SSR Mining Q3 2025 Earnings Call Summary

1Key Financial Results and Metrics

Production: 103,000 gold equivalent ounces in Q3, with a full-year total of 327,000 ounces expected to finish within the guidance range of 410,000 to 480,000 ounces, albeit in the lower half.

All-In Sustaining Costs (AISC): $2,359 per ounce overall; $2,114 per ounce excluding Çöpler costs. Full year AISC trending towards the high end of guidance due to increased royalty costs and share-based compensation.

Free Cash Flow: $72 million before working capital adjustments; impacted by inventory movements and prepayments for development activities.

Net Income: $65.4 million or $0.31 per diluted share; adjusted net income at $68.4 million or $0.32 per diluted share.

Cash Position: $409 million in cash and total liquidity exceeding $900 million.

2Strategic Updates and Business Highlights

Hod Maden Project: $44 million spent year-to-date, on track for full-year growth capital guidance of $60 million to $100 million. An updated technical report is expected soon, which will inform a construction decision.

Cripple Creek & Victor: Technical report due for publication, expected to outline mineral reserves and support ongoing expansion efforts.

Organic Development: Progress on projects like Buffalo Valley at Marigold, Porky at Seabee, and Cortaderas at Puna, with promising results from summer drilling campaigns.

Çöpler Mine: Ongoing efforts for a restart, with positive community support emerging, although regulatory approvals are still pending.

3Forward Guidance and Outlook

Q4 Expectations: Anticipated stronger performance primarily from Marigold and CC&V, with production expected to improve as operational challenges are addressed.

Production Guidance: Full-year production expected to remain within the lower half of guidance, with a focus on improving AISC management.

4Bad News, Challenges, or Points of Concern

AISC Pressure: Rising costs due to higher gold prices affecting royalties and share-based compensation, pushing AISC towards the top end of guidance.

Seabee Performance: Lower-than-expected grades led to production challenges, with a focus on underground development to improve future output.

Çöpler Restart Delays: While community support is increasing, regulatory hurdles remain a significant concern for the mine's operational restart.

5Notable Q&A Insights

Q4 Strength: Management confirmed that the anticipated strength in Q4 will primarily come from Marigold, with adjustments being made to handle ore blending issues.

Seabee Challenges: Clarification on lower grades was provided, attributing it to unexpected material from the Gap Hanging Wall.

Hod Maden Decision: The go-forward decision is independent of the Çöpler mine's status, with a comprehensive technical report expected to guide future actions.

M&A Strategy: SSR Mining remains focused on organic growth and disciplined M&A, prioritizing strategic fits within existing jurisdictions. Overall, SSR Mining reported solid financial results with a strong cash position, while facing challenges related to cost management and production variances. The company is well-positioned for a stronger Q4, with ongoing strategic initiatives across its project portfolio.