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 �pler 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.
- �pler update: The Company continues to work closely
with the relevant authorities to advance the restart of the �pler
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 �pler. 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 �pler 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
otherwise stated)
Three Months Ended
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 Ҫӧpler, 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 $15.75 per payable ounce of
silver. In 2025, production at Puna is expected to be 50 to 55%
weighted to the first half, driven largely by grades.
Ç�pler, Türkiye (amounts presented on 100% basis)
Operations at �pler were suspended following the February 13,
2024 incident at the Ç�pler mine (the “Ç�pler Incident”). During
the suspension, care and maintenance expense has been recorded
which represents depreciation and direct costs not associated with
the environmental reclamation and remediation costs.
Three Months Ended March
31,
Operating Data
2025
2024
Gold produced (oz)
—
21,827
Gold sold (oz)
—
23,960
Ore mined (kt)
—
266
Waste removed (kt)
—
3,571
Total material mined (kt)
—
3,837
Strip ratio
—
13.4
Ore stacked (kt)
—
184
Gold grade stacked (g/t)
—
1.17
Average realized gold price ($/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 Ç�pler. 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 �pler 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 �pler 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 Ç�pler 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 Ç�pler 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.
The above list is not exhaustive of the factors that may affect
any of the Company’s forward-looking information. You should not
place undue reliance on forward-looking information and statements.
Forward-looking information and statements are only predictions
based on our current expectations and our projections about future
events. Actual results may vary from such forward-looking
information for a variety of reasons including, but not limited to,
risks and uncertainties disclosed in our filings on our website at
www.ssrmining.com, on SEDAR at www.sedarplus.ca, and on EDGAR at
www.sec.gov and other unforeseen events or circumstances. Other
than as required by law, we do not intend, and undertake no
obligation to update any forward-looking information to reflect,
among other things, new information or future events. The
information contained on, or that may be accessed through, our
website is not incorporated by reference into, and is not a part
of, this document.
Cautionary Note Regarding Non-GAAP Measures
We have included certain non-GAAP performance measures
throughout this document. These performance measures are employed
by us to measure our operating and economic performance internally
and to assist in decision-making, as well as to provide key
performance information to senior management. We believe that, in
addition to conventional measures prepared in accordance with GAAP,
certain investors and other stakeholders also use this information
to evaluate our operating and financial performance; however, these
non-GAAP performance measures do not have any standardized meaning.
Accordingly, these performance measures are intended to provide
additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with GAAP. Our definitions of our non-GAAP financial measures may
not be comparable to similarly titled measures reported by other
companies. These non-GAAP measures should be read in conjunction
with our condensed consolidated interim financial statements.
Cash costs, AISC per ounce sold, and free cash flow are Non-GAAP
Measures with no standardized definition under U.S. GAAP.
Non-GAAP Measure – Net Cash
Net cash (debt) are used by management and investors to measure
the Company's underlying operating performance. The Company
believes that net cash (debt) is a useful measure for shareholders
as it helps evaluate liquidity and available cash.
The following table provides a reconciliation of cash and cash
equivalents to net cash:
As of
(in thousands)
March 31, 2025
December 31, 2024
Cash and cash equivalents
$
319,612
$
387,882
Restricted cash
$
—
$
—
Total Cash
$
319,612
$
387,882
Face Value of 2019 Convertible Notes
$
230,000
$
230,000
Other Debt
$
—
$
—
Total Debt
$
230,000
$
230,000
Net Cash (Debt)
$
89,612
$
157,882
In addition to net cash and net debt, the Company also uses
Total liquidity to measure its financial position. Total liquidity
is calculated as Cash and cash equivalents plus Restricted cash and
borrowing capacity under current revolving credit facilities,
including accordion features. As of March 31, 2025, no borrowings
were outstanding on the Company’s $400 million credit facility with
a $100 million accordion feature.
