Ag Au Zn

Po Le Pe
silver

gold

St Re

zinc

growth
portfolio

leadership

performance

strategy

reserves

stewardship

elements for

Silver Standard Resources Inc.

2013 Annual Review

Established as one of the leading silver companies in

With one of the largest open pit silver mines in the Americas, the forthcoming

multi-mine precious metals producer primed with the

operators, we have the people to succeed. With a strong balance sheet

the Americas, Silver Standard is transforming into a

elements for growth.

addition of the Marigold mine, and an extensive project portfolio, we have the
assets to grow. With a skilled and experienced team of mine builders and

and organizational cost discipline, we have the means to flourish. And with
a commitment to environmental stewardship and community relations,
we have your trust to develop.

Table of Contents
02 Chairmans Letter 03 Portfolio 04 Presidents Letter 06 Performance 08 Stewardship 10 Reserves / Resources
11 Notes to Mineral Reserves and Resources Table 12 Cautionary Notes IBC Leadership and Corporate Information

CHAIRMANS LETTER

2013 was an important year for Silver Standard as we repositioned the Pirquitas mine
on the industry cost curve, delivered value through non-core property sales and are on
the path to becoming a multi-mine precious metals producer.
While currently our market
performance is benefiting from these
activities, we were disappointed by
the substantial decline in our share
price during 2013. Our results were
impacted by the dramatic fall in silver
prices, which declined 36% over the
year, driven primarily by weaker
investment demand. The uncertainty
concerning the U.S. Federal Reserve
Bank monetary policy, higher real

interest rates, stronger U.S. equity

market performance and slower
growth in Europe and China added
to the decline in investment demand
for precious metals. This affected the
broader industry and impacted our
revenues and operating cash flows
for the year.

Throughout the industry, the

depressed metal price environment
and the increasing operating costs and
development capital expenditures led
to weak equity performance during
the year. This also limited the ability to
raise capital and bring new mines into
production. Exploration and producing

02 | Annual Review

companies turned their focus to

internal portfolios and cost reduction
programs and, as a result, we saw few
merger and acquisition transactions
in 2013.

Delivering on our
strategic objectives

As a precious metals producer, we

have a long-term view of growing our
production base and increasing cash
flows to deliver the best value for our
shareholders. This entails lowering
our operating and geopolitical risk
through the diversification of our
suite of mines and the development
of our internal projects.

In line with this strategy, our announced

acquisition of the Marigold mine in
Nevada, U.S. immediately upgrades
Silver Standards portfolio and is
accretive to our shareholders.
Marigold significantly improves our
operating and political risk profiles
while adding to our cash flows and
leveraging our technical expertise.
When the transaction closes in
April 2014, our Company will be a
multi-mine precious metals producer
with the financial capacity to
continue growing.

Corporate social responsibility

As we expand our Company and

enter new jurisdictions, we recognize
the importance of being a good
corporate citizen in every region where
we operate. We are committed to
the welfare of our employees,
stakeholders and business partners
and we work together with the local
communities to provide employment
opportunities and social benefits,
leaving a positive long-lasting footprint
on their sustainable economic

development. Our focus also remains

on protecting the environment affected
by our business activities. We will
continue to hold ourselves to high
ethical standards.

Looking ahead

Looking at 2014 and beyond, Silver

Standard is well-positioned to benefit
from the business cycle and precious
metals price recovery. In the long run,
we expect metal prices to be positively
impacted by the limited supply growth
as fewer precious metal mines were
developed over the past few years.
Additionally, continued expansion
of emerging market economies, with
increased economic development
and consumer demand, would also
create an upward pressure on
long-term metal prices. This would
particularly benefit silver due to its
dual use in industrial demand and
as an investment vehicle.
Supported by this trend, Silver
Standard benefits from a capable
management team, a deep project
portfolio and a strong balance sheet.
In 2014, we are primed with the
elements necessary to continue
growing and delivering sustainable
shareholder value while operating
in a safe, responsible and ethical
environment. I would like to thank our
shareholders and our Board for their
trust and support and our employees
for their hard work and commitment
during this exciting time for Silver
Standard.
Peter W. Tomsett
Chairman of the Board

