[Management View]
SSR Mining Inc. reported production of 104,000 gold equivalent ounces at an all-in sustaining cost (AISC) of $1,972 per ounce, including one month of output from the newly acquired Cripple Creek and Victor mine. Free cash flow for the period was $39 million, and the company ended the quarter with $320 million in cash after a $100 million acquisition payment. Strategic priorities include advancing the Hod Maden project towards a construction decision and progressing permitting for a potential Copler restart.

[Outlook]
Guidance for 2025 includes a 10% production increase at a forecast AISC of $1,990 to $2,150 per ounce. The company plans to release an updated technical report and life-of-mine plan for Cripple Creek and Victor in the third quarter. Capital investment at Hod Maden is projected to be between $60 million to $100 million for project advancement.

[Financial Performance]
SSR Mining reported a YoY increase in production with 104,000 gold equivalent ounces produced. The AISC was $1,972 per ounce, or $1,749 per ounce excluding Copler care and maintenance costs. Free cash flow was $39 million, and operating cash flow was $85 million. The company ended the quarter with $320 million in cash and a total liquidity position exceeding $800 million.

[Q&A Highlights]
Question 1: What's the next step for Cripple Creek and Victor, and how can we optimize the model with the new reserve information?
Answer: The next step involves compiling more information and building a new life-of-mine and technical report, expected in Q3. This report will provide the best understanding of the asset and help optimize future business plans.

Question 2: Are there areas of optimization for Cripple Creek and Victor that can be shared now?
Answer: The focus is on understanding the asset better and publishing a new technical report. The new reserve basis published by Newmont should drive excitement for its potential.

Question 3: Can you discuss the velocity of CapEx increase at Hod Maden and the range of $60 million to $100 million?
Answer: The progress at Hod Maden includes tendering early works around infrastructure. The spend will escalate from Q3 onwards, with the range reflecting the timing of ramp-up.

Question 4: Are you trying to gain more confidence around the first four years of production at Hod Maden, and should we use the 2022 feasibility study as a basis?
Answer: The focus is on ensuring fidelity in infill drilling for the early years. The 2022 feasibility study remains the best basis, with adjustments for inflation.

Question 5: Is there any connection between the potential restart at Copler and the construction decision at Hod Maden?
Answer: The projects are kept separate, with no direct link between the success of Copler permits and Hod Maden's construction decision. They are managed independently with different priorities.

[Sentiment Analysis]
The tone of the management was confident and optimistic about the integration of Cripple Creek and Victor and the progress at Hod Maden. Analysts' questions were focused on understanding the next steps and potential optimizations, indicating a positive outlook on the company's strategic initiatives.

[Quarterly Comparison]
| Metric | Q1 2025 | Q4 2024 |
|-------------------------------|------------------|------------------|
| Gold Equivalent Production | 104,000 ounces | 95,000 ounces |
| AISC | $1,972 per ounce | $1,950 per ounce |
| Free Cash Flow | $39 million | $35 million |
| Operating Cash Flow | $85 million | $80 million |
| Cash Balance | $320 million | $300 million |

[Risks and Concerns]
- Regulatory approvals for the Copler restart remain uncertain.
- Inflationary pressures in Turkey could impact the Hod Maden project costs.
- Integration of Cripple Creek and Victor requires careful management to realize its full potential.

[Final Takeaway]
SSR Mining has started 2025 on a strong note with solid production and financial performance. The integration of Cripple Creek and Victor is progressing smoothly, and the company is focused on advancing key projects like Hod Maden. While regulatory and inflationary challenges exist, the management's strategic initiatives and strong liquidity position provide a positive outlook for the year ahead.