95.50

8.70

0.70

Oxide


AR561

202.00

210.30

8.30

2.35

Mixed

259.00

54/46 Oxide - Sulfide,
includes 0.5 meter
isolated core loss

AR562

164.20

205.30

41.10

1.92

Mixed

256.50

70/30 Oxide - Sulfide

AR563

24.00

34.20

10.20

1.60

Oxide

130.00


37.20

65.60

28.40

1.10

Oxide


AR564

251.70

256.80

5.10

1.08

Mixed

304.00

51/49 Oxide - Sulfide

AR565

231.00

234.00

3.00

0.96

Oxide

330.60


AR566

2.70

41.00

38.30

1.65

Mixed

107.50

75/25 Oxide - Sulfide

43.90

52.00

8.10

0.93

Oxide


AR567

162.40

167.00

4.60

0.33

Oxide

230.00


AR568

160.20

167.00

6.80

0.49

Oxide

258.40


217.80

220.80

3.00

2.51

Oxide


226.10

229.10

3.00

0.67

Oxide


AR569

81.40

111.80

30.40

2.63

Oxide

143.50

Includes 0.8 meter
isolated core loss

including

105.20

106.20

1.00

10.30

Sulfide


AR570

145.00

150.40

5.40

5.73

Mixed

269.20

46/54 Oxide - Sulfide

including

145.00

145.80

0.80

11.40

Oxide



157.40

166.00

8.60

4.00

Sulfide


including

164.00

165.00

1.00

14.10

Sulfide



175.00

204.60

29.60

1.60

Mixed

59/41 Oxide - Sulfide

208.70

224.80

16.10

1.93

Mixed

52/48 Oxide - Sulfide

AR571

94.00

116.80

22.80

1.34

Oxide

125.50


AR572

197.30

202.30

5.00

0.39

Oxide

300.00


206.60

215.60

9.00

0.64

Oxide

Includes 0.5 meter
isolated core loss

270.00

276.00

6.00

0.35

Oxide


AR573

189.70

201.10

11.40

3.22

Mixed

277.70

38/62 Oxide - Sulfide

211.40

215.00

3.60

1.98

Sulfide


221.70

225.70

4.00

0.58

Sulfide


232.80

240.50

7.70

0.85

Mixed

48/52 Oxide - Sulfide

AR574

N.S.I

185.80


AR575

N.S.I

184.60


AR576

151.00

165.00

14.00

0.55

Oxide

179.10

Includes 0.3 meter
isolated core loss

AR577

161.60

166.80

5.20

1.64

Oxide

169.80


AR578

N.S.I

114.50


Significant gold intervals reported at a nominal 0.3 g/t gold cut-off and with a maximum 2.5m contiguous dilution are given in Table 1. All
thicknesses are down hole length and true widths are not known at this stage.

Supporting Drilling Information to SSR Mining Announcement

This document provides supporting drill collar locations and composite assay results for the Çakmaktepe Extension drilling program referenced in the announcement "SSR Mining Announces Positive Exploration Results for the Çakmaktepe Extension Project (Ardich), including 28.3 meters at 8.23 g/t Au", October 5, 2022.

Drill collar locations are surveyed in UTM Zone 37N, ED50 grid using differential GPS in units of meters. All drilling was diamond core drilling with HQ and PQ core sizes. HQ is 63.5mm and PQ is 85 mm in diameter.

Table 3: Drill Collar Coordinates

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

End of Hole

(m)

