Overview

Case Number: CV-24-00719454-00CP

Court: Ontario Superior Court of Justice

Ticker Symbol: TSX: “SSRM”

CUSIP: 784730

Overview Of this Proceeding

SSR Mining, Inc. (“SSR”) is a mining corporation incorporated pursuant to the laws of British Columbia and is a responsible issuer in British Columbia, Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Québec, and Saskatchewan.

SSR’s mines are located in Argentina, Canada, Turkey, and the United States, which focus on the production of copper, gold, lead, and zinc concentrates. This Action concerns SSR’s mine in Turkey, which is known as Çöpler (the “Çöpler Mine”). The Çöpler Mine is a reporting segment of SSR and produces gold. During the Class Period, the Çöpler Mine was responsible for generating more than 25% of SSR’s revenues.

On February 13, 2024, SSR announced the Çöpler Mine Accident, the first public corrective disclosure, and SSR’s share price dropped from $13.08 to $6.08, or over 50%, on record trading volume. Well over $1 billion in market capitalization was eliminated.

On February 27, 2024, SSR’s released its F/2023 MD&A and reported that as a result of the Çöpler Mine Accident there would be a significant impact on the Company’s operations, cash flows, and financial condition and that it was unable to estimate or predict when it would resume operations at the Çöpler Mine. SSR Mining also reported that it may need to raise capital to finance remediation of the Çöpler Mine Accident. The market reaction was harsh and immediate, despite the prior bad material-fact news, SSR’s share price dropped to $5.82.

The Plaintiff investor and putative Class of investors suffered a foreseeable economic loss from the market impact of the Public Corrective Disclosures contradicting the material fact statements released within the Impugned Documents. 

The Causes of Action

Common law secondary market negligent misrepresentations

Part XXIII.1, Section 138.3 of the OSA, if leave is granted

Sections 49 and 227 of the British Columbia Business Corporations Act

UPDATES

The Plaintiff issued his Statement of Claim on May 1, 2024, which was amended on June 14, 2024.

As of June 10, 2024, four additional individuals have been arrested in connection with accident at SSR Mining, Inc.’s Çöpler Mine, specifically the large slip on the Çöpler Mine’s heap leach pad (the “Çöpler Mine Accident”) and the bodies of the final four individuals who were killed following the Çöpler Mine Accident have been recovered.

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