SSR Mining Inc. (SSRM)

Primary Risks To Thesis

Primary risks include Copler transaction execution and residual discontinued-operation exposure, production and cost variability at continuing mines, commodity-price sensitivity, Argentina and mine-site operating risks, Hod Maden strategic-review uncertainty, and capital allocation risk after large buybacks and potential transaction proceeds.

Recent Developments

Q1 2026 developments included a definitive agreement to sell the 80% interest in Copler for $1.5 billion in cash, with closing expected before the end of the third quarter of 2026, and classification of Copler as a discontinued operation. SSR Mining reported $634.1 million of cash, $1.1341 billion of total liquidity, operating cash flow from continuing operations of $299.6 million, and completed about $300 million of share repurchases after quarter-end.

Recommended Action

Requires analyst review before any portfolio action. The source-backed action item is to monitor Copler sale closing, use of transaction proceeds, 2026 production and cost performance, liquidity after share repurchases, Hod Maden strategic-review updates, and operating trends at Marigold, CC&V, Seabee, and Puna.

Valuation Summary

Requires analyst review. The approved sources provide production, cost, liquidity, cash-flow, capital-return, Copler-sale, and project-review inputs, but they do not provide a standalone valuation answer. Any valuation work should separately review continuing Americas operations, expected transaction proceeds, Hod Maden alternatives, brownfield mine-life work, and gold and silver price sensitivity.

Industry And Competitive Risks

SSR Mining's results are highly exposed to precious and base metals markets. Gold dore represented approximately 71% of 2025 revenue and silver represented approximately 24%, while Puna also produces lead and zinc concentrates with high silver content. The annual report identifies gold and silver market prices as key drivers of profitability, and states that those prices can fluctuate widely with global and regional consumption, supply and demand, interest rates, exchange rates, inflation or deflation, political and economic conditions, investor sentiment, and the role of precious metals as perceived safe havens. The company also sells concentrates under supply arrangements with smelters and traders, so treatment terms, customer concentration, transportation, and concentrate market demand can affect realized revenue. The USGS silver summary describes silver demand across industrial and consumer uses such as electronics, electrical applications, coins, jewelry, silverware, brazing alloys, antibacterial applications, solar cells, and other industrial uses, which connects Puna's silver exposure to broader end-market demand. Competition is significant for mineral properties, technical experts, labor, and capital, and larger competitors may have greater financial and technical resources. If SSR Mining cannot acquire or retain technical, financial, or personnel resources, it may not be able to replace reserves, maintain production, or grow.

Regulatory And Legal Risks

SSR Mining operates in heavily regulated mining jurisdictions and depends on concessions, permits, environmental approvals, licenses, community acceptance, and compliance with mining, environmental, labor, securities, tax, and corporate laws. Environmental laws cover air emissions, water discharges, waste management, hazardous substances, natural resources, fisheries and wildlife, antiquities, endangered species, noise, reclamation, and closure; violations can result in civil sanctions, criminal sanctions, suspension, or permit revocation. Copler is the clearest current regulatory and legal risk. Turkish authorities continue to investigate the incident, certain employees have been arrested and charged, environmental and operating permits were revoked, and SSR Mining cannot predict if or when permits will be reinstated or under what conditions. Long-term storage and remediation plans remain subject to Turkish authority direction and approval, and final plans, timing, and costs remain uncertain. The 2021 EIA was cancelled by a local Turkish court and the decision was affirmed by the Turkish Council of State, leaving the mine subject to the prior 2014 EIA if operations resume. SSR Mining also faces securities class actions and other claims connected to the incident. Outside Copler, the company faces risks from political or economic instability, unexpected regulatory change, title and concession matters, tax authority actions, Indigenous consultation and community matters, climate-related regulation, human rights requirements, mine safety rules, reclamation security, and project permitting at Hod Maden.

Thesis Specific Risks

Distribution And Go To Market

SSR Mining sells products through metal-specific channels after mining and processing. Dore from Marigold, CC&V, and Seabee is refined by third parties into bullion that meets market standards, and the resulting gold is sold primarily to bullion banks in the London spot market. When Copler was operational, its gold dore was sold primarily through the Istanbul Gold Exchange and subject to the Central Bank of Turkiye's first right of refusal. Puna sells silver-lead and zinc concentrate to smelters and traders located in Asia and Europe under annually updated supply contracts or spot sales, with treatment and refining charges and provisional pricing terms affecting realized revenue.

Geographic Exposure

SSR Mining's continuing operating exposure is concentrated in the Americas. Marigold and CC&V are in the United States, Seabee is in Saskatchewan, Canada, and Puna is in Jujuy, Argentina. The company also has Hod Maden in Turkiye and, until completion of the announced divestiture, the Copler disposal group in Turkiye is classified as held for sale and discontinued operations. The geographic footprint exposes results to U.S., Canadian, Argentine, and Turkish operating, tax, currency, labor, permitting, environmental, and political conditions. The 2025 10-K also identifies the United States, Canada, Argentina, and Turkiye as the jurisdictions tied to its mine properties, exploration, development, and regulatory obligations.

