Big Board Breakdown: SSR is paying C$6.75 cash for Roxmore. Most of Converse's ounces are still inferred

SSR Mining (Nasdaq and TSX: SSRM) agreed on October 13 to buy Roxmore Resources (TSX: RM) and its Converse gold project in Nevada, about 6 kilometres west of SSR's Marigold mine.

The price

• Cash: C$6.75 per Roxmore share
• Plus: shares of a new Roxmore SpinCo
• Equity value: about $464 million fully diluted, excluding SpinCo, with an enterprise value of $392 million, as SSR states it
• Premium: the cash alone is 27% above Roxmore's October 9 close and 47% above its 20 day volume weighted average price

SSR says it will pay the cash "from the Company's current balance sheet." No new SSR shares are being issued.

What shareholders keep

SpinCo takes Roxmore's other projects: Rattlesnake Hills in Wyoming, Newton in British Columbia and Shabu River in Ontario. It starts with US$10 million in cash. Roxmore shareholders get 85.01% of it and SSR keeps 14.99%.

What SSR is buying

Roxmore's 2026 resource for Converse:

Category	Tonnes	Grade	Ounces
Indicated	103 million	0.65 g/t	2.2 million
Inferred	218 million	0.43 g/t	3.0 million

By our arithmetic, about 58% of the ounces are inferred, and the inferred tonnes run at two thirds of the indicated grade. The resource was estimated at a US$3,000 gold price, below the roughly US$4,182 gold traded at on October 13.

SSR's own outlook for Converse is 150,000 to 170,000 ounces a year, first production in 2033 and initial capital of $800 million to $900 million. That is seven years and a large cheque away.

The protections

• Holders of about 26.8% of Roxmore, including its directors, officers and major shareholders, have agreed to vote in favour
• The deal needs two thirds of votes cast and court approval
• Roxmore pays SSR a C$18 million break fee "in certain circumstances" if the deal fails
• The release mentions no reverse break fee payable by SSR

Closing is expected in the fourth quarter of 2026.

Why it matters

A mid-tier producer paying cash for a low grade, partly inferred deposit next to its own mine is a bet on gold staying high and on shared infrastructure. Roxmore shareholders get a premium now and keep a stake in the exploration projects SSR did not want.

Sources: SSR Mining news release, October 13, 2026, as filed with the SEC. Gold price: Fortune, October 13, 2026.