Executive Summary / Key Takeaways

• SSR Mining is strategically repositioning itself as a diversified, mid-tier precious metals producer through organic growth and value-accretive acquisitions, notably the Cripple Creek & Victor (CC&V) Gold Mine, which is already delivering substantial free cash flow.
• The company leverages advanced operational expertise and technology, including autonomous mining equipment and data analytics, to enhance efficiency, reduce costs, and improve resource recovery across its multi-jurisdictional portfolio.
• Despite the ongoing suspension at its Çöpler mine and associated remediation costs, SSR Mining maintains a robust financial position with strong liquidity, enabling continued investment in high-potential projects like Hod Maden.
• SSR Mining projects full-year 2025 gold equivalent production between 410,000 and 480,000 ounces, with all-in sustaining costs (AISC) expected to trend towards the higher end of its $2,090 to $2,150 per ounce guidance, influenced by higher gold prices and share-based compensation.
• The company's future value hinges on the successful restart of Çöpler, the advancement of the Hod Maden copper-gold project, and the conversion of significant mineral resources into reserves at its existing operations, all within a favorable, though volatile, precious metals market.

A Resilient Miner's Path: Strategic Diversification and Technological Edge

SSR Mining Inc. ($SSRM), a Denver-based precious metals company incorporated in British Columbia in 1946, has evolved from Silver Standard Resources Inc. into a diversified, intermediate gold producer with a strategic footprint across the United States, Türkiye, Canada, and Argentina. The company’s core business centers on the acquisition, exploration, and development of precious metal resource properties, yielding gold doré, copper, silver, lead, and zinc concentrates. This multi-commodity exposure and geographic diversification are foundational to its strategy, providing resilience against the inherent volatility of commodity markets and geopolitical risks.

The global precious metals market is currently experiencing a significant rally, with gold setting new records amid expectations of future interest rate cuts, a weaker U.S. dollar, persistent inflation, and geopolitical uncertainties. Analysts project gold could reach $3,700/oz by the end of 2025 and potentially $4,000/oz by mid-2026, with some forecasts extending to $4,500/oz by 2026. This favorable macro backdrop, coupled with steady central bank purchases and rising household demand, particularly from emerging markets, creates a compelling environment for gold miners. SSR Mining, as the third-largest U.S. gold producer, is well-positioned to capitalize on these trends.

A key differentiator for SSR Mining is its commitment to operational expertise and technological innovation. The company employs advanced engineering and technology to enhance ore recovery, ensure economical extraction, and minimize environmental impact. This includes significant investments in advanced mining technologies to improve operational efficiency, reduce costs, and enhance resource recovery. For instance, in 2023, SSR Mining allocated $8.7 million towards autonomous mining technologies, integrating six autonomous drilling rigs at its Seabee Gold Operation, which boosted operational efficiency by 22%. Furthermore, the company invested $5.6 million in a comprehensive data analytics platform that processes 3.2 petabytes of operational data annually, leading to a 17% reduction in operational downtime across its mining sites. An additional $12.3 million was deployed in digital transformation technologies in 2023, including 47 IoT-enabled sensors at Marigold and Seabee for real-time equipment monitoring. These technological advancements are not merely incremental improvements; they are strategic enablers that contribute to SSR Mining's competitive edge, driving cost reduction, enhanced safety, reduced environmental impact, and attracting environmentally conscious investors. The company's ongoing investment in cost-efficient mining technologies, totaling $22.6 million in 2023, targets a 12% reduction in operational costs.

Competitive Landscape and Strategic Positioning

In the competitive precious metals sector, SSR Mining occupies a mid-tier position, distinguishing itself through a diversified asset base and regional operational expertise. Compared to larger global players like Barrick Gold Corporation and Newmont Corporation , SSR Mining offers a broader commodity mix, including gold, silver, copper, lead, and zinc, which provides greater resilience to single-commodity price fluctuations. While Barrick (GOLD) and Newmont benefit from immense scale and extensive reserves, often leading to stronger overall financial health and market share, SSR Mining's strategic focus on operational efficiency in diverse geographies allows for quicker adaptation and execution in niche markets.