The following table provides a reconciliation of Cash and cash
equivalents to Total liquidity:
As of
(in thousands)
March 31, 2025
December 31, 2024
Cash and cash equivalents
$
319,612
$
387,882
Restricted cash
$
—
$
—
Total cash
$
319,612
$
387,882
Borrowing capacity on credit facility
$
400,000
$
400,000
Borrowing capacity on accordion feature of
credit facility
$
100,000
$
100,000
Total liquidity (11)
$
819,612
$
887,882
(11)
Excludes $0.4 million in letters of
credit. Inclusive of these letters of credit, total liquidity is
$819.2 million.
Non-GAAP Measure - Cash Costs and
AISC
Cash Costs and All-In Sustaining Costs (“AISC”) per payable
ounce of gold and respective unit cost measures are non-U.S. GAAP
metrics developed by the World Gold Council to provide transparency
into the costs associated with producing gold and provide a
standard for comparison across the industry. The World Gold Council
is a market development organization for the gold industry.
The Company uses cash costs per ounce of precious metals sold
and AISC per ounce of precious metals to monitor its operating
performance internally. The most directly comparable measure
prepared in accordance with GAAP is cost of sales. The Company
believes this measure provides investors and analysts with useful
information about its underlying cash costs of operations and the
impact of byproduct credits on its cost structure. The Company also
believes it is a relevant metric used to understand its operating
profitability. When deriving the cost of sales associated with an
ounce of precious metal, the Company includes by-product credits,
which allows management and other stakeholders to assess the net
costs of gold and silver production.
AISC includes total cost of sales incurred at the Company's
mining operations, which forms the basis of cash costs.
Additionally, the Company includes sustaining capital expenditures,
sustaining mine-site exploration and evaluation costs, reclamation
cost accretion and amortization, and general and administrative
expenses. This measure seeks to reflect the ongoing cost of gold
and silver production from current operations; therefore, growth
capital is excluded. The Company determines sustaining capital to
be capital expenditures that are necessary to maintain current
production and execute the current mine plan. The Company
determines growth capital to be those payments used to develop new
operations or related to projects at existing operations where
those projects will materially benefit the operation.
The Company believes that AISC provides additional information
to management and stakeholders that provides visibility to better
define the total costs associated with production and better
understanding of the economics of the Company's operations and
performance compared to other producers. In deriving the number of
ounces of precious metal sold, the Company considers the physical
ounces available for sale after the treatment and refining process,
commonly referred to as payable metal, as this is what is sold to
third parties.
The following tables provide a reconciliation of cost of sales
to cash costs and AISC used in the calculation of 2025 cost
guidance:
(operating guidance 100% basis) (12)
Marigold
CC&V (13)
Seabee
Puna
Corporate
Total
(Excluding �pler)
�pler
Consolidated
Gold Production
koz
160 – 190
90 – 110
70 – 80
—
—
320 – 380
—
320 – 380
Silver Production
Moz
—
—
—
8.00 – 8.75
—
8.00 – 8.75
—
8.00 – 8.75
Gold Equivalent Production
koz
160 – 190
90 – 110
70 – 80
90 – 100
—
410 – 480
—
410 – 480
Gold Sold
koz
160 – 190
90 – 110
70 – 80
—
—
320 – 380
—
320 – 380
Silver Sold
Moz
—
—
—
8.00 – 8.75
—
8.00 – 8.75
—
8.00 – 8.75
Gold Equivalent Sold
koz
160 – 190
90 – 110
70 – 80
90 – 100
—
410 – 480
—
410 – 480
Cost of Sales (GAAP) (14)
$M
245 – 298
132 – 166
86 – 102
100 – 123
—
563 – 689
—
563 – 689
By-Product Credits + Treatment &
Refining Costs
$M
—
(1)
—
(8)
—
(10)
—
(10)
Cash Cost (non-GAAP) (14)
$M
245 – 298
131 – 165
86 – 102
92 – 114
—
554 – 679
—
554 – 679
Sustaining Capital Expenditures (15)
$M
45
27
32
15
—
119
—
119
Reclamation Cost Accretion &
Amortization
$M
3
9
3
9
—
24
—
24
General & Administrative
$M
—
—
—
—
60 – 65
60 – 65
—
60 – 65
Share-Based Compensation (16)
$M
—
—
—
—
30 – 35
30 – 35
—
30 – 35
Care & Maintenance (17)
$M
—
—
—
—
—
—
80 – 100
80 – 100
All-In Sustaining Cost (non-GAAP) (14)
$M
293 – 346
166 – 201
121 – 137
115 – 138
90 – 100
786 – 921
80 – 100
866 – 1,021
Cost of Sales per Ounce (GAAP)
$/oz
1,530 – 1,570
1,470 – 1,510
1,230 – 1,270
12.50 – 14.00
—
1,375 – 1,435
—
1,375 – 1,435
Cash Cost per Ounce (non-GAAP)
(14)
$/oz
1,530 – 1,570
1,460 – 1,500
1,230 – 1,270
11.35 – 12.85
—
1,350 – 1,410
—
1,350 – 1,410
All-In Sustaining Cost per Ounce
(non-GAAP) (14)
$/oz
1,800 – 1,840
1,800 – 1,840
1,710 – 1,750
14.25 – 15.75
—
1,890 – 1,950
—
2,090 – 2,150
(12)
Figures may not add due to rounding.