Portfolio
Generating value through
asset portfolio sales

Gross cash proceeds in excess of

$500 million from project divestitures

Large in-ground silver resources

554 million ounces proven and probable silver reserves

1,131 million ounces measured and indicated silver resources

Extensive land position in major silver belts

Production

Development

Exploration

Acquisition of Marigold mine

to be completed April 2014.

PRESIDENTS LETTER

Ag Au Zn
Po Le Pe
St Re

Silver Standard has all the elements for growth,

from capability to capacity and opportunity.
We are entering a new era for the Company.

Our strategy is to grow our business in

a safe, responsible manner to deliver
real value to our shareholders. As a
growing precious metals producer,
we need project quality and optionality,
an experienced, skilled, and motivated
team and a strong balance sheet to
enable our development. Over the
last three years we established these
elements and I am proud to say that
Silver Standard has built a solid
foundation for growth.

Portfolio

Strong operating
performance at Pirquitas
In an environment of declining silver
prices, our team at Pirquitas delivered
strong operating results. At the
beginning of 2013 we instigated a
restructuring program, which focused
on optimizing the Pirquitas plant
and realizing cost reductions and
efficiencies not only at the mine but
across our entire organization. This
initiative repositioned Pirquitas on
the cost curve for a sustainable future.
The success of our restructuring
program was demonstrated by our
significantly lower cash costs of
$11.75 per payable ounce of silver
sold reported in the fourth of quarter
of 2013.
During the year, we produced 8.2
million ounces of silver, meeting our

Strategy

guidance, with cash costs of $12.87

per payable ounce of silver sold, 24%
lower than cash costs reported in
2012. We also produced 27 million
pounds of zinc, a record in the history
of the mine. In 2013, we marked the
end of the transition at the San Miguel
open pit, which is now fully operating
within Phase 2. With this, we expect
lower strip ratios and a consistent
production rate going forward.
Looking into 2014, we continue with
the operational excellence program
at Pirquitas, which will position the
mine well irrespective of external
circumstances. We anticipate further
strong operating results at Pirquitas
with silver production of between
8.2 and 8.6 million ounces at cash
costs of between $12.50 and $13.50
per payable ounce of silver. Zinc
production will continue at the
elevated level of 25 to 30 million
pounds.
Advancing Pitarrilla
At Pitarrilla in Mexico, we entered
2013 focused on achieving several
milestones to enable a development
decision. We successfully completed
the pilot plant work, received access
to a key parcel of land and advanced
the joint venture process, along with
completing other infrastructure
activities. While we were advancing
the project, the Mexican government

Our strategy is simple: be excellent in all things we do and use our

ingenuity and experience to seek out and deliver on opportunity.
We are equipped to execute regardless of the resource cycle.

04 | Annual Review

enacted a new tax and royalty regime

and silver prices declined significantly.
As a result, we decided to delay
further work and suspend the joint
venture process, while we reassess
options for a lower capital, starter
project. We are currently evaluating
the prospects for an underground
mine on the deeper sulphide ore,
which, if economic, would allow us to
retain the option for a large open pit
mine above the underground.
While we were disappointed that our
environmental permit application for
the open pit project was not approved
in February 2014, that decision does
not impact our assessment for the
underground mine. We expect to have
the results of our work on a lower
capital underground project by the
end of the second quarter of 2014.

New target at San Luis

In Peru, we continue to advance our
San Luis project. In 2013 we extended
our exploration agreement with the
Cochabamba community for additional
five years and our team is pursuing an
exploration target south of the existing
high-grade Ayeln vein structure, called
the Bonita Zone, located exclusively
on Cochabamba community land.
We received the exploration work
permits and anticipate drilling in late
May 2014. We are excited about the
prospects of the Bonita Zone to
potentially provide a second option
for development at the San Luis
project. In parallel with our exploration
activities, we continue working with
the Ecash community to secure a
land use agreement and progress
the Ayeln vein.