Key Operating Levers

Key operating levers include gold equivalent production, gold and silver ounces sold, realized gold and silver prices, lead and zinc prices, cost of sales per payable ounce, cash costs, AISC, ore mined, ore stacked or milled, grades, recoveries, strip ratios, sustaining capital, exploration and resource development, reclamation and remediation activity, treatment and refining charges, by-product credits, foreign exchange, and the ability to maintain permits and reliable operations. In Q1 2026, continuing operations produced 109,914 gold equivalent ounces, sold 112,993 gold equivalent ounces, and remained on track for full-year 2026 production guidance of 450,000 to 535,000 gold equivalent ounces. Individual mine performance was driven by factors such as higher realized gold and silver prices, CC&V's full quarter of production, Seabee grade and mill throughput, and Puna's strip ratio and silver grade.

Products And Services

SSR Mining produces gold dore and copper, silver, lead, and zinc concentrates from mining operations. Marigold, CC&V, and Seabee produce gold dore, which consists of unrefined gold bullion bars that are refined by third parties into gold bullion. Puna produces silver, lead, and zinc concentrates that are sold for further refining. In 2025, product revenue was primarily gold and silver, with gold representing 71% of revenue and silver representing 24%; lead, zinc, and other revenue made up the balance. In Q1 2026, continuing operations generated revenue from gold sales at Marigold, CC&V, and Seabee and concentrate sales at Puna.

Regulatory And Operating Environment

SSR Mining operates in a regulated mining environment requiring mine permits, environmental approvals, reclamation plans, closure obligations, financial assurance, safety systems, and compliance with U.S., Canadian, Argentine, and Turkish laws. Its activities are subject to laws governing air emissions, water discharges, waste management, hazardous substances, natural resources, wildlife, noise, and reclamation of lands disturbed by mining. Mining concessions and contracts are subject to political and community risks in host countries. The company is also exposed to commodity price volatility, foreign exchange, inflation, labor availability, supply chains, transportation risk, mine safety requirements, litigation, and regulatory outcomes such as the Copler sale approvals and CC&V permitting matters.

Revenue Drivers

Revenue is driven by volumes sold, realized prices for gold, silver, lead, and zinc, concentrate pricing adjustments, product mix, production levels at each mine, grades, recoveries, and sales terms. The company is substantially dependent on prevailing gold, silver, lead, and zinc prices, and a decline in realized prices can reduce revenue, cash flow, and reserve economics. In 2025, gold dore sales represented most revenue and Puna concentrate sales were a major silver-driven component. In Q1 2026, revenue from continuing operations increased to $581.8 million from $316.6 million, with higher realized gold and silver prices, a full quarter of CC&V production, and mine-level sales volumes contributing to the change.

Industry Description

SSR Mining operates in the precious metals mining industry, with assets in the United States, Turkey, Canada and Argentina. The company is primarily engaged in operating, acquiring, exploring and developing precious metal resource properties in Turkey and the Americas. Its operating segments in the 2025 Form 10-K are Copler in Erzincan Province, Turkey; Marigold in Nevada; Cripple Creek & Victor, or CC&V, in Colorado; Seabee in Saskatchewan; and Puna in Jujuy Province, Argentina. SSR Mining produces gold dore as well as copper, silver, lead and zinc concentrates. Gold dore is refined by third parties into gold bullion, while Puna's silver-rich lead and zinc concentrates are sold to smelters or traders for further refining.

Industry Growth And Cyclicality

Industry growth depends on commodity prices, reserve replacement, exploration success, mine development, operating permits, processing capacity and end-market demand for precious and base metals. SSR Mining states that gold and silver prices are key drivers of profitability and can fluctuate with global or regional consumption patterns, supply and demand, interest rates, exchange rates, inflation or deflation, and political and economic conditions in producing and consuming countries. The USGS silver summary reports estimated 2025 global silver consumption of 35,700 metric tons and world mine production of 26,000 metric tons, with silver primarily produced as a byproduct from lead-zinc, copper and gold mines. Cyclicality also appears in mine-level results because ore grade, strip ratio, metallurgical characteristics, energy, labor, reagents, transportation, water availability and equipment costs can shift production volumes and unit costs from period to period.

