SSR Mining Reports First Quarter 2025 Results

DENVER--(BUSINESS WIRE)--May 06, 2025-- 

SSR Mining Inc. (NASDAQ/TSX: SSRM) ("SSR Mining" or the "Company") reports consolidated financial results for the first quarter ended March 31, 2025.

   -- Operating results: First quarter 2025 production was 103,805 gold 
      equivalent ounces at cost of sales of $1,312 per payable ounce and all-in 
      sustaining costs ("AISC") of $1,972 per payable ounce, or $1,749 per 
      payable ounce exclusive of costs incurred at Çöpler in the 
      quarter. (1) First quarter operating results include contributions from 
      Cripple Creek & Victor ("CC&V") for the period of February 28 to March 
      31, 2025, reflecting the Company's closing of the CC&V transaction on 
      February 28, 2025. 
 
   -- Financial results: In the first quarter of 2025, SSR Mining reported net 
      income attributable to SSR Mining shareholders of $58.8 million, or $0.28 
      per diluted share and adjusted net income attributable to SSR Mining 
      shareholders of $61.6 million, or $0.29 per diluted share. In the first 
      quarter of 2025, SSR Mining generated $84.8 million in operating cash 
      flow and $39.3 million in free cash flow. Operating cash flow and free 
      cash flow before working capital adjustments totaled $105.0 and $59.4 
      million, respectively. 
 
   -- Cash and liquidity position: As of March 31, 2025, SSR Mining had a cash 
      and cash equivalent balance of $319.6 million, reflecting the $100 
      million upfront cash consideration for the CC&V acquisition paid on 
      February 28, 2025. Total liquidity as of March 31, 2025 was $819.6 
      million inclusive of the Company's undrawn revolving credit facility and 
      accompanying accordion feature. 
 
   -- Çöpler update: The Company continues to work closely with the 
      relevant authorities to advance the restart of the Çöpler mine. 
      While SSR Mining remains confident and committed to restarting operations, 
      at this time, the Company is not able to estimate or predict when and 
      under what conditions operations will resume at Çöpler. In the 
      first quarter of 2025, remediation and reclamation spend totaled $5.0 
      million and care and maintenance costs totaled $35.8 million, including 
      $20.6 million in cash care and maintenance costs which are included in 
      SSR Mining's consolidated AISC metrics. 
 
   -- Development & exploration: During the first quarter of 2025, $12.2 
      million was spent at Hod Maden as engineering and initial site 
      establishment efforts progressed during the quarter. Additionally, SSR 
      Mining continued to advance exploration and development activities across 
      its portfolio in the quarter as the Company targets potential high-return, 
      low capital intensity mine life extension opportunities at Marigold, 
      Seabee and Puna. 

Rod Antal, Executive Chairman of SSR Mining, said, "We entered 2025 with a clear focus on operational delivery, and I am pleased that each of our assets performed well against expectations in the first quarter. We are well on track for full-year consolidated production and cost guidance, and are positioned to generate strong free cash flows through the remainder of the year.

CC&V was officially welcomed into the SSR Mining portfolio on February 28, 2025, and the extensive preparation by our teams helped drive a seamless integration process and operating results that were aligned with expectations in March. We look forward to advancing optimization and possible expansion opportunities at CC&V through the remainder of 2025. In Türkiye, initial development activities continued at Hod Maden in the quarter, while efforts at Çöpler remain focused on advancing the operation towards a potential restart."

Financial and Operating Summary

A summary of the Company's consolidated financial and operating results for the three months ended March 31, 2025 and March 31, 2024 are presented below:

 
(in thousands, except 
per share data or                  Three Months Ended 
otherwise stated)                       March 31, 
-----------------------   ---   ------------------------ 
                                     2025        2024 
-----------------------          --------    -------- 
Financial Results 
Revenue                         $ 316,618   $ 230,234 
Cost of sales                   $ 136,641   $ 125,901 
Operating income (loss)         $  66,892   $(376,424) 
Net income (loss)               $  54,446   $(358,162) 
Net income (loss) attributable 
 to SSR Mining shareholders     $  58,781   $(287,082) 
   Basic net income (loss) per 
    share attributable to SSR 
    Mining shareholders         $    0.29   $   (1.42) 
   Diluted net income (loss) 
    per share attributable to 
    SSR Mining shareholders     $    0.28   $   (1.42) 
Adjusted net income 
 attributable to SSR Mining 
 shareholders (1)               $  61,573   $  22,510 
   Basic adjusted net income 
    per share attributable to 
    SSR Mining shareholders 
    (1)                         $    0.30   $    0.11 
   Diluted adjusted net income 
    per share attributable to 
    SSR Mining shareholders 
    (1)                         $    0.29   $    0.11 
 