Delivering value
through project portfolio
In 2013 we performed a detailed
review of our projects and rationalized
our exploration portfolio, identifying
core and non-core projects, and
reduced holding costs. As a result of
this process, we realized significant
gains through the sale of the San
Agustin project in Mexico for over
$70 million and the Challacollo project
in Chile, completed in early February
2014, for approximately $17 million,
both in cash and shares.

Performance

Notwithstanding the impact of lower

silver prices in the second half of
2013, the strong performance at
Pirquitas and the sale of the San
Agustin project enabled our balance
sheet to remain strong with $416
million of cash and cash equivalents
at the end of the year. During 2013,
we took advantage of favorable
conditions in the debt markets to issue
$265 million of convertible notes at
an annual interest rate of 2.875% and
took steps to institute cost discipline
measures throughout our business.

Leadership

People are critical to the success of

our business. We have spent the last
three years strengthening our team
with the addition of skilled mine
builders and operators. I welcome
the new additions to our executive
leadership team, Mr. Alan Pangbourne
and Ms. Kelly Stark-Anderson, and
the new members of our board of
directors, Mr. Steven Reid, former
Chief Operating Officer of Goldcorp
Inc., and Mr. Gustavo Herrero, who
serves on the Harvard Business
School Latin American Advisory
Board. We are now well-equipped
with the right team and the necessary
skill set to develop our current projects
and identify new growth targets.

Stewardship

We continue to support local

communities we work with, engage
with government entities and work
together with our employees for the
best interest of our shareholders.
Ensuring the well-being of our
workforce is key to our success
and we are pleased to report that in
2013 workplace injuries were reduced
by 25%. We remain committed to
safe, healthy and environmentally
responsible production.
In early 2013 we introduced our
Values, Behaviors and Objectives
(VBO) framework to our employees,
contractors and partners. VBO
includes our vision statement,
strategic objectives and core
behaviors that encapsulate the
culture we are instilling throughout
our organization.

Delivering growth:
Marigold mine acquisition

In February 2014, we announced our

agreement to acquire the Marigold
mine in Nevada, heralding the next
significant step in Silver Standards
history. The acquisition doubles our
precious metals production as we
become a multi-mine producer with
the capacity to grow. It also improves
our operating portfolio and geopolitical
risk profile. The transaction was
driven by our strategy to upgrade
and balance our portfolio by adding
a mine in a favorable jurisdiction
that contributes immediate operating
cash flow.
Marigold has operated successfully
for two decades and has a history of
reserve replacement. Its addition to
our portfolio substantially increases
our mineral reserves and adds an
experienced team, which operates
to world-class standards. Working
with the Marigold team, we are already

ensuring the smooth integration of the

people, systems and operation and
the continuation of safe production.
Importantly, Marigold not only
diversifies our operating platform,
but also lays the foundation for further
organic growth. We have the financial
capacity to continue advancing our
development portfolio, providing
leverage to precious metals.
I am excited as 2014 promises to
deliver on our teams accomplishments
from 2013 with a transformative
acquisition and capacity to grow.
With the elements for growth in
place, Silver Standard has built the
foundation for a successful future.
We look forward to delivering real
value to our shareholders.