Industry Regulation And Structural Risks

SSR Mining's industry is governed by mining concessions, operating licenses, environmental permits, reclamation obligations, safety requirements, human rights expectations, tax and royalty rules, trade rules and securities reporting requirements. The 10-K states that mining and exploration activities are conducted under concessions or contracts with host governments in the United States, Canada, Argentina and Turkey, and that operating licenses are material to mining and processing facilities. Environmental laws cover air emissions, water discharges, waste, hazardous substances, wildlife, land reclamation and closure bonding. Structural risks include the Copler incident and related permitting/remediation uncertainty, commodity price volatility, mineral reserve and resource estimation risk, inability to replace reserves, project cost overruns, supply chain and transportation disruptions, energy and water constraints, geotechnical events, climate regulation, political or regulatory change, community opposition, Indigenous consultation, uncertain title, labor disruption, contractor reliance, legal claims and tax assessments.

Market Share And Positioning

SSR Mining's 2025 revenue mix was weighted to gold, with product revenue of 71% gold, 24% silver, 3% lead and 2% other. Segment revenue contributions in 2025 were 33% from Marigold, 28% from CC&V, 11% from Seabee, 28% from Puna and 0% from Copler after the Copler suspension. The May 2026 investor presentation characterizes SSR Mining as an Americas-focused portfolio with four producing mines, the third-largest U.S. gold producer, 2026 production weighting of 80% gold and 20% silver, and long-lived Marigold and CC&V mines. It identifies Puna as Argentina's largest producing silver mine and shows Q1 2026 production of 37.7 koz gold at Marigold, 38.3 koz gold at CC&V, 6.3 koz gold at Seabee and 1.7 Moz silver at Puna. The Hod Maden technical report adds a Turkey gold-copper development interest in which SSR holds 10% and is expected under the joint venture agreement to earn in to 40% and serve as operator.

Pricing Power And Cost Position

SSR Mining does not set global gold or silver prices; its pricing exposure is tied to quoted metal markets and concentrate terms. The 10-K states that gold and silver market prices are key profitability drivers and that average closing prices rose to $3,435 per ounce for gold and $39.94 per ounce for silver in 2025 from $2,387 and $28.25 in 2024. Gold dore is sold primarily to banks for Marigold, CC&V and Seabee, while Puna's silver-rich lead and zinc concentrates are sold through contracts with smelters and traders, updated annually or as needed through spot sales, with processing fees based on global concentrate demand. Cost position depends on ore grade, metallurgy, mine plan changes, strip ratios, equipment utilization, mine age, fuel, electricity, labor, cyanide and reagents, explosives, steel, concrete, mining and processing equipment, transportation, energy, water and regulatory compliance. The May 2026 presentation shows mine-level Q1 2026 cost variation, with CC&V at lower cost of sales and AISC per ounce than Marigold and Seabee, and Puna reported on a silver-ounce basis.

Supplier And Customer Dynamics

SSR Mining's customers include banks, the Central Bank of Turkey when Copler is operational, smelters and concentrate traders. In 2025, gold sales represented 71% of revenue, including 33% sold to CIBC, 13% to RBC and 12% to National Bank of Canada, while silver sales represented 24% of revenue and 10% was sold to Trafigura Trading LLC. Puna sells silver-rich lead and zinc concentrates to smelters or traders in Asia and Europe through annual or spot arrangements. Supplier dynamics are important because mining depends on diesel, tires, sodium cyanide, reagents, electricity, natural gas, propane, coal, water, equipment, labor, contractors, transport routes and refining or smelting capacity. The 10-K states that supply-chain disruptions, power outages, labor issues, geopolitical activity, health emergencies, weather events, natural disasters and shifting trade or tariff policies can affect operations, customers and suppliers, and that the company generally seeks multiple sources for key materials.

Earnings Quality And Accounting Considerations

Forward Financial Outlook

Historical Performance Summary

For full-year 2025, SSR Mining reported revenue of $1.630 billion, up from $995.6 million in 2024, and net income attributable to shareholders of $395.8 million, compared with a loss of $261.3 million in 2024. Adjusted net income increased to $430.5 million from $57.6 million, while adjusted EBITDA increased to $624.9 million from $233.9 million. Operating production in 2025 was 333,078 ounces of gold and 9.814 million ounces of silver, compared with 275,013 ounces of gold and 10.500 million ounces of silver in 2024. In Q1 2026, continuing-operations revenue increased to $581.8 million from $316.6 million in Q1 2025, and continuing-operations net income attributable to SSR Mining shareholders increased to $252.5 million from $85.7 million. Overall net loss attributable to shareholders was $106.5 million because discontinued operations recorded a loss of $358.9 million attributable to shareholders.

Income Statement Analysis

Key Financial Ratios And Metrics

Key Q1 2026 metrics from continuing operations included production of 109,914 gold equivalent ounces, gold sales of 83,893 ounces, silver sales of 1.833 million ounces, average realized gold price of $4,770 per ounce sold, average realized silver price of $91.79 per ounce sold, cost of sales of $1,727 per gold equivalent ounce sold, cash costs of $1,611 per gold equivalent ounce sold, and AISC of $2,433 per gold equivalent ounce sold. Adjusted EBITDA from continuing operations was $340.6 million, adjusted net income from continuing operations was $250.1 million, and free cash flow from continuing operations was $210.8 million. Liquidity from continuing operations was reported at $1.134 billion, including cash, the undrawn revolving credit facility, and the accordion feature.

