Form 4: SSR Mining Director Simon Fish Acquires Deferred Share Units Under Pre-Arranged Plan

SSR Mining Inc. Director Simon Adrian Fish acquired 1,894 Deferred Share Units on July 1, 2025, as part of a pre-arranged Rule 10b5-1(c) plan, increasing his total beneficial ownership to 135,530 DSUs.

Summary

• Simon Adrian Fish, a Director of SSR Mining Inc. (SSRM), acquired 1,894 Deferred Share Units (DSUs).
• The transaction date for this acquisition is July 1, 2025.
• This acquisition was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged transaction.
• Following this transaction, Simon Fish beneficially owns a total of 135,530 DSUs.
• Each DSU represents the right to receive the cash value of one Common Share of SSR Mining Inc. at the time of settlement.
• DSUs are earned upon grant and are settled upon the Reporting Person's retirement from the Issuer's Board of Directors.

Sentiment

Score: 7

Explanation: The acquisition of DSUs by a director is generally a positive signal, indicating alignment of interests and long-term commitment. The transaction being under a 10b5-1 plan makes it a routine, expected event rather than a strong discretionary buy signal.

Positives

• The acquisition of 1,894 Deferred Share Units by a Director aligns the insider's interests with long-term shareholder value, as DSUs are settled upon retirement from the board.
• The transaction was conducted under a Rule 10b5-1(c) plan, indicating a pre-arranged and transparent acquisition.

Risks

• The value of the Deferred Share Units is tied to the future cash value of SSR Mining Inc. Common Shares, exposing the holder to market price fluctuations until settlement.

Future Outlook

The acquisition of Deferred Share Units, which are settled upon retirement from the Board, indicates a long-term commitment by the Director to the company's future performance and shareholder value.

Management Comments

• Each deferred share unit ("DSU") represents the right to receive the cash value of a Common Share of the Issuer at the time of settlement.
• DSUs are earned upon grant and settled upon the Reporting Person's retirement from the Issuer's Board of Directors.

Industry Context

This transaction is a routine insider compensation disclosure common in the mining industry, where executive and director compensation often includes equity-linked instruments like DSUs to align interests with long-term company performance.

Comparison to Industry Standards

• The use of Deferred Share Units (DSUs) as a form of director compensation is a common practice across various industries, including mining (e.g., Barrick Gold, Newmont, Agnico Eagle Mines also utilize equity-based compensation for directors).
• The grant of DSUs at a $0 price is typical for equity compensation, as these units are earned rather than purchased, similar to Restricted Stock Units (RSUs) granted by tech companies like Apple or financial institutions like JPMorgan Chase.
• The disclosure via Form 4 is standard for reporting insider transactions in publicly traded companies, consistent with SEC regulations for transparency, mirroring practices seen in all US-listed companies.

Stakeholder Impact

• Shareholders: The acquisition of DSUs by a director aligns their interests with shareholders, as the value of the DSUs is tied to the company's share price performance.
• Management/Directors: This transaction represents a component of Director Simon Adrian Fish's compensation, reinforcing his long-term stake in the company.

Next Steps

• Settlement of the Deferred Share Units upon Simon Adrian Fish's retirement from the SSR Mining Inc. Board of Directors.

Key Dates

Keywords

SSR Mining Inc., SSRM, Form 4, Insider Transaction, Deferred Share Units, DSU, Director Compensation, Rule 10b5-1, Equity Compensation