John Smith
President and CEO

Annual Review | 05

Performance

2013 CORPORATE HIGHLIGHTS

Delivered strong production

Achieved lower cost profile
Created value through project portfolio
Added to a strong liquidity position
Strengthened management team
and Board

2013 OPERATING HIGHLIGHTS

Pirquitas

STRONG FOUNDATION

Balance Sheet

$416 million cash

$129 million marketable securities
$265 million convertible notes

Pitarrilla

Share Capital

Achieved silver production guidance

Delivered record zinc production,
exceeding guidance
Realized cost savings and
outperformed cost guidance
Optimized mine and plant performance

Secured key surface rights

Advanced engineering work,
infrastructure and financing options
Reassessing project alternatives

San Luis

80.8 million basic shares

82.5 million fully diluted shares

As at December 31, 2013

Extended exploration agreement

with Cochabamba community
Identified new target vein system,
the Bonita Zone
Received work permit for drilling
at the Bonita Zone

2014 GOALS

Silver Production
(in millions of ounces)

8.2

2013
2012
2011

06 | Annual Review

7.1

Cash & Equivalents

(in millions of dollars)
8.6

2013
2012
2011

$329

$367

$416

Cash Costs per Payable Ounce of Silver Sold

(in dollars per ounce)1
2013
2012
2011

$12.87

$16.88

$19.70

Successfully integrate
and optimize Marigold
Advance operational excellence
at Pirquitas
Define development pathways
for San Luis and Pitarrilla
Maintain strong balance sheet
and cost discipline
Focus on growth opportunities

Cash costs for 2011 have not been restated

for IFRIC 20, Stripping Costs in the Production
Phase of a Surface Mine.
Annual Review | 07

Pitarrilla

As part of our agreement with the community of San Francisco de Ass, at Pitarrilla,
we funded the reconstruction of the two bridges connecting the village to the main road.
This project benefited 300 residents, ensuring a safe and efficient path to their school and
work place. This is particularly important during the seasons of high water levels that can
put residents at risk.
Through our ongoing community relations initiatives at our Pitarrilla project in Mexico,
we provided over 500 backpacks to students attending kindergarten through high school,
assisting families with education costs. On April 30th, the Day of the Child, and on
Christmas we delivered a total of 650 presents to local children, ensuring that families
with the highest need enjoyed these precious holiday moments.

San Luis

Fulfilling our obligation to the Cochabamba community at our San Luis project in Peru,
we employed 16 members of the village of Upacoto to construct an irrigation reservoir.
This reservoir now provides a reliable source of clean water for agriculture to a community
of 80 people. This project significantly improves the agricultural capacity of the community
for sustainable production of potatoes, corn and beans. With the addition of the reservoir,
the production output has doubled, providing not only food to the community but also
products for sale, which improves both nutrition and economic conditions.

Duthie

Part of Silver Standards portfolio of properties is the Duthie mine, a historic, underground
mine in northern British Columbia, where we are in the process of completing reclamation
work. This is an important project for us as the reclamation principles at Duthie are building
the foundation for ongoing reclamation activities throughout our remaining portfolio.
Since reclamation commenced at the site, it has progressed from an inactive mine to
an award-winning example of our environmental stewardship.

Pirquitas

Stewardship
08 | Annual Review

Our medical services and health campaigns continue to benefit the communities
living in close proximity to the Pirquitas mine in the Jujuy Province, Argentina, providing
higher health standards and practices in these remote areas. In 2013, we established full
gynecology specialist services benefiting over 300 women in the area. Additionally, the
Pirquitas health center initiated a general practitioner outreach program for all local towns,
commenced a dental care program and held numerous illness prevention workshops.
The health center also served over 150 children and young adults and completed an
optometry and ophthalmologic campaign, providing eye glasses to 130 children from
the local communities.

Catalina Flores and her husband Demetro Martinez, who live in the community of
Coyahuaima, in close proximity to our Pirquitas mine, are the proud parents of four children.
Catalina shares: The Pirquitas community relations representatives came with a doctor to
my daughters elementary school and asked for my permission to examine her eyes. I didnt
object, although I never imagined she would have problems with her vision. When the
doctor detected the need for glasses, I was very surprised and grateful because we had
never taken our children for this type of medical examination. Glasses for my daughter and
her schoolmates arrived soon after and now she is happy to see much better than before.
Zulema Flores, who lives in the community of Nuevo Pirquitas, located 7 km from
the Pirquitas mine, needed the urgent care of the mines medical facilities for the birth of
both of her children. Our medical personnel were glad to have the opportunity to assist
Zulema during these important times for her family. Aymara was born in November 2010
and her sister Celina joined her in May 2012. Both girls are healthy and the family continues
to rely on the medical support at our mine. Zulema shares, I was very well attended and
after both births I was transferred in a corporate ambulance to the hospital in Abra Pampa
for additional examination. Thank you for the help we receive every time we see one of
the doctors at Pirquitas.