AR428

463406.97

4366890.30

1228.47

220

-80

229.40

AR429

463626.30

4366351.00

1289.18

250

-70

196.40

AR430

463203.05

4366569.49

1347.97

220

-60

173.00

AR431

462809.30

4367110.00

1310.39

220

-70

149.70

AR432

463694.60

4367227.00

1208.49

0

-90

334.50

AR433

463122.90

4367255.00

1216.10

260

-80

125.50

AR434

463203.60

4366569.00

1348.78

0

-90

164.80

AR435

463310.20

4366901.00

1250.25

220

-65

250.00

AR436

463448.20

4366337.00

1338.24

220

-80

183.50

AR437

463562.97

4366361.42

1293.26

220

-80

206.00

AR438

463203.62

4366569.18

1347.87

40

-70

224.40

AR439

463706.62

4366475.35

1293.01

220

-70

184.10

AR440

463645.36

4367257.19

1200.95

60

-70

321.90

AR441

464224.06

4366590.32

1355.88

340

-75

257.50

AR442

463125.30

4366698.97

1337.58

220

-60

176.00

AR443

463513.81

4366801.55

1214.09

220

-60

211.70

AR444

463438.27

4366862.91

1221.73

230

-80

240.30

AR445

463446.59

4366407.43

1313.96

0

-90

198.00

AR446

463718.80

4366612.80

1273.34

310

-80

280.90

AR447

463353.16

4367401.06

1139.47

100

-60

146.10

AR448

464224.02

4366588.74

1355.93

85

-75

254.50

AR449

463750.86

4366659.63

1251.62

165

-80

111.00

AR450

463365.60

4366514.00

1307.50

0

-90

153.80

AR451

463644.90

4367257.00

1201.07

0

-90

286.00

AR452

463677.87

4366570.96

1271.93

320

-80

254.90

AR453

463471.28

4367443.96

1107.31

215

-65

218.40

AR454

463387.54

4366949.65

1226.61

110

-85

198.00

AR455

463397.19

4366579.15

1278.35

0

-90

153.50

AR456

463719.41

4366876.41

1222.67

75

-70

200.80

AR457

463644.92

4367257.72

1201.54

240

-80

312.00

AR458

464096.64

4366539.01

1354.38

130

-85

238.30

AR459

463257.50

4366689.00

1293.08

0

-90

161.00

AR460

463468.10

4367446.00

1107.48

260

-70

260.00

AR461

463637.00

4366678.00

1238.55

100

-70

201.80

AR462

463170.90

4366786.00

1299.73

0

-90

165.20

AR463

463663.50

4366496.00

1271.22

40

-80

119.30

AR464

463697.70

4367224.00

1207.58

240

-70

320.00

AR465

463464.40

4367479.00

1108.93

0

-90

272.80

AR466

463916.80

4366525.00

1354.33

170

-80

269.50

AR467

463367.40

4366855.00

1242.21

150

-85

275.40

AR468

463334.30

4366687.00

1270.36

220

-70

159.80

AR469

463664.20

4366495.00

1270.93

40

-80

96.50

AR470

463786.50

4367198.00

1210.99

280

-80

293.30

AR471

463999.30

4366911.00

1240.24

25

-75

131.00

AR472

463405.20

4366660.00

1259.31

220

-70

207.50

AR473

463511.90

4367504.00

1131.69

270

-85

265.00

AR474

464066.90

4366658.00

1307.14

150

-75

182.60

AR475

463999.00

4366481.00

1362.56

0

-90

262.00

AR476

463646.40

4366620.00

1250.82

220

-70

226.50

AR477

463787.00

4367198.00

1212.78

0

-90

271.20

AR478

463575.00

4367457.00

1153.95

15

-80

100.00

AR479

463576.00

4367454.00

1154.11

240

-70

288.20

AR480

463971.90

4366457.00

1376.60

270

-75

302.00

AR481

463630.80

4366431.00

1266.54

0

-80

247.70

AR482

463444.90

4366798.00

1225.07

0

-75

212.30

AR483

463633.92

4366564.01

1255.45

0

-90

250.00

AR484

463532.00

4367452.17

1134.93

250

-80

316.60

AR485

464207.90

4366747.46

1305.24

50

-75

242.40

AR486

463622.90

4366517.00

1252.46

270

-70

254.00

AR487

463543.36

4367395.39

1146.03

70

-80

309.30

AR488

463444.99

4366797.94

1224.85

0

-90

195.50

AR489

463691.45

4366430.99

1296.49

80

-80

208.40

AR490

463453.94

4367535.60

1104.37

270

-85

293.00

AR491

464206.31

4366746.34

1305.52

0

-90

240.00

AR492

463623.09

4366516.75

1252.78

0

-90

214.20

AR493

463362.63

4366930.88

1234.71

0

-90

130.00

AR494

463633.44

4367321.20

1189.82

220

-80

331.60

AR495

463674.92

4366293.49

1313.76

300

-85

268.40

AR496

464381.46

4366585.90

1387.01

325

-75

213.00

AR497

463967.10

4366379.94

1416.48

0

-90

288.30

AR498

463319.29

4366953.76

1236.76

0

-90

260.60

AR499

464270.03

4366504.13

1414.42

290

-70

270.00

AR500

463632.38

4367323.29

1189.77

140

-80

278.00

AR501

463916.04

4366406.52

1397.62

180

-80

275.50

AR502

463807.60

4366453.00

1341.48

30

-75

223.50

AR503

463494.70

4366536.00

1266.12

0

-90

230.10

AR504

463599.06

4367386.15

1166.95

150

-80

310.60

AR505

463721.11

4367194.86