Cash provided by operating 
 activities before changes in 
 working capital (1)            $ 104,954   $  32,064 
Cash provided by operating 
 activities                     $  84,805   $  24,631 
Cash used in investing 
 activities                     $(154,250)  $ (36,778) 
Cash provided by (used in) 
 financing activities           $   2,675   $ (10,820) 
 
Operating Results 
Gold produced (oz)                 75,869      80,280 
Gold sold (oz)                     77,708      89,279 
Silver produced ('000 oz)           2,505       1,915 
Silver sold ('000 oz)               2,374       1,659 
Lead produced ('000 lb) (2)        11,489       9,998 
Lead sold ('000 lb) (2)            12,053       8,666 
Zinc produced ('000 lb) (2)           758       1,217 
Zinc sold ('000 lb) (2)               262         510 
 
Gold equivalent produced (oz) 
 (3)                              103,805     101,873 
Gold equivalent sold (oz) (3)     104,185     107,983 
 
Average realized gold price 
 ($/oz sold)                    $   2,935   $   2,061 
Average realized silver price 
 ($/oz sold)                    $   32.47   $   22.18 
 
Cost of sales per gold 
 equivalent ounce sold (3)      $   1,312   $   1,166 
Cash cost per gold equivalent 
 ounce sold (1,3)               $   1,206   $   1,097 
AISC per gold equivalent ounce 
 sold (1,3)                     $   1,972   $   1,569 
 
 
 
Financial Position             March 31, 2025    December 31, 2024 
--------------------------   ----------------  ------------------- 
Cash and cash equivalents    $        319,612  $           387,882 
Current assets               $      1,024,794  $         1,029,034 
Total assets                 $      5,644,508  $         5,189,020 
Current liabilities          $        259,601  $           218,877 
Total liabilities            $      1,640,900  $         1,242,159 
Working capital (4)          $        765,193  $           810,157 
 
 
(1)  The Company reports non-GAAP financial measures including adjusted net 
     income attributable to SSR Mining shareholders, adjusted net income per 
     share attributable to SSR Mining shareholders, cash provided by operating 
     activities before changes in working capital, cash costs and AISC per 
     ounce sold to manage and evaluate its operating performance at its mines. 
     Cost of sales excludes depreciation, depletion, and amortization. AISC 
     includes the cash component of care and maintenance costs. See "Non-GAAP 
     Financial Measures" at the end of this press release for an explanation 
     of these financial measures and a reconciliation of these financial 
     measures to net income (loss), cost of sales, and cash generated by 
     operating activities, which are the most comparable GAAP financial 
     measures. 
(2)  Data for lead production and sales relate only to lead in lead 
     concentrate. Data for zinc production and sales relate only to zinc in 
     zinc concentrate. 
(3)  Gold equivalent ounces ("GEOs") are calculated multiplying the silver 
     ounces by the ratio of the silver price to the gold price, using the 
     average London Bullion Market Association ("LBMA") prices for the period. 
     The Company does not include by-products in the GEO calculations. 
(4)  Working capital is defined as current assets less current liabilities. 
 

2025 Guidance

On March 31, 2025, the Company announced 2025 production guidance of 410,000 to 480,000 gold equivalent ounces from its Marigold, CC&V, Seabee and Puna operations at consolidated cost of sales of $1,375 to $1,435 per payable ounce and AISC of $2,090 to $2,150 per payable ounce. Exclusive of Care & Maintenance costs at pler, the Company expects full-year consolidated AISC would be $1,890 to $1,950 per payable ounce. In 2025, growth exploration and resource development expenditures are expected to total $58 million, while growth capital expenditures are expected to total $100 to $140 million, driven largely by Hod Maden.

At Hod Maden, technical work has continued ahead of a construction decision. In 2025, growth capital expenditures at Hod Maden are expected to total between $60 and 100 million, focused on the continued advancement of initial earth works and site access activities, including the commencement of road and tunnel development. Technical work completed at Hod Maden to-date continues to affirm prior due diligence outcomes around the project scope, and infill drilling continues at site with the aim of further de-risking the first four years of production.

