SSRM — SSR Mining Inc.

SSR Mining Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics

• Q4 2025 Production: 120,000 gold equivalent ounces.
• Full Year 2025 Production: 447,000 gold equivalent ounces, exceeding guidance.
• Q4 2025 All-in Sustaining Cost (AISC): $22.50 per ounce; $202 per ounce excluding Çöpler costs.
• Q4 2025 Free Cash Flow: $106 million; total for the year at $252 million (over $400 million excluding working capital changes).
• Net Income: $181 million ($0.84 per diluted share) for Q4; adjusted net income was $190 million ($0.88 per diluted share).
• Cash Position: Ended Q4 with $535 million in cash and over $1 billion in liquidity.

2. Strategic Updates and Business Highlights

• Share Buyback Program: Board approved a share buyback of up to $300 million, reestablishing a key component of capital allocation.
• Strong Performance: Notable contributions from Cripple Creek and Victor mine and Puna operations, both exceeding production guidance.
• Hod Maden Project: Technical report indicates a $1.7 billion NPV and a 39% IRR; significant engineering work has derisked the project.
• Brownfield Growth Initiatives: Ongoing investments in growth projects across the portfolio, with a focus on Marigold and Puna.
• Mineral Reserves: Increased by nearly 40% year-over-year to 11 million ounces of gold equivalent, bolstered by CC&V and Hod Maden.

3. Forward Guidance and Outlook

• 2026 Production Guidance: Expected to produce between 450,000 and 535,000 gold equivalent ounces.
• AISC Guidance for 2026: Projected to range from $2,360 to $2,440 per ounce, excluding Çöpler costs.
• Capital Expenditures: Total gross spend expected to be $150 million, with significant investments in leach pad expansions and ongoing exploration.
• Puna Production: Forecasted to produce 6.25 million to 7 million ounces of silver in 2026.

4. Bad News, Challenges, or Points of Concern

• Çöpler Operations: Currently in care and maintenance, incurring quarterly costs of $20 million to $25 million; no significant updates on progress.
• AISC Pressures: Higher-than-expected royalty costs and share-based compensation impacted full-year AISC, which reached the top end of guidance.
• Production Timing: Some production guidance adjustments at Puna, with lower expectations for 2026 compared to previous estimates, indicating potential delays in output.

5. Notable Q&A Insights

• Marigold Production: Questions about blending of durable and nondurable ore; management indicated ongoing challenges but improvements in planning and scheduling.
• Hod Maden Construction Timeline: No specific timeline provided for a construction decision, but early site works are ongoing.
• Puna's Future: Management optimistic about extending mine life beyond 2028, contingent on successful drilling and silver prices.
• CC&V Optimization: Future production increases depend on permitting and successful integration of additional resources into the mine plan.

Overall, SSR Mining closed 2025 with solid financial performance and a strong outlook for 2026, despite some operational challenges and uncertainties regarding specific projects.