1209.65

0

-90

305.10

AR506

462981.76

4366851.67

1329.50

220

-70

302.00

AR507

463693.43

4367392.53

1168.57

0

-90

331.60

AR508

463695.94

4367226.34

1207.55

180

-80

275.10

AR509

463456.19

4366739.72

1234.36

220

-75

230.00

AR510

463646.26

4367260.31

1200.87

150

-80

272.20

AR511

463541.67

4367549.90

1140.02

0

-90

413.00

AR512

463808.25

4366452.40

1341.47

30

-75

293.00

AR513

463611.00

4366625.91

1238.29

0

-90

113.20

AR514

463513.90

4366801.00

1213.94

70

-60

272.00

AR515

463637.90

4366676.67

1240.33

255

-85

271.10

AR516

463326.10

4367532.00

1111.68

70

-75

289.10

AR517

463955.50

4366561.00

1334.01

175

-70

250.40

AR518

463512.90

4366801.00

1214.52

0

-90

200.00

AR519

463610.74

4366627.26

1238.07

0

-90

85.00

AR520

463292.37

4366801.79

1267.84

0

-90

258.10

AR521

463565.04

4366632.93

1229.64

0

-90

220.10

AR522

463380.58

4366789.44

1243.04

220

-60

230.50

AR523

463330.83

4367529.71

1111.64

190

-75

246.30

AR524

463574.34

4366689.71

1218.68

310

-80

209.30

AR525

463379.92

4366792.76

1242.88

130

-80

250.80

AR526

463439.58

4366860.74

1221.77

230

-70

232.00

AR527

463747.05

4366662.50

1251.67

120

-70

172.60

AR528

463457.05

4366736.25

1234.37

130

-85

226.90

AR529

463461.16

4366674.39

1245.71

220

-85

210.00

AR530

463610.64

4366623.67

1236.68

220

-70

152.20

AR531

463532.91

4366679.31

1230.09

220

-60

266.00

AR532

463016.51

4367076.87

1257.68

100

-80

182.00

AR533

463058.53

4367180.64

1235.00

180

-75

178.00

AR534

463201.32

4367121.17

1222.92

180

-70

166.20

AR535

463280.05

4367015.82

1223.11

60

-80

215.00

AR536

463477.17

4366900.98

1208.45

190

-80

187.60

AR537

463279.72

4367015.51

1224.76

0

-90

230.00

AR538

463425.49

4366995.89

1209.03

320

-70

166.00

AR539

463211.19

4367051.72

1228.43

170

-70

211.20

AR540

463494.73

4366937.87

1199.80

80

-75

171.10

AR541

463173.31

4367080.70

1231.37

170

-80

174.40

AR542

463466.47

4366967.77

1203.15

270

-70

149.00

AR543

463101.94

4367008.63

1256.26

70

-80

223.00

AR544

463466.51

4366967.55

1203.14

200

-70

192.50

AR545

463599.73

4367384.47

1167.10

160

-70

275.00

AR546

463200.72

4366879.28

1268.55

0

-90

139.00

AR547

463633.92

4367326.89

1189.51

30

-80

347.00

AR548

463365.39

4366926.56

1234.88

245

-80

234.90

AR549

463599.65

4367384.92

1167.10

0

-90

321.50

AR550

463181.36

4366945.17

1253.00

0

-90

261.70

AR551

463386.79

4366953.26

1227.06

220

-80

248.00

AR552

463637.43

4367433.91

1162.55

0

-90

391.50

AR553

463598.63

4367385.80

1166.81

70

-80

311.10

AR554

463331.29

4366952.67

1236.52

250

-75

231.40

AR555

463245.81

4367158.41

1215.91

0

-90

137.90

AR556

463406.18

4366889.57

1228.72

260

-80

237.30

AR557

463767.05

4367318.34

1186.95

0

-90

347.00

AR558

463515.92

4366801.68

1214.02

300

-80

204.00

AR559

463552.32

4367485.48

1144.85

255

-75

332.30

AR560

463440.74

4367084.39

1185.98

0

-90

98.60

AR561

463457.84

4366734.98

1233.88

320

-80

259.00

AR562

463514.60

4366746.42

1222.47

45

-75

256.50

AR563

463364.42

4367107.39

1195.39

120

-80

130.00

AR564

463592.79

4367429.80

1160.64

260

-80

304.00

AR565

463834.03

4367236.63

1202.73

0

-90

330.60

AR566

463426.46

4367118.89

1182.99

330

-80

107.50

AR567

463942.64

4366963.15

1229.19

300

-80

230.00

AR568

463888.43

4367030.40

1213.80

280

-75

258.40

AR569

463478.76

4367057.23

1186.27

60

-60

143.50

AR570

463545.41

4367395.11

1146.72

0

-90

269.20

AR571

463193.14

4367182.33

1217.94

0

-90

125.50

AR572

463758.99

4367243.70

1204.85

0

-90

300.00

AR573

463672.52

4367242.06

1205.12

240

-80

277.70

AR574

463345.84

4367577.95

1097.15

255

-80

185.80

AR575

463899.11

4366966.44

1223.68

20

-70

184.60

AR576

463931.27

4367014.17

1219.88

0

-70

179.10

AR577

463812.25

4366895.75

1227.52

50

-90

169.80

AR578

463997.63

4366807.88

1260.67

350

-85

114.50

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/ssr-mining-announces-positive-exploration-results-for-the-cakmaktepe-extension-project-ardich-including-28-3-meters-at-8-23-gt-au-301641070.html

SOURCE SSR Mining Inc.