(13)
CC&V figures are presented as of March
1, 2025 onwards to account for attributable production to SSR
Mining following the close of the CC&V transaction. Prior to
the closing of the acquisition, CC&V produced 28,000 ounces of
gold. For the full year, inclusive of ounces produced under
Newmont’s ownership, CC&V is expected to produce between
118,000 and 138,000 ounces of gold.
(14)
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 its mines. AISC includes
reclamation cost accretion and amortization and certain lease
payments. Total AISC includes G&A costs and share-based
compensation, but excludes any care & maintenance costs
incurred at �pler. Consolidated AISC reflects cash care &
maintenance costs of approximately $20 - $25 million per quarter
incurred at �pler until the mine is restarted.
(15)
Refer to “2025 Capital Guidance” table
within our press release dated March 31, 2025 for a breakdown of
sustaining exploration and evaluation expenditures. No material
capital expenditures are expected at �pler until the mine is
restarted.
(16)
Share-based compensation guidance uses a
reference price of approximately US$15 per share.
(17)
Reflects the cash component of care &
maintenance expenses that would be incurred at �pler in the event
the operation did not restart within 2025. SSR Mining continues to
work closely with the relevant authorities in Türkiye to advance
the restart of the �pler mine, but at this time the Company is not
able to estimate or predict when and under what conditions
operations will resume.
The following tables provide a reconciliation of Cost of sales
to cash costs and AISC:
Three Months Ended March 31,
2025
Marigold
CC&V (18)
Seabee
Puna
Corporate
Total
�pler
Consolidated
Cost of sales (GAAP) (19)
$
58,726
$
17,966
$
23,130
$
36,819
$
—
136,641
$
—
$
136,641
By-product credits
$
(38
)
$
(213
)
$
(24
)
$
(11,109
)
$
—
(11,384
)
$
—
$
(11,384
)
Treatment and refining charges
$
66
$
5
$
43
$
326
$
—
440
$
—
$
440
Cash costs (non-GAAP)
$
58,754
$
17,758
$
23,149
$
26,036
$
—
125,697
$
—
$
125,697
Sustaining capital and lease related
expenditures
$
11,669
$
1,011
$
11,748
$
1,954
$
—
26,382
$
2,253
$
28,635
Sustaining exploration and evaluation
expense
$
227
$
—
$
—
$
—
$
—
227
$
—
$
227
Care and maintenance (20)
$
—
$
—
$
—
$
—
$
—
—
$
20,556
$
20,556
Reclamation cost accretion and
amortization
$
672
$
1,279
$
833
$
3,258
$
—
6,042
$
423
$
6,465
General and administrative expense and
stock-based compensation expense (21)
$
—
$
—
$
—
$
—
$
23,894
23,894
$
—
$
23,894
Total AISC (non-GAAP)
$
71,322
$
20,048
$
35,730
$
31,248
$
23,894
182,242
$
23,232
$
205,474
Gold sold (oz)
40,408
11,300
26,000
—
—
77,708
—
77,708
Silver sold (oz)
—
—
—
2,374,345
—
2,374,345
—
2,374,345
Gold equivalent sold (oz) (22)
40,408
11,300
26,000
26,477
—
104,185
—
104,185
Cost of sales per gold ounces sold
