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AUDIT COMMITTEE CHARTER

Purpose

The Audit Committee (the Committee) is appointed by the Board
of Directors (the Board) of Silver Standard Resources Inc. (Silver Standard)
to assist the Board in monitoring:

| | (1) | the integrity of the financial statements of Silver
      Standard;                             
| | --- | ------------------------------------------------------------------------------------------------
| |     |                                                                                                 
| | (2) | the independent auditors qualifications and
      independence;                                
| |     |                                                                                                 
| | (3) | the performance of Silver Standards internal audit
      function and independent auditors; and
| |     |                                                                                                 
| | (4) | the compliance by Silver Standard with legal and
      regulatory requirements.                 

Committee Membership

The members of the Committee shall be appointed by the Board.
The Committee shall be composed of not less than three members of the Board.
Each member of the Committee shall be independent in accordance with
applicable law, including the rules and regulations of the Securities and
Exchange Commission, the rules of the Nasdaq Stock Market and the instruments of
the Canadian Securities Administrators, or available exemptions therefrom. All
of the members of the Committee shall also meet the experience requirements of
the Securities Exchange Act of 1934(the Exchange Act) and the rules
and regulations of the Securities and Exchange Commission. At least one member
of the Committee shall be a financial expert as defined by the Securities and
Exchange Commission, unless otherwise determined by the Board.

The Chair of the Committee shall be designated by the Board.
Committee members serve at the pleasure of the Board, and Committee members may
be replaced by the Board.

Meetings

The Committee shall meet as often as it determines, but not
less frequently than quarterly, unless otherwise determined by the Board.

Meetings may be with representatives of the independent
auditors, and appropriate members of management, all either individually or
collectively as may be required by the Committee.

| | A-1 | March, 2012
| | --- | -----------

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The independent auditors will have direct access to the
Committee at their own initiative.

The Committee will report periodically its findings and
recommendations to the Board.

Committee Authority and Responsibilities

Responsibilities and powers of the Committee include:

| |  | Annual review and revision of this Charter as necessary
      with the approval of the Board.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  | Determining, as a committee of the Board, the selection,
      appointment, evaluation, fees and, if necessary, replacement of the
      independent auditors, subject to the approval of the shareholders of
      Silver Standard.                                                                                                                                                                                                                                                                                                                                         
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  | Approving the appropriate audit engagement fees and the
      funding for payment of the independent auditors compensation and any
      advisors retained by the Committee.                                                                                                                                                                                                                                                                                                                                                                                                
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  | Ensuring that the auditors report directly to the
      Committee and are made accountable to the Committee and the Board, as
      representatives of the shareholders to whom the auditors are ultimately
      responsible.                                                                                                                                                                                                                                                                                                                                               
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  | Confirming the independence of the auditors, which will
      require receipt from the auditors of a formal written statement
      delineating all relationships between the auditors and Silver Standard and
      any other factors that might affect the independence of the auditors and
      reviewing and discussing with the auditors any significant relationships
      and other factors identified in the statement. The Committee will report
      to the Board its conclusions on the independence of the auditors and the
      basis for these conclusions.
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  | Ensuring that the independent auditors are prohibited
      from providing the following non-audit services and determining which
      other non-audit services the independent auditors are prohibited from
      providing:                                                                                                                                                                                                                                                                                                                                               
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

| | A-2 | March, 2012
| | --- | -----------

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| |  |                                                                                                                                                                                                                                                                                                                      | actuarial services;                                                                                                                                                                                                                                        
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                      | internal audit outsourcing services;                                                                                                                                                                                                                       
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                      | management functions or human resources;                                                                                                                                                                                                                   
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                      | broker or dealer, investment adviser or investment
      banking services;                                                                                                                                                                                 
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                      | legal services and expert services unrelated to the
      audit; and                                                                                                                                                                                       
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                      | any other services which the Public Company Accounting
      Oversight Board and Canadian Public Accountability Board determine to be
      impermissible.                                                                                                 
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  | Preapproving any permissible non-audit engagements of the
      independent auditors, subject to the de minimus exceptions for non-audit
      services described in Section 10A(i)(1)(B) (see Appendix B) of the
      Exchange Act which are approved by the Committee prior to the completion
      of the audit.
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  | Meeting with the auditors and financial management of
      Silver Standard to review the scope of the proposed audit for the current
      year, and the audit procedures to be used.                                                                                                                              
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  | Reviewing with management and the independent
      auditors:                                                                                                                                                                                                                                                       
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                      | Silver Standards annual financial statements and related
      footnotes, managements discussion and analysis and the annual information
      form, for the purpose of recommending approval by the Board prior to its
      release, and ensuring that:
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                            