Non Recurring Items And Trend Extrapolation

Q1 2026 results include several items that make period comparisons sensitive to presentation. Copler was classified as held for sale and discontinued operations after the company entered into a definitive sale agreement, resulting in a $365.3 million net loss from discontinued operations and a $358.9 million loss attributable to shareholders from discontinued operations. The continuing-operations adjusted net income reconciliation included a $(0.8) million change in fair value of marketable securities, $0.3 million of related tax impact, and $(2.8) million of inflationary tax-balance effects. The company also converted or redeemed the 2019 Notes during the quarter, and made an $87.5 million contingent consideration payment related to the Carlton Tunnel at CC&V. Subsequent to quarter-end, the company repurchased 9.2 million common shares for $300.0 million under its NCIB.

Profitability

Valuation

Quarterly

Quarterly

Quarterly

Governance Factors

SSR Mining's governance framework includes Board oversight, Board committees, corporate governance policies, risk management, cybersecurity governance, ethics and compliance training, and sustainability-linked incentive metrics. The 2026 proxy circular states that SSR Mining is committed to ethical, legal, environmentally sensitive, and socially responsible operations, and that its governance standards are reflected in the Board of Directors Charter, Code of Business Conduct and Ethics, systematic approach to risk management, transparent financial reporting, and internal controls. The proxy circular says the Board had eight director nominees as of March 9, 2026, including three women, and identifies the Audit Committee, Compensation and Leadership Development Committee, Corporate Governance and Nominating Committee, and Technical, Safety and Sustainability Committee as Board committees. The proxy circular states that the Board's Technical, Safety and Sustainability Committee supports Board oversight of sustainability, health and safety, and community programs. It also states that 30% of 2025 short-term incentive compensation was linked to sustainability, health and safety, and community targets, including safety TRIFR, closure planning, and community and stakeholder engagement. The annual report states that SSR Mining has an Environmental & Sustainability Policy, a Code of Business Conduct and Ethics, a Diversity Policy, and a Human Rights Policy, and that diversity initiatives are overseen by the Corporate Governance and Nominating Committee at the Board level and by the Compensation and Leadership Development Committee across the company. The annual report also states that SSR Mining has an Anti-Corruption Policy and internal controls and procedures intended to address compliance and business integrity issues, with global anti-bribery compliance training for employees. Cybersecurity governance is addressed in the annual report, which states that cybersecurity risk management is integrated into the enterprise risk management program, uses principles including risk-based controls, defense in depth, resilience, zero-trust architecture, and least-privilege access, and is led by the Director of Cybersecurity with support from the IT department and a management Cybersecurity Committee.

Social Factors

SSR Mining's social factors include occupational health and safety, employees and contractors, inclusion, human rights, local communities, community investment, grievance mechanisms, and local procurement. The annual report states that SSR Mining employed approximately 2,900 full-time employees and 1,900 contract employees as of December 31, 2025, and that approximately 25% of its workforce was represented by a union. The annual report describes a safety framework based on risk-centered management systems, work culture, proactive leadership, policies and procedures for risk controls, performance measurement, and accountability. The 2024 sustainability report states that SSR Mining's Safety First value emphasizes protecting employees, contractors, and communities, and that the company uses a safety remediation plan, employee engagement, site-specific safety plans, enhanced reporting, investigations, lesson sharing, and leading indicators. SSR Mining reported a 2024 total recordable injury frequency of 3.23 per million hours worked, excluding Copler metrics, and disclosed that nine employees lost their lives in connection with the February 2024 Copler heap leach pad incident. Inclusion is addressed through the annual report's discussion of a diverse workforce and Board and through the sustainability report's disclosure of diversity metrics under the Code of Conduct, Human Rights Policy, and Diversity Policy. The annual report states that the Human Rights Policy is aligned with the United Nations Guiding Principles on Business and Human Rights, the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, the International Bill of Human Rights, and the International Labour Organization Declaration on Fundamental Principles and Rights at Work. Community programs include funding infrastructure, supporting social programs, procurement from local suppliers, and Community Development Committees intended to formalize stakeholder engagement and support targeted community investments. In 2024, SSR Mining reported total community investment of $1,130,965 and local procurement rates of 86% at Marigold, 12% at Puna, and 20% at Seabee, excluding Copler. The sustainability report also states that operations maintain grievance mechanisms based on United Nations Global Compact and IFC Performance Standards requirements, with 17 grievances received and 19 resolved in 2024, including eight resolved grievances received in the prior financial year.