$
1,453
$
1,590
$
890
$
N/A
$
N/A
$
N/A
$
N/A
$
N/A
Cost of sales per silver ounces sold
$
N/A
$
N/A
$
N/A
$
15.51
$
N/A
$
N/A
$
N/A
$
N/A
Cost of sales per gold equivalent ounce
sold
$
1,453
$
1,590
$
890
$
1,391
$
N/A
$
1,312
$
N/A
$
1,312
Cash cost per gold ounce sold
$
1,454
$
1,571
$
890
$
N/A
$
N/A
$
N/A
$
N/A
$
N/A
Cash cost per silver ounce sold
$
N/A
$
N/A
$
N/A
$
10.97
$
N/A
$
N/A
$
N/A
$
N/A
Cash cost per gold equivalent ounce
sold
$
1,454
$
1,571
$
890
$
983
$
N/A
$
1,206
$
N/A
$
1,206
AISC per gold ounce sold
$
1,765
$
1,774
$
1,374
$
N/A
$
N/A
$
N/A
$
N/A
$
N/A
AISC per silver ounce sold
$
N/A
$
N/A
$
N/A
$
13.16
$
N/A
$
N/A
$
N/A
$
N/A
AISC per gold equivalent ounce sold
$
1,765
$
1,774
$
1,374
$
1,180
$
N/A
$
1,749
$
N/A
$
1,972
Three Months Ended March 31,
2024
Marigold
CC&V
Seabee
Puna
Corporate
Total
�pler
Consolidated
Cost of sales (GAAP) (19)
$
49,071
$
N/A
$
24,433
$
27,974
$
—
101,478
$
24,423
$
125,901
By-product credits
$
(1
)
$
N/A
$
(25
)
$
(9,065
)
$
—
(9,091
)
$
(345
)
$
(9,436
)
Treatment and refining charges
$
73
$
N/A
$
35
$
1,482
$
—
1,590
$
351
$
1,941
Cash costs (non-GAAP)
$
49,143
$
N/A
$
24,443
$
20,391
$
—
93,977
$
24,429
$
118,406
Sustaining capital and lease related
expenditures
$
2,305
$
N/A
$
14,905
$
3,359
$
—
20,569
$
5,088
$
25,657
Sustaining exploration and evaluation
expense
$
354
$
N/A
$
—
$
—
$
—
354
$
—
$
354
Care and maintenance (20)
$
—
$
N/A
$
—
$
—
$
—
—
$
7,678
$
7,678
Reclamation cost accretion and
amortization
$
935
$
N/A
$
927
$
2,148
$
—
4,010
$
485
$
4,495
General and administrative expense and
stock-based compensation expense
$
—
$
N/A
$
—
$
—
$
12,861
12,861
$
—
$
12,861
Total AISC (non-GAAP)
$
52,737
$
N/A
$
40,275
$
25,898
$
12,861
131,771
$
37,680
$
169,451
Gold sold (oz)
36,869
N/A
28,450
—
—
65,319
23,960
89,279
Silver sold (oz)
—
N/A
—
1,658,621
—
1,658,621
—
1,658,621
Gold equivalent sold (oz) (22)
36,869
N/A
28,450
18,704
—
84,023
23,960
107,983
Cost of sales per gold ounces sold
$
1,331
$
N/A
$
859
$
N/A
$
N/A
$
N/A
$
1,019
$
N/A
Cost of sales per silver ounces sold
$
N/A
$
N/A
$
N/A
$
16.87
$
N/A
$
N/A
$
N/A
$
N/A
Cost of sales per gold equivalent ounce
sold
$
1,331
$
N/A
$
859
$
1,496
$
N/A
$
1,208
$
1,019
$
1,166
Cash cost per gold ounce sold
$
1,333
$
N/A
$
859
$
N/A
$
N/A
$
N/A
$
1,020
$
N/A
Cash cost per silver ounce sold
$
N/A
$
N/A
$
N/A
$
12.29
$
N/A
$
N/A
$
N/A
$
N/A
Cash cost per gold equivalent ounce
sold
$
1,333
$
N/A
$
859
$
1,090
$
N/A
$
1,118
$
1,020
$
1,097
AISC per gold ounce sold
$
1,430
$
N/A
$
1,416
$
N/A
$
N/A
$
N/A
$
1,573
$
N/A
AISC per silver ounce sold
$
N/A
$
N/A
$
N/A
$
15.61
$
N/A
$
N/A
$
N/A
$
N/A
AISC per gold equivalent ounce sold
$
1,430
$
N/A
$
1,416
$
1,385
$
N/A
$
1,568
$
1,573
$
1,569
(18)
CC&V data presented represents 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.