Marigold, USA

 
                               Three Months Ended March 31, 
-------------------   ---   ---------------------------------- 
Operating Data                          2025              2024 
-------------------         ----------------  ---------------- 
Gold produced (oz)                    38,586            34,680 
Gold sold (oz)                        40,408            36,869 
 
Ore mined (kt)                         5,356             5,721 
Waste removed (kt)                    20,455            20,587 
Total material mined (kt)             25,811            26,309 
Strip ratio                              3.8               3.6 
 
Ore stacked (kt)                       5,356             5,721 
Gold grade stacked (g/t)                0.33              0.13 
 
Average realized gold 
 price ($/oz sold)          $          2,899  $          2,074 
Cost of sales ($/oz gold 
 sold)                      $          1,453  $          1,331 
Cash costs ($/oz gold 
 sold) (5)                  $          1,454  $          1,333 
AISC ($/oz gold sold) (5)   $          1,765  $          1,430 
 
 
(5)  The Company reports the non-GAAP financial measures of cash costs and 
     AISC per ounce of gold sold to manage and evaluate operating performance 
     at Marigold. See "Cautionary Note Regarding Non-GAAP Financial Measures" 
     at the end of this press release for an explanation of these financial 
     measures and a reconciliation to cost of sales, which are the comparable 
     GAAP financial measure. Cost of sales excludes depreciation, depletion, 
     and amortization. 
 

For the three months ended March 31, 2025 and 2024, Marigold produced 38,586 and 34,680 ounces of gold, respectively. During the first quarter of 2025, Marigold reported cost of sales of $1,453 per payable ounce and AISC of $1,765 per payable ounce. Sustaining capital spend in the first quarter of 2025 totaled $11.7 million, as some planned expenditures are now expected to be incurred in the second quarter of 2025. Full-year sustaining capital guidance of $45.0 million remains unchanged.

Full-year 2025 production guidance for Marigold is 160,000 to 190,000 ounces of gold at mine site cost of sales of $1,530 to $1,570 per payable ounce and AISC of $1,800 to $1,840 per payable ounce. Marigold's production remains approximately 55 to 60% weighted to the second half of 2025.

Cripple Creek & Victor, USA

(all metrics represent the period from February 28, 2025 to March 31, 2025, the period for which the Company was entitled to the economic benefits of CC&V following the acquisition)

 
                               Three Months Ended March 31, 
-------------------   ---   ---------------------------------- 
Operating Data                                2025        2024 
-------------------         ----------------------  ---------- 
Gold produced (oz)                          11,282          -- 
Gold sold (oz)                              11,300          -- 
 
Ore mined (kt)                               1,824          -- 
Waste removed (kt)                           1,571          -- 
Total material 
mined (kt)                                   3,395          -- 
Strip ratio                                    0.9          -- 
 
Ore stacked (kt)                             1,859          -- 
Gold grade stacked 
(g/t)                                         0.36          -- 
 
Average realized gold 
 price ($/oz sold)          $                3,067  $       -- 
Cost of sales ($/oz gold 
 sold)                      $                1,590  $       -- 
Cash costs ($/oz gold 
 sold) (6)                  $                1,571  $       -- 
AISC ($/oz gold sold) (6)   $                1,774  $       -- 
 
 
(6)  The Company reports the non-GAAP financial measures of cash costs and 
     AISC per ounce of gold sold to manage and evaluate operating performance 
     at CC&V. See "Cautionary Note Regarding Non-GAAP Financial Measures" at 
     the end of this press release for an explanation of these financial 
     measures and a reconciliation to cost of sales, which are the comparable 
     GAAP financial measure. Cost of sales excludes depreciation, depletion, 
     and amortization. 
 

Reflecting the closing of the CC&V acquisition on February 28, 2025, CC&V produced 11,282 ounces of gold at cost of sales of $1,590 per payable ounce and AISC of $1,774 per payable ounce for the period from February 28, 2025 and March 31, 2025. Inclusive of the 28,000 ounces of gold produced in the first two months of 2025, first quarter production from CC&V totaled 39,282 ounces of gold.

For the period of February 28, 2025 to December 31, 2025, production guidance for CC&V is 90,000 to 110,000 ounces of gold at mine site cost of sales of $1,470 to $1,510 per payable ounce and AISC of $1,800 to $1,840 per payable ounce. Technical work on an updated life of mine plan for CC&V is progressing and is expected to be released within the next 12 months, showcasing SSR Mining's initial life of mine expectations for the asset.

