Lafleur Minerals Inc. press release

SSR Mining Reports Third Quarter 2025 Results

2025-11-04

CSE - Canadian National Stock Exchange · Gold · Silver · Copper · Zinc · Lead · Molybdenum · Nickel · Rare Earth Elements · Canada · Corporate Finance

SSR Mining Inc. (Nasdaq/TSX: SSRM) ("SSR Mining" or the “Company") reports consolidated financial results for the third quarter ended September 30, 2025.

Operating results: Third quarter 2025 production was 102,673 gold equivalent ounces at cost of sales of $1,585 per payable ounce and all-in sustaining costs (“AISC”) of $2,359 per payable ounce, or $2,114 per payable ounce exclusive of costs incurred at Çöpler in the quarter.(1) Year-to-date, the Company produced 326,940 gold equivalent ounces at cost of sales of $1,430 per payable ounce and all-in-sustaining costs of $2,131 per payable ounce, or $1,905 exclusive of costs incurred at Çöpler. SSR Mining expects full-year 2025 production in the lower half of the 410,000 to 480,000 gold equivalent ounce guidance range. Reflecting the impacts of higher-than-expected gold prices on royalty costs and SSR Mining’s strong share price performance on share-based compensation, the Company is trending towards the upper end of its consolidated cost guidance ranges for 2025. Financial results: In the third quarter of 2025, SSR Mining reported net income attributable to SSR Mining shareholders of $65.4 million, or $0.31 per diluted share and adjusted net income attributable to SSR Mining shareholders of $68.4 million, or $0.32 per diluted share. In the third quarter of 2025, operating cash flow was $57.2 million and free cash flow was negative $2.4 million, largely driven by inventory movements at Marigold and CC&V, as well as prepayments associated with development activities at Hod Maden. Accordingly, operating cash flow and free cash flow before working capital adjustments totaled $132.1 million and $72.5 million in the third quarter, respectively. Cash and liquidity position: As of September 30, 2025, SSR Mining had a cash and cash equivalent balance of $409.3 million and total liquidity of $909.3 million, inclusive of the Company’s undrawn revolving credit facility and accompanying accordion feature. Hod Maden: During the third quarter of 2025, $17.1 million was spent at Hod Maden as engineering and initial site establishment efforts continued to progress, bringing year-to-date spend to $44.4 million at the project. SSR Mining remains on track for full-year Hod Maden development capital spend of $60 to $100 million. The Company expects to provide an updated life of mine plan and construction decision for Hod Maden in the coming months. Çöpler update: SSR Mining continues to work closely with the relevant authorities in Türkiye to advance the restart of the Çöpler 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 Çöpler. Development & exploration: During the third quarter of 2025, SSR Mining continued to advance key brownfield growth projects across the portfolio, including Buffalo Valley at Marigold, Cortaderas at Puna, and Porky at Seabee. These projects represent potential low-cost mine life extension opportunities at each operation and are supported by ongoing near-mine and regional exploration activity across the portfolio. In addition, an updated life of mine plan and technical report for CC&V based exclusively on Mineral Reserves remains on track for publication in 2025.

Rod Antal, Executive Chairman of SSR Mining, said, “Our third quarter operating results were generally aligned to our internal plans, and we continue to expect that a solid fourth quarter will bring us within consolidated 2025 production guidance.

Our teams have been hard at work advancing a number of key deliverables, including an initial technical report for CC&V that we expect will showcase a more than 10-year mine life based on Mineral Reserves. At Hod Maden, efforts across the various work streams including engineering, initial site establishment activity and market engagement on major work packages are well progressed, moving us closer to finalizing an updated life of mine plan and capital estimates. Hod Maden remains one of the most compelling and highest returning undeveloped copper-gold projects in the sector and has the potential to generate exceptional free cash flow once in production.