(19)
Excludes depreciation, depletion, and
amortization.
(20)
Care and maintenance expense only includes
direct costs not associated with environmental reclamation and
remediation costs, as depreciation is not included in the
calculation of AISC.
(21)
General and administrative expense for the
three months ended March 31, 2025 included $9.4 million in share
based compensation expense.
(22)
GEOs are calculated using the silver
ounces produced or sold multiplied by the ratio of the silver price
to the gold price, using the average LBMA prices for the period.
The Company does not include copper, lead, or zinc as they are
considered by-products. GEOs sold may not re-calculate based on
amounts presented in this table due to rounding.
Non-GAAP Measure - Adjusted Net Income
(Loss) Attributable to SSR Mining Shareholders and Adjusted Net
Income (Loss) Per Share Attributable to SSR Mining
Shareholders
Adjusted attributable net income (loss) and adjusted
attributable net income (loss) per share are used by management to
measure the Company's underlying operating performance. We believe
this measure is also useful for shareholders to assess the
Company’s operating performance. The most directly comparable
financial measures prepared in accordance with GAAP are net income
(loss) attributable to SSR Mining shareholders and net income
(loss) per share attributable to SSR Mining shareholders. Adjusted
net income (loss) attributable to SSR Mining shareholders is
defined as net income (loss) adjusted to exclude the after-tax
impact of specific items that are significant, but not reflective
of the Company's underlying operations, including the expected
impacts of �pler Incident; inflationary impacts on tax balances;
transaction, integration; and other non-recurring items.
The following table provides a reconciliation of Net income
(loss) attributable to SSR Mining shareholders to adjusted net
income (loss) attributable to SSR Mining shareholders:
(in thousands of US dollars, except per
share data)
Three Months Ended March
31,
2025
2024
Net income (loss) attributable to SSR
Mining shareholders (GAAP)
$
58,781
$
(287,082
)
Interest saving on 2019 notes, net of
tax
$
1,232
$
—
Net income (loss) used in the calculation
of diluted net income per share
$
60,013
$
(287,082
)
Weighted-average shares used in the
calculation of net income (loss) per share
Basic
202,420
202,355
Diluted
216,546
202,355
Net income (loss) per share attributable
to SSR Mining shareholders (GAAP)
Basic
$
0.29
$
(1.42
)
Diluted
$
0.28
$
(1.42
)
Adjustments:
CC&V transaction and integration
costs
$
6,795
$
—
Effects of the �pler Incident (23)
$
1,251
$
321,954
Changes in fair value of marketable
securities
$
(1,656
)
$
(2,817
)
Income tax impact related to above
adjustments
$
(903
)
$
448
Inflationary impacts on tax balances
$
(2,695
)
$
(9,993
)
Adjusted net income (loss) attributable to
SSR Mining shareholders (Non-GAAP)
$
61,573
$
22,510
Adjusted net income per share attributable
to SSR Mining shareholders (Non-GAAP)
Basic
$
0.30
$
0.11
Diluted (24)
$
0.29
$
0.11
(23)
For the three months ended March 31, 2025,
the effects of the �pler Incident represent contingencies and
expenses of $1.3 million (presented net of pre-tax attributable
non-controlling interest of $0.3 million). For the three months
ended March 31, 2024, the effects of the �pler Incident represent
(1) reclamation costs of $9.0 million and remediation costs of
$209.3 million (amounts are presented net of pre-tax attributable
to non-controlling interest of $50.1 million); (2) impairment
charges of $91.4 million related to plans to permanently close the
heap leach pad (amount is presented net of pre-tax attributable to
non-controlling interest of $22.8 million); and (3) contingencies
and expenses of $12.3 million (amount is presented net of pre-tax
attributable to non-controlling interest of $3.0 million).