Reserves/Resources
Table 1. Mineral Reserves and Resources (as at December 31, 2013)
Resource
Category

Location

Mineral Reserves
Pirquitas

Argentina

Pitarrilla

Mexico

San Luis

Proven

7.1

Probable

2.9

Probable

156.6

Probable

0.45

Stockpiles(1)

Peru

Tonnes
millions

Proven

Argentina

Pitarrilla

Peru

Diablillos

Argentina

125.0

0.06

604.5

Sunrise Lake
Pirquitas

Argentina

San Luis

Peru

Pitarrilla

Diablillos

Berenguela
Candelaria

San Marcial

Sunrise Lake
(1)

757.6

34.3

21.6

111.0

0.9

Indicated

15.6

Indicated

9.3

Inferred

3.1

262.0

0.7

5.4

162.0

0.02

270.1

6.0

111.7

7.2

U.S.

Inferred

50.5

Mexico

Inferred

2.3

Inferred
Inferred

(2)

77.6
2.6

34.3

62.1

27.0

51.1

34.3

191.8

169.0

62.3

632.2

5.6

0.92

2.39

5.99

0.21

0.49

0.06

77.1

0.64

0.32

1.92

0.66

4.42

0.29

0.01

29.0

0.03

12.8

0.03

28.3

44.1
0.2

0.74

0.1

66.1

15.1

69.6

2.38

0.8

0.5

1.3

7.7

6.3

21.6
82.8

85.6

14.3

13.9

Notes to Mineral Reserves and Resources Table

All estimates of Mineral Reserves and Mineral Resources in the Mineral
Reserves and Resources table have been prepared in accordance with
National Instrument 43-101Standards of Disclosure for Mineral Projects
(NI 43-101) and have been reviewed and approved by Andrew W. Sharp,
B.Eng., FAusIMM, Trevor J. Yeomans, B.Sc. (Hons), ACSM, P.Eng.,
and F. Carl Edmunds, all of whom are Qualified Persons and our
employees. Mineral Resources which are not Mineral Reserves do not
have demonstrated economic viability. Mineral Resources and Mineral
Reserves figures have some rounding applied. Exact totals can be found
in the corresponding NI 43-101 Technical Report for each property.
The Mineral Reserves and Resources table does not include estimates
of Mineral Reserves and Mineral Resources for the Challacollo property,
which was sold to Mandalay Resources Corporation in February 2014.
All Technical Reports referenced below are available under our profile
on the SEDAR website at www.sedar.com or on our website at
www.silverstandard.com.

4.5

0.72

0.1

1.5

63.2

Inferred

Inferred

132.0

152.2

0.32

0.24

100.2

20.8

0.1

Argentina

Inferred

95.4

0.05

53.2

1.73

97.4

22.1

Stockpiles are Probable Mineral Reserves.

10 | Annual Review

0.06

162.0

555.0

1.1

6.1

Measured

0.43

4.5

16.7

81.9

260.3

Inferred

Canada

478.7

240.0

20.3

Mexico

Maverick Springs (100% of Ag) U.S.

0.79

Indicated - Ag

Measured - Ag

Indicated

Peru

28.3

Gold
Ounces
millions

47.3

1.39

1.39

Indicated

Inferred Mineral Resources

426.2

0.29

Silver
Ounces
millions

16.6

125.0

19.2

Measured

Canada

0.55

1.1

Indicated

Indicated

Maverick Springs (100% of Ag) U.S.