Seabee, Canada

 
                               Three Months Ended March 31, 
-------------------   ---   ---------------------------------- 
Operating Data                          2025              2024 
-------------------         ----------------  ---------------- 
Gold produced (oz)                    26,001            23,773 
Gold sold (oz)                        26,000            28,450 
 
Ore mined (kt)                            82               104 
 
Ore milled (kt)                           90               115 
Gold mill feed grade (g/t)              9.00              6.51 
Gold recovery (%)                       97.3              96.4 
 
Average realized gold 
 price ($/oz sold)          $          2,934  $          2,070 
Cost of sales ($/oz gold 
 sold)                      $            890  $            859 
Cash costs ($/oz gold 
 sold) (7)                  $            890  $            859 
AISC ($/oz gold sold) (7)   $          1,374  $          1,416 
 
 
(7)  The Company reports the non-GAAP financial measures of cash costs and 
     AISC per ounce of gold sold to manage and evaluate operating performance 
     at Seabee. See "Cautionary Note Regarding Non-GAAP Financial Measures" at 
     the end of this press release for an explanation of these financial 
     measures and a reconciliation to cost of sales, which are the comparable 
     GAAP financial measure. Cost of sales excludes depreciation, depletion, 
     and amortization. 
 

For the three months ended March 31, 2025 and 2024, Seabee produced 26,001 and 23,773 ounces of gold, respectively. Processed grades of 9.00 g/t during the first quarter of 2025 were a result of continued positive grade reconciliation in Santoy 9. During the first quarter of 2025, Seabee reported cost of sales of $890 per payable ounce and AISC of $1,374 per payable ounce.

Full-year 2025 production guidance at Seabee is 70,000 to 80,000 ounces of gold at mine site cost of sales of $1,230 to $1,270 per payable ounce and AISC of $1,710 to $1,750 per payable ounce.

Puna, Argentina

 
                               Three Months Ended March 31, 
-------------------   ---   ---------------------------------- 
Operating Data                          2025              2024 
-------------------         ----------------  ---------------- 
Silver produced ('000 oz)              2,505             1,915 
Silver sold ('000 oz)                  2,374             1,659 
Lead produced ('000 lb)               11,489             9,998 
Lead sold ('000 lb)                   12,053             8,666 
Zinc produced ('000 lb)                  758             1,217 
Zinc sold ('000 lb)                      262               510 
Gold equivalent sold ('000 
 oz) (8)                              26,477            18,704 
 
Ore mined (kt)                           627               263 
Waste removed (kt)                     1,089             1,510 
Total material mined (kt)              1,716             1,773 
Strip ratio                              1.7               5.7 
 
Ore milled (kt)                          454               417 
Silver mill feed grade 
 (g/t)                                 177.8             148.5 
Lead mill feed grade (%)                1.21              1.16 
Zinc mill feed grade (%)                0.19              0.27 
Silver mill recovery (%)                96.6              96.2 
Lead mill recovery (%)                  94.5              93.9 
Zinc mill recovery (%)                  39.6              49.2 
 
Average realized silver 
 price ($/oz sold)          $          32.47  $          22.18 
Cost of sales ($/oz silver 
 sold)                      $          15.51  $          16.87 
Cash costs ($/oz silver 
 sold) (9)                  $          10.97  $          12.29 
AISC ($/oz silver sold) 
 (9)                        $          13.16  $          15.61 
 
 
(8)  Gold equivalent ounces are calculated multiplying the silver ounces by 
     the ratio of the silver price to the gold price, using the average LBMA 
     prices for the period. The Company does not include by-products in the 
     gold equivalent ounce calculations. 
(9)  The Company reports the non-GAAP financial measures of cash costs and 
     AISC per ounce of silver sold to manage and evaluate operating 
     performance at Puna. See "Cautionary Note Regarding Non-GAAP Financial 
     Measures" at the end of this press release for an explanation of these 
     financial measures and a reconciliation to cost of sales, which are the 
     comparable GAAP financial measure. Cost of sales excludes depreciation, 
     depletion, and amortization. 
 

For the three months ended March 31, 2025 and 2024, Puna produced 2.5 and 1.9 million ounces of silver, respectively. During the first quarter of 2025, Puna reported cost of sales of $15.51 per payable ounce and AISC of $13.16 per payable ounce.