(24)
Adjusted net income (loss) per diluted
share attributable to SSR Mining shareholders is calculated using
diluted common shares, which are calculated in accordance with
GAAP. For the three months ended March 31, 2024, $1.2 million
interest saving on 2019 Notes, net of tax, and potentially dilutive
shares of approximately 12.9 million were excluded from the
computation of diluted loss per common share attributable to SSR
Mining shareholders in the Condensed Consolidated Statement of
Operations as they were antidilutive. These interest savings and
shares were excluded in the computation of adjusted net income
(loss) per diluted share attributable to SSR Mining shareholders
for the three months ended March 31, 2024 as they were
antidilutive.
Non-GAAP Measure - Free Cash Flow, Cash
Flow From Operating Activities Before Changes in Working Capital,
and Free Cash Flow Before Changes in
Working Capital
The Company uses free cash flow, cash flow from operating
activities before changes in working capital, and free cash flow
before changes in working capital to supplement information in its
condensed consolidated financial statements. The most directly
comparable financial measures prepared in accordance with GAAP is
cash provided by operating activities. The Company believes that in
addition to conventional measures prepared in accordance with US
GAAP, certain investors and analysts use this information to
evaluate the ability of the Company to generate cash flow after
capital investments and build the Company's cash resources. The
Company calculates free cash flow by deducting cash capital
spending from cash generated by operating activities. The Company
does not deduct payments made for business acquisitions.
The following table provides a reconciliation of cash provided
by operating activities to free cash flow:
(in thousands of US dollars, except per
share data)
Three Months Ended March
31,
2025
2024
Cash provided by operating activities
(GAAP)
$
84,805
$
24,631
Expenditures on mineral properties, plant,
and equipment
$
(45,507
)
$
(34,035
)
Free cash flow (non-GAAP)
$
39,298
$
(9,404
)
We also present operating cash flow before working capital
adjustments and free cash flow before working capital adjustments
as non-GAAP cash flow measures to supplement our operating cash
flow and free cash flow (non-GAAP) measures. We believe presenting
both operating cash flow and free cash flow before working capital
adjustments, which reflects an exclusion of net changes in
operating assets and liabilities, will be useful for investors
because it presents cash flow that is actually generated from the
continuing business. The Company calculates cash generated by (used
in) operating activities before changes in working capital by
adjusting cash generated by (used in) operating activities by the
net change in operating assets and liabilities. The Company also
calculates free cash flow before changes in working capital by
deducting cash capital spending from cash flow from operating
activities before changes in working capital.
The following table provides a reconciliation of cash provided
by operating activities to cash generated by (used in) operating
activities before changes in working capital, and free cash flow
before changes in working capital:
(in thousands of US dollars, except per
share data)
Three Months Ended March
31,
2025
2024
Cash provided by (used in) operating
activities (GAAP)
$
84,805
$
24,631
Net change in operating assets and
liabilities
$
20,149
$
7,433
Cash provided by (used in) operating
activities before changes in working capital (non-GAAP)
$
104,954
$
32,064
Expenditures on mineral properties, plant,
and equipment
$
(45,507
)
$
(34,035
)
Free cash flow before changes in working
capital (non-GAAP)
$
59,447
$
(1,971
)
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