95.1

Copper
%

1.28

0.35

Indicated

U.S.

208.0

Zinc
%

210.0

Indicated - Pb/Zn

Peru

Candelaria

Lead
%

7.9

Stockpiles(2)

Mexico

San Luis
Berenguela

Measured

Gold
g/t

179.0

1.1

Measured and Indicated Mineral Resources (inclusive of reserves)

Pirquitas

Silver
g/t

0.00

0.19

0.03

Pirquitas
Mineral Reserves and Mineral Resources estimates are reported below
the as-mined surface as at December 31, 2013. Mineral Reserves are
presented at a cut-off of $35.52 per tonne net smelter return (NSR),
using $25.00 per troy ounce silver and $2,403.00 per tonne zinc. These
values remain unchanged to the values that are reported in a technical
report dated December 23, 2011 and entitled NI 43-101 Technical Report
on the Pirquitas Mine, Jujuy Province, Argentina (the 2011 Pirquitas
Technical Report). Mineral Resources for the Cortaderas Area are
reported above a cut-off grade of 50 grams per tonne silver; Mineral
Resources for the Mining Area (includes San Miguel, Oploca and Potos
zones) are reported at 65 grams per tonne silver and are reported inclusive
of Mineral Reserves. For a complete description of the key assumptions,
parameters and methods used to estimate the Mineral Reserves and
Mineral Resources, please refer to the 2011 Pirquitas Technical Report.
Pitarrilla
Mineral Reserves and Mineral Resources estimates are as at December 4,
2012 and are contained in a technical report dated December 14, 2012
and entitled NI 43-101 Technical Report on the Pitarrilla Project, Durango
State, Mexico. The Mineral Reserves estimate uses a NSR calculation to
determine cut-off using $25.00 per troy ounce silver, $0.90 per pound lead
and $0.95 per pound zinc. The Mineral Reserves contain two ore types
direct leach ore and flotation/leach ore. The constant cut-off value for
direct leach ore is $16.38/tonne and for flotation/leach ore is $16.40/tonne.
The NSR calculation method varies for the two ore types. For the two ore
types combined, the overall average process recovery of silver, lead, and
zinc are 69.6%, 57.4%, and 61.3%, respectively. Mineral Resources are
reported above a cut-off grade of 30 grams per tonne silver and are
reported inclusive of Mineral Reserves. No mining activity has occurred
on the property from December 4, 2012 to December 31, 2013.

San Luis
Mineral Reserves and Mineral Resources estimates are as at June 4,
2010 and are contained in a technical report dated effective June 4, 2010
and entitled Technical Report for the San Luis Project Feasibility Study,
Ancash Department, Peru (the San Luis Feasibility Study). Mineral
Reserves estimates are reported at a cut-off grade of 6.9 grams per tonne
gold equivalent, based on $800.00 per troy ounce gold, $12.50 per troy
ounce silver, and recoveries of 94% gold and 90% silver, as presented in
the San Luis Feasibility Study. Mineral Resources estimates are reported
at a cut-off grade of 6.0 grams per tonne gold equivalent, based on
$600.00 per troy ounce gold and $9.25 per troy ounce silver. Mineral
Resources are reported inclusive of Mineral Reserves. Inferred gold
resources are less than 0.005 million ounces and are presented as
0.00 million ounces due to rounding. No mining activity has occurred
on the property from June 4, 2010 to December 31, 2013.
Diablillos
Mineral Resources estimate was completed in a technical report entitled
Technical Report on the Diablillos Property-Salta and Catamarca
Provinces, Argentina dated July, 2009. Mineral Resources are reported
above a recoverable metal value (RMV) cut-off value of $10.00 RMV
based on metal prices of $11.00 per troy ounce silver and $700.00 per
troy ounce gold using metal recoveries of 40% and 65%, respectively.