| | A-3 | March, 2012
| | --- | -----------

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| |  |                                                                                                                                                                                                                                                                                                                            | Any significant changes required in the independent
      auditors audit plan and any serious issues with management regarding the
      audit; and
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                     
| |  |                                                                                                                                                                                                                                                                                                                            | Other matters related to the conduct of the audit that
      are to be communicated to the Committee under GAAP or IFRS, as
      applicable.       
| |  |                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                     
| |  | Reviewing with the independent auditors and management
      the adequacy and effectiveness of the financial and accounting controls of
      Silver Standard.                                                                                                                                                            
| |  |                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                     
| |  | Establishing procedures: (i) for receiving, handling and
      retaining of complaints received by Silver Standard regarding accounting,
      internal controls, or auditing matters, and (ii) for employees to submit
      confidential anonymous concerns regarding questionable accounting or
      auditing matters.
| |  |                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                     
| |  | Reviewing with the independent auditors any audit
      problems or difficulties and managements response and resolving
      disagreements between management and the auditors.                                                                                                                                         
| |  |                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                     
| |  | Making inquires of management and the independent
      auditors to identify significant business, political, financial and
      control risks and exposures and assess the steps management has taken to
      minimize such risk to Silver Standard.                                                                   
| |  |                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                     
| |  | Assessing the overall process for identifying principal
      business, political, financial and control risks and providing its views
      on the effectiveness of this process to the Board.                                                                                                                           
| |  |                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                     
| |  | Ensuring that the disclosure of the process followed by
      the Board and its committees, in the oversight of Silver Standards
      management of principal business risks, is complete and fairly
      presented.                                                                                                   
| |  |                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                     
| |  | Reviewing of confirmation of compliance with Silver
      Standards policies on internal controls, conflicts of interests, ethics,
      foreign corrupt practice, etc.                                                                                                                                                  

| | A-4 | March, 2012
| | --- | -----------

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- Reviewing with financial management and, to the extent it deems necessary
  or appropriate, the independent auditors interim financial information for the
  purpose of recommending approval by the Board prior to its release.
- At least annually obtaining and reviewing a report prepared by the
  independent auditors describing (i) the auditors internal quality-control
  procedures; and (ii) any material issues raised by the most recent internal
  quality-control review, or peer review, of the auditors, or by any inquiry of
  investigation by governmental or professional authorities, within the
  preceding five years, respecting one or more independent audits carried out by
  the auditors, and any steps taken to deal with any such issues.
- Setting clear hiring policies for employees or former employees of the
  independent auditors.
- Ensuring the rotation of the lead (or coordinating) audit partner having
  primary responsibility for the audit and the audit partner responsible for
  reviewing the audit as required by law. Consider whether, in order to assure
  continuing auditor independence, it is appropriate to adopt a policy of
  rotating the independent auditing firm on a regular basis.
- Engaging independent counsel and other advisors if the Committee determines
  such advisors are necessary to assist the Committee in carrying out its
  duties.
- Reporting annually to the shareholders in Silver Standards Management
  Information Circular prepared for the annual and general meeting of
  shareholders on the carrying out of its responsibilities under this charter
  and on other matters as required by applicable securities regulatory
  authorities.
- Discussing with management and the independent auditor any correspondence
  with regulators or governmental agencies and any published reports which raise
  material issues regarding Silver Standards financial statements or accounting
  policies.

| | A-5 | March, 2012
| | --- | -----------

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