For instance, SSR Mining's Marigold mine in Nevada directly competes with Newmont's (NEM) U.S. operations, but SSR Mining's multi-metal portfolio offers a broader commodity base. Similarly, its Seabee Gold Operation in Canada operates alongside Agnico Eagle Mines Limited (AEM), a company known for its stable, high-quality assets. SSR Mining's Puna Operations in Argentina also compete with Kinross Gold Corporation (KGC) in the Americas. While larger competitors may demonstrate more robust revenue streams and better capital efficiency due to their size, SSR Mining's diversified approach and regional expertise can lead to more efficient project execution in challenging environments, potentially contributing to improved margins and growth. The company's strategic acquisitions, such as CC&V, are designed to enhance its scale and free cash flow, directly bolstering its competitive standing against these larger rivals.

A Transformative Year: Acquisitions, Operational Milestones, and Challenges

The past year has been transformative for SSR Mining, marked by both strategic triumphs and significant challenges. A pivotal moment was the acquisition of the Cripple Creek & Victor (CC&V) Gold Mine from Newmont Corporation, which closed on February 28, 2025. This all-cash deal, involving $100 million upfront and up to $175 million in milestone-based payments, was a strategic move to enhance the company's scale, free cash flow, and portfolio diversification. The integration of CC&V has been notably smooth, with the asset generating nearly $115 million in asset-level free cash flow since its acquisition through September 30, 2025, effectively recouping the initial upfront payment within months. This rapid payback underscores the strategic rationale and immediate financial impact of the acquisition.

Operational achievements also highlighted the company's capabilities. In 2024, Puna Operations achieved a record 10.5 million ounces of silver production, its highest in 15 years, reaching the top end of its increased guidance. The Marigold mine also celebrated a significant milestone on December 30, 2024, producing 5 million ounces of gold over its operating life. These successes were complemented by a 14% year-over-year increase in Marigold's reserves, driven by the declaration of a 523,000-ounce maiden mineral reserve at the Buffalo Valley deposit, a key opportunity for mine life extension.

However, the company faced its most significant challenge with the Çöpler Incident on February 13, 2024, a tragic heap leach pad slip that led to the suspension of all operations at the Çöpler Gold Mine in Türkiye. This event resulted in the loss of nine colleagues and necessitated extensive remediation efforts. The estimated total reclamation and remediation costs are between $250 million and $300 million, with an adjustment of $62.9 million recorded in Q2 2025 due to advancements in engineering and construction designs for a permanent storage facility and heap leach pad closure studies. An independent review attributed the incident to a deep-rooted flaw in the third-party engineering design of the heap leach pad. While remediation efforts, including the removal of displaced material from the Sabirli Valley, have progressed, a definitive timeline for a restart remains elusive. The company also experienced a temporary two-week suspension at its Seabee Gold Operation in Q2 2025 due to power interruptions from forest fires, though operations quickly resumed without site damage.

Financial Performance and Liquidity Strength

SSR Mining's financial performance in the first nine months of 2025 reflects the strategic impact of the CC&V acquisition and the ongoing costs associated with the Çöpler Incident, set against a backdrop of strong commodity prices. For the three months ended September 30, 2025, revenue increased by 49.9% to $385.84 million compared to the prior year, primarily driven by higher average realized gold and silver prices and increased gold ounces sold, with CC&V contributing $98.20 million to revenue . For the nine months ended September 30, 2025, revenue surged by 64.8% to $1.11 billion, with CC&V contributing $283.10 million .

Net income attributable to SSR Mining shareholders for Q3 2025 was $65.44 million, or $0.31 per diluted share, a significant increase from $10.56 million in Q3 2024 . For the nine months ended September 30, 2025, net income attributable to shareholders was $214.30 million, compared to $266.83 million in the prior year, which included substantial impairment charges related to Çöpler . The company's profitability metrics for the trailing twelve months (TTM) show a Gross Profit Margin of 34.74%, an Operating Profit Margin of 20.51%, a Net Profit Margin of 15.36%, and an EBITDA Margin of 26.80%.

Operating costs and expenses have seen notable movements. Cost of sales increased due to the CC&V acquisition and higher costs at Marigold and Puna, partially offset by the Çöpler suspension . General and administrative expenses rose significantly, driven by a $19.80 million increase in share-based compensation due to higher share prices and a $4.50 million increase in employee compensation for the nine months ended September 30, 2025 . Reclamation and remediation costs for the nine months ended September 30, 2025, were $81.31 million, primarily due to the revised Çöpler estimate . The company also benefited from $44.40 million in business interruption insurance proceeds related to the Çöpler Incident in Q2 2025, which positively impacted other operating expense income, net .