Berenguela
Mineral Resources estimate was completed in a technical report entitled
Technical Report on the Berenguela Property, South-Central Peru dated
October 4, 2005. Mineral Resources are reported above a 50 gram per
tonne silver cut-off.
Candelaria
Mineral Resources estimate was completed in a technical report entitled
Candelaria Project Technical Report dated May 24, 2001. Mineral
Resources are reported above a 0.5 troy ounces per ton cyanide soluble
silver cut-off.

Maverick Springs
We currently hold a 55% interest in the Maverick Springs project through
a joint venture. Our 55% interest in the Maverick Springs project entitles
us to all silver produced from the project while our joint venture partner is
entitled to all gold produced from the project. Mineral Resources estimate
was completed in a technical report entitled Technical Report, Maverick
Springs Project, Nevada, USA dated April 13, 2004. Mineral Resources
are reported above a 1 ounce per tonne silver equivalent cut-off using metal
prices of $327.00 per ounce gold and $4.77 per ounce silver. The silver
equivalent grade was determined as follows: Ag g/t + (Au g/t * 68.46).
San Marcial
Mineral Resources estimate was completed in a technical report entitled
Technical Report on the San Marcial Project dated October 15, 2002.
Mineral Resources are reported above a 30 gram per tonne silver cut-off.

Sunrise Lake
Mineral Resources estimate was completed in a technical report entitled
Report on the Sunrise Property, NWT dated September 3, 2003. Mineral
Resources are reported above a 30 gram per tonne silver cut-off.

0.04

Stockpiles are Indicated Mineral Resources.

Annual Review | 11

Cautionary Notes
Cautionary Notes Regarding Forward-Looking Statements
This annual review contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform
Act of 1995 and forward-looking information within the meaning
of Canadian securities laws (collectively, forward-looking
statements) concerning the proposed Marigold mine transaction,
the anticipated developments in our operations in future periods,
our planned exploration activities, the adequacy of our financial
resources, and other events or conditions that may occur or
exist in the future. These statements relate to analyses and
other information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions
of management.

Generally, forward-looking statements can be identified by the

use of words or phrases such as expects, anticipates, plans,
projects, estimates, assumes, intends, strategy, goals,
objectives, potential or variations thereof, or stating that certain
actions, events or results may, could, would, might or will
be taken, occur or be achieved, or the negative of any of these
terms or similar expressions. These forward-looking statements
are subject to a variety of risks, uncertainties and other factors
that could cause actual events or results to differ from those
expressed or implied, including, without limitation, risks and
uncertainties related to: production, development plans and
cost estimates for our material properties; future exploration
and development; Mineral Reserves and Mineral Resources
estimates and our ability to extract mineralization profitably
and replace our Mineral Reserves; our ability to complete and
successfully integrate an announced acquisition, including the
recently announced Marigold mine acquisition; our ability to
obtain adequate financing; fluctuations in exchange rates and
in spot and forward prices for silver, gold and base metals and
certain other commodities; counterparty and market risks related
to the sale of our concentrates; political, financial, social, legal
or economic developments or changes in any of the countries
where we carry on business; compliance with governmental laws
and regulations, including health, safety and environmental laws
and regulations; title to our mineral properties and the surface
rights thereon; competition in the mining industry and our ability
to access mining services, properties, equipment, qualified
personnel and management; regulatory compliance costs;
claims and legal proceedings, including adverse rulings in current
or future litigation; the terms of our outstanding convertible notes;
and those other various risks and uncertainties identified under
the heading Risk Factors in our most recent Form 40-F and
Annual Information Form filed with the U.S. Securities and
Exchange Commission (the SEC) and Canadian securities
regulatory authorities.