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Economics

New research from MIT Sloan reveals first sustained reversal of rising earnings inequality in three decades

New research from MIT Sloan reveals first sustained reversal of rising earnings inequality in three decades
PR Newswire
CAMBRIDGE, Mass., Oct. 5, 2022

Study connects tight labor markets to the stalling of U.S. earnings inequality
CAMBRIDGE, Mass.,…

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New research from MIT Sloan reveals first sustained reversal of rising earnings inequality in three decades

PR Newswire

Study connects tight labor markets to the stalling of U.S. earnings inequality

CAMBRIDGE, Mass., Oct. 5, 2022 /PRNewswire/ -- Income inequality in the U.S. has stubbornly grown since 1980, hardening class divides, restraining upward economic mobility, and stalling progress on closing the black-white racial wage gap. Traditionally, rising inequality has been hard to reverse since it's driven by structural trends like occupational polarization—a drop in middle skill jobs like construction and manufacturing—and labor union decline, which has removed collective bargaining constraints on wage inequality.

Nascent signs, however, show an interruption to this trend. A new study by MIT Sloan School of Management Prof. Nathan Wilmers and Harvard University researcher Clem Aeppli has found that U.S earnings inequality has stalled over the last decade. It marks the first sustained reversal of rising earnings inequality in approximately 30 years. Their paper, "Rapid Wage Growth at the Bottom Has Offset Rising US Inequality" has been published by the Proceedings of the National Academy of Sciences.

"This is surprising, because the fundamental drivers of rising inequality have continued," says Wilmers. "Our findings also pre-date COVID, though COVID has accelerated the reversal."

In their study, Wilmers and Aeppli analyzed eight data sources on earnings. Worker surveys complemented employer-reported data and administrative data. Sources include the Bureau of Labor Statistics' (BLS) Occupational Employment and Wage Statistics survey (OEWS), which captures around 400,000 public- and private-sector establishments per year. The researchers used the Social Security Administration Wage Statistics, among other pieces of data, to study the top 50% share of earnings.

Across all data sources, they found that overall earnings inequality plateaued, and possibly even declined in the U.S. since 2012. The shift is driven by a shrinking gap between low-wage—service sector jobs like hospitality and food service—and median workers, with low-wage workers realizing bigger gains. Meanwhile, the earnings gap between top and median workers has persisted.

Over the last ten years, while the bottom 10% of workers experienced a 14% boost in their earnings overall, other workers saw just a 9-10% increase in average pay. "Pay has been going up for everyone, but almost a third more for people at the bottom," Wilmers says.

Earnings growth for these low wage workers hasn't, however, been driven by workplace-specific changes or even a higher minimum wage put in place by some states and cities. Rather, one explanation is that tight labor markets on the heels of the long recovery from the Great Recession prompted low-wage workers' pay to rise at a faster clip. Occupations hit the hardest during the Great Recession experienced the fastest pay increases. Then, COVID-19 "supercharged" tight labor markets, adding to the phenomenon, says Wilmers.

"This is good news," he says. "But it also suggests that this phenomenon is fragile. If we lose tight labor markets and fall into a recession, we could reverse and go back to rising inequality. We haven't seen evidence thus far that this is a change that will last across business cycles."

Still, it's unclear exactly why tight labor markets prompted this inequality plateau in the first place. While the Clinton boom in the late 1990s also sparked rising wages for workers at the bottom, inequality continued to grow as pay rose even faster at the top. "It's a key puzzle that we're left with," Wilmers says, and one that could hold a clue as to whether or not the current pause in inequality will persist.

The researchers' findings present an opportunity for policymakers to find ways to help lock in some of these wage gains and figure out ways to make lasting changes, Wilmers says.

For further information, contact:

Casey Bayer                                       

or                     

Patricia Favreau

Director of Media Relations               


Associate Director of Media Relations

(617) 253-0576                                   


617-253-3492 

bayerc@mit.edu                                 


pfavreau@mit.edu

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-research-from-mit-sloan-reveals-first-sustained-reversal-of-rising-earnings-inequality-in-three-decades-301641050.html

SOURCE MIT Sloan School of Management

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