SSR Mining maintains a robust liquidity position, ending Q3 2025 with $409.30 million in cash and cash equivalents and total liquidity exceeding $900 million, with no outstanding borrowings on its credit facility .

Cash provided by operating activities for the nine months ended September 30, 2025, was $299.80 million, a substantial increase from $54.85 million in the prior year, driven by higher revenues, insurance proceeds, and reduced reclamation payments . While cash used in investing activities increased to $286.36 million, primarily due to the CC&V acquisition and higher capital expenditures, the company's strong balance sheet provides ample capacity to fund its growth initiatives . The company was in compliance with its debt covenants as of September 30, 2025 .

Outlook, Guidance, and Growth Trajectory

SSR Mining's outlook for 2025 reflects a strategic emphasis on maximizing value from its expanded portfolio and advancing key development projects. The company anticipates full-year 2025 gold equivalent production to be in the lower half of its guidance range of 410,000 to 480,000 ounces. Consolidated All-In Sustaining Costs (AISC) are projected to trend towards the high end of the $2,090 to $2,150 per payable ounce guidance, or $1,890 to $1,950 per payable ounce excluding Çöpler care and maintenance costs. This higher cost projection is primarily attributed to increased royalty costs driven by elevated gold prices and the impact of share price performance on share-based compensation calculations. Production is expected to be weighted 55% to the second half of the year, with Q4 anticipated to be the strongest quarter, particularly from Marigold and CC&V.

Key growth catalysts are firmly in focus. The Hod Maden copper-gold project in Türkiye remains a top priority, with a full-year growth capital guidance of $60 million to $100 million for 2025. A comprehensive update to the technical report is expected soon, which will form the basis for a construction decision in the coming months. Management views Hod Maden as one of the most compelling undeveloped copper-gold projects in the sector, with attractive asset returns, and has clarified that its development is independent of the Çöpler restart.

For CC&V, a technical report is slated for publication in Q4 2025, which is expected to outline a 10-plus year mine life and highlight significant mineral resource upside beyond the current 2.4 million ounces of gold reserves. The primary challenge for converting these resources to reserves lies in advancing permitting for additional heap leach capacity. At Puna, an initial three-year extension of the Chinchillas operations through 2028 has been secured, with ongoing studies for further extensions and the Cortaderas target. Marigold is also advancing its Buffalo Valley deposit for integration into the mine plan, aiming for meaningful mine life extension and complementing growth at New Millennium.

Risks and Considerations

While SSR Mining presents a compelling investment thesis, several risks warrant investor attention. The company's profitability remains highly sensitive to the volatile prices of gold, silver, lead, and zinc, which are influenced by factors beyond its control . A sustained decline in commodity prices could materially impact financial performance and the carrying value of its assets .

Macroeconomic and geopolitical conditions, including inflation, interest rate fluctuations, and foreign currency volatility, pose ongoing challenges. The weakening of the Argentine Peso against the U.S. Dollar, for example, has contributed to foreign exchange losses . Operations in countries experiencing high inflation could also lead to increased operational costs .

The Çöpler Incident continues to be a significant concern. While remediation efforts are underway and insurance proceeds have been received, the definitive timeline for a restart remains uncertain, and the company faces ongoing legal proceedings, including securities class actions, related to the incident . Additionally, environmental liabilities at CC&V, such as those related to the Carlton Tunnel water discharge, could require material adjustments to liabilities depending on future regulatory agreements .

Conclusion

SSR Mining is strategically positioned for growth, leveraging a diversified portfolio, a strong balance sheet, and a commitment to operational excellence and technological innovation. The successful integration of the CC&V mine has immediately bolstered its financial profile, while ongoing organic growth initiatives at Marigold, Seabee, and Puna promise to extend mine lives and enhance future production. The Hod Maden project stands as a significant future value driver, with a construction decision on the horizon.

Despite the profound challenges presented by the Çöpler Incident, SSR Mining's resilience and proactive engagement with Turkish authorities underscore its commitment to a restart, which remains a key catalyst for unlocking further value. The company's ability to drive efficiency through advanced technologies, coupled with its strategic approach to acquisitions and organic development, positions it to capitalize on the favorable precious metals market. Investors should monitor the progress at Çöpler and Hod Maden, as well as the company's continued operational execution, as these factors will be critical in realizing SSR Mining's full potential in the evolving global mining landscape.