SSRM — SSR Mining Inc.

SSR Mining Q3 2025 Earnings Call Summary

1. Key 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.

2. Strategic 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.

3. Forward 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.

4. Bad 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.

5. Notable 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.