SSRM — SSR Mining Inc.

SSR Mining Q2 2026 Earnings Call Summary

1. Key Financial Results and Metrics

• Production: 102,000 gold equivalent ounces at an all-in sustaining cost (AISC) of $26.22 per ounce.
• Revenue: $443 million from sales of 98,000 gold equivalent ounces.
• Net Income: $0.66 per diluted share; adjusted net income also at $0.66 per share.
• Free Cash Flow: $50 million for the quarter, totaling nearly $300 million year-to-date.
• Cash Position: Ended the quarter with approximately $1.8 billion in cash, no debt.
• Shareholder Returns: $400 million returned to shareholders year-to-date, including $338 million in share repurchases and the reinstatement of a quarterly dividend.

2. Strategic Updates and Business Highlights

• Divestment: Successfully exited Türkiye with the sale of Çöpler and Hod Maden, generating approximately $1.5 billion in cash.
• Focus Shift: SSR Mining is now positioned as a free cash flow-focused gold and silver producer in the Americas, specifically the U.S.
• Capital Allocation: Increased growth capital expenditure for 2026 to support organic growth initiatives and extend mine lives.
• Technical Report: An updated technical report for Marigold is expected by year-end, which will outline growth opportunities and mine life extensions.

3. Forward Guidance and Outlook

• Production Expectations: Anticipate stronger production in the second half of 2026, with 55%-60% of second-half production expected in Q4.
• Cost Guidance: AISC expected to trend towards the upper end of the full-year guidance range due to increased sustaining capital and higher fuel prices.
• Sustaining Capital Expenditures: Expected to be elevated, with guidance revised to approximately $230-$235 million for 2026.

4. Bad News, Challenges, or Points of Concern

• Cost Pressures: AISC exceeded annual guidance at Marigold, Seabee, and Puna due to higher sustaining capital and fuel costs.
• Market Exposure: Continued exposure to market prices for unhedged diesel purchases, with potential cost increases impacting AISC.
• Regulatory Risks: Ongoing legal matters related to the Carlton Tunnel discharge, although management believes SSR is protected from liabilities.

5. Notable Q&A Insights

• Marigold Production: Management reassured that they are on track to meet production guidance despite challenges in the previous quarter.
• Phenom Resources Investment: SSR is taking a strategic investment approach rather than outright acquisitions, focusing on early-stage exploration opportunities.
• Capital Allocation: The increase in the revolving credit facility is seen as a normal course of business rather than a signal for immediate large-scale acquisitions.
• Cost Structure: Inflationary pressures are being monitored, with expectations of 20%-30% inflation if current elevated prices persist, but hedging programs are in place to mitigate some impacts.

Overall, SSR Mining reported solid financial results and strategic advancements while navigating challenges related to costs and regulatory matters. The company is positioned for a strong second half of 2026 with ongoing investments in growth and shareholder returns.