Full-year 2025 production guidance at Puna is 8.00 to 8.75 million ounces at cost of sales of $12.50 to $14.00 per payable ounce of silver and AISC of $14.25 to $15.75 per payable ounce of silver. In 2025, production at Puna is expected to be 50 to 55% weighted to the first half, driven largely by grades.

Çöpler, Türkiye

(amounts presented on 100% basis)

Operations at Çöpler were suspended following the February 13, 2024 incident at the Çöpler mine (the "Çöpler Incident"). During the suspension, care and maintenance expense has been recorded which represents depreciation and direct costs not associated with the environmental reclamation and remediation costs.

 
                              Three Months Ended March 31, 
-----------------   ---   ------------------------------------ 
Operating Data                       2025                 2024 
-----------------         ---------------   ------------------ 
Gold produced (oz)                      --               21,827 
Gold sold (oz)                          --               23,960 
 
Ore mined (kt)                          --                  266 
Waste removed (kt)                      --                3,571 
Total material mined (kt)               --                3,837 
Strip ratio                             --                 13.4 
 
Ore stacked (kt)                        --                  184 
Gold grade stacked (g/t)                --                 1.17 
 
Average realized gold 
 price ($/oz sold)               $      --   $            2,013 
Cost of sales ($/oz gold 
 sold)                           $     N/A   $            1,019 
Cash costs ($/oz gold 
 sold) (10)                      $     N/A   $            1,020 
AISC ($/oz gold sold) 
 (10)                            $     N/A   $            1,573 
 
 
(10)  The Company reports the non-GAAP financial measures of cash costs and 
      AISC per ounce of gold sold to manage and evaluate operating performance 
      at Çöpler. See "Cautionary Note Regarding Non-GAAP Financial 
      Measures" at the end of this press release for an explanation of these 
      financial measures and a reconciliation to cost of sales, which are the 
      comparable GAAP financial measure. Cost of sales excludes depreciation, 
      depletion, and amortization. 
 

For additional information on the Çöpler Incident, including a discussion of the associated risks, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 18, 2025, and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed on May 6, 2025.

Conference Call Information

This news release should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the U.S. Securities and Exchange Commission (the "SEC") and available on the SEC website at www.sec.gov or www.ssrmining.com.

   -- Conference call and webcast: Tuesday, May 6, 2025, at 5:00 pm EDT. 
 
         Toll-free in U.S. and Canada:                +1 (833) 752-3757 
         All other callers:                           +1 (647) 846-8744 
         For the webcast or to register for expedited access to the call: 
         ir.ssrmining.com/investors/events. 
 
   -- The webcast will be available on our website. Audio replay will be 
      available for two weeks by dialing: 
 
         Toll-free in U.S. and Canada:  +1 (855) 669-9658, replay code 3686701 
         All other callers:             +1 (412) 317-0088, replay code 3686701 
 

About SSR Mining

SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX.

For more information, please visit: www.ssrmining.com.

Cautionary Note Regarding Forward-Looking Information and Statements:

Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts.

Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include, but are not limited to: local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; developments with respect to global pandemics, including the duration, severity and scope of a pandemic and potential impacts on mining operations; risks and uncertainties resulting from the incident at Çöpler described in our Annual Report on Form 10-K for the year ended December 31, 2024; and other risk factors detailed from time to time in our reports filed with the Securities and Exchange Commission on EDGAR and the Canadian securities regulatory authorities on SEDAR.

Forward-looking information and statements in this news release include any statements concerning, among other things: all information related to the Company's Çöpler operations, including timelines, outlook, preliminary costs, remediation plans, and possible restart plans; forecasts and outlook; preliminary cost reporting in this document; timing, production, operating, cost, and capital expenditure guidance; our operational and development targets and catalysts and the impact of any suspensions on operations; the results of any gold reconciliations; the ability to discover additional oxide gold ore; the generation of free cash flow and payment of dividends; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; Mineral Resources, Mineral Reserves, conversion of Mineral Resources, realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; timing and impact surrounding suspension or interruption of operations as a result of regulatory requirements or actions by governmental authority; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of our filings on EDGAR and SEDAR, and include: the assumptions made in respect of the Company's Çöpler operations; the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; the Company's ability to efficiently integrate acquired mines and businesses and to manage the costs related to any such integration, or to retain key technical, professional or management personnel; lack of social opposition to our mines or facilities; lack of legal challenges with respect to our properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

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