Our forward-looking statements are based on what management

currently considers to be reasonable assumptions, beliefs,
expectations and opinions and we cannot assure you that actual

12 | Annual Review

events, performance or results will be consistent with these

forward-looking statements. Assumptions have been made
regarding, among other things, the discovery of Mineral Reserves
and Mineral Resources on our mineral properties, the costs of
operating and exploration expenditures and those other
assumptions identified under the heading Introductory Notes
Cautionary Notice Regarding Forward Looking Statements
in our most recent Form 40-F and Annual Information Form.
Our forward-looking statements reflect current expectations
regarding future events and operating performance and we do
not assume any obligation to update forward-looking statements
if circumstances or managements opinions should change other
than as required by applicable law. For the reasons set forth
above, you should not place undue reliance on forward-looking
statements.
All references to $ in this annual review are to U.S. dollars
unless otherwise stated.

Cautionary Note to U.S. Investors

The disclosure included in this annual review uses Mineral
Reserves and Mineral Resources classification terms that comply
with reporting standards in Canada and the Mineral Reserves
and Mineral Resources estimates are made in accordance
with NI 43-101. NI 43-101 is a rule developed by the Canadian
Securities Administrators that establishes disclosure standards
with respect to scientific and technical information concerning
mineral projects. These standards differ significantly from the
requirements of the SEC set out in Industry Guide 7.
Consequently, Mineral Reserves and Mineral Resources
information included in this annual review is not comparable to
similar information that would generally be disclosed by domestic
U.S. reporting companies subject to the SEC requirements.
Under SEC standards, mineralization may not be classified as
a reserve unless the determination has been made that the
mineralization could be economically produced or extracted
at the time the reserve determination is made.
Cautionary Note Regarding Non-GAAP Measures
This annual review includes certain terms or performance
measures commonly used in the mining industry that are not
defined under International Financial Reporting Standards
(IFRS), including cost of inventory, cash costs and total costs
per payable ounce of silver sold and adjusted net income (loss)
and adjusted basic earnings (loss) per share. We believe that,
in addition to conventional measures prepared in accordance
with IFRS, certain investors use this information to evaluate
our performance. The data presented is intended to provide
additional information and should not be considered in isolation
or as a substitute for measures of performance prepared in
accordance with IFRS. These non-GAAP measures should be
read in conjunction with our consolidated financial statements.

Leadership
Board of Directors

Management Team

Corporate Information

Peter W. Tomsett

John Smith

Head Office

Chairman of the Board, Corporate

Governance and Nominating Committee

A.E. Michael Anglin

Corporate Governance and Nominating

Committee Chair, Audit Committee,
Compensation Committee

Richard C. Campbell

Safety and Sustainability Committee Chair,

Compensation Committee

Gustavo A. Herrero

Audit Committee, Corporate Governance

and Nominating Committee

Richard D. Paterson

Audit Committee Chair,

Safety and Sustainability Committee

Steven P. Reid

Compensation Committee Chair,

Safety and Sustainability Committee

John Smith

President and CEO

President and CEO, Director

Gregory J. Martin

Senior Vice President

and Chief Financial Officer

Alan N. Pangbourne

Senior Vice President, Projects

W. John DeCooman Jr.

Vice President, Business Development

and Strategy

Edward Kirwan

Vice President, Environment

and Community Relations

Andrew Sharp

Vice President, Technical Services

Kelly Stark-Anderson

Vice President,
Legal and Corporate Secretary

Silver Standard Resources Inc.

Suite 800 1055 Dunsmuir Street
PO Box 49088
Vancouver, BC
Canada V7X 1G4
Telephone 1.604.689.3846
Facsimile 1.604.689.3847
Toll-free
1.888.338.0046
www.silverstandard.com
Investor Inquiries

North America Toll-free 1.888.338.0046

invest@silverstandard.com
Common Share Listings

NASDAQ Global Market: SSRI

Toronto Stock Exchange: SSO

Transfer Agent and Registrar

For questions concerning shareholdings,

share certificates and address changes:
Computershare Trust Company of Canada
Telephone 1.514.982.7888
North America Toll-free 1.800.564.6253
www.computershare.com
Auditors

PricewaterhouseCoopers LLP
Vancouver, British Columbia
Canada