We have numerous growth opportunities across the portfolio, particularly in Türkiye where we continue to advance requirements towards a restart of operations at Çöpler. Together with the Hod Maden investment decision, we look forward to showcasing the significant potential upside ahead for our shareholders.”

Financial and Operating Summary

A summary of the Company's consolidated financial and operating results for the three and nine months ended September 30, 2025 and September 30, 2024 are presented below:

| (in thousands, except per share data or otherwise stated) | | Three Months Ended

September 30, | | Nine Months Ended

September 30, | | | | | | | | | | | | | 2025 | | | 2024 | | | 2025 | | | 2024 | | Financial Results | | | | | | | | | | | | | | Revenue | | $ | 385,839 | | $ | 257,356 | | $ | 1,107,912 | | $ | 672,431 | | Cost of sales | | $ | 165,682 | | $ | 138,281 | | $ | 465,271 | | $ | 360,764 | | Operating income (loss) | | $ | 83,333 | | $ | 9,037 | | $ | 259,109 | | $ | (356,667) | | Net income (loss) | | $ | 57,092 | | $ | 6,251 | | $ | 191,900 | | $ | (349,447) | | Net income (loss) attributable to SSR Mining shareholders | | $ | 65,441 | | $ | 10,557 | | $ | 214,297 | | $ | (266,832) | | Basic net income (loss) per share attributable to SSR Mining shareholders | | $ | 0.32 | | $ | 0.05 | | $ | 1.06 | | $ | (1.32) | | Diluted net income (loss) per share attributable to SSR Mining shareholders | | $ | 0.31 | | $ | 0.05 | | $ | 1.00 | | $ | (1.32) | | Adjusted net income attributable to SSR Mining shareholders (1) | | $ | 68,354 | | $ | 6,360 | | $ | 240,003 | | $ | 36,325 | | Basic adjusted net income per share attributable to SSR Mining shareholders (1) | | $ | 0.34 | | $ | 0.03 | | $ | 1.18 | | $ | 0.18 | | Diluted adjusted net income per share attributable to SSR Mining shareholders (1) | | $ | 0.32 | | $ | 0.03 | | $ | 1.12 | | $ | 0.18 | | | | | | | | | | | | | | | | Cash provided by operating activities before changes in working capital (1) | | $ | 132,050 | | $ | 13,810 | | $ | 433,020 | | $ | 22,772 | | Cash provided by operating activities | | $ | 57,155 | | $ | (1,348) | | $ | 299,802 | | $ | (54,849) | | Cash used in investing activities | | $ | (63,602) | | $ | (35,094) | | $ | (286,355) | | $ | (103,556) | | Cash provided by (used in) financing activities | | $ | 10,196 | | $ | 13,942 | | $ | 20,727 | | $ | 4,610 | | | | | | | | | | | | | | | | Operating Results | | | | | | | | | | | | | | Gold produced (oz) | | | 75,212 | | | 63,155 | | | 242,047 | | | 185,835 | | Gold sold (oz) | | | 74,268 | | | 63,052 | | | 242,715 | | | 192,801 | | Silver produced ('000 oz) | | | 2,409 | | | 2,885 | | | 7,764 | | | 7,531 | | Silver sold ('000 oz) | | | 2,657 | | | 2,785 | | | 7,566 | | | 6,933 | | Lead produced ('000 lb) (2) | | | 11,152 | | | 15,005 | | | 36,517 | | | 38,294 | | Lead sold ('000 lb) (2) | | | 13,089 | | | 14,304 | | | 37,199 | | | 35,355 | | Zinc produced ('000 lb) (2) | | | 1,103 | | | 878 | | | 2,986 | | | 2,954 | | Zinc sold ('000 lb) (2) | | | 954 | | | 660 | | | 2,496 | | | 2,589 | | | | | | | | | | | | | | | | Gold equivalent produced (oz) (3) | | | 102,673 | | | 97,429 | | | 326,940 | | | 275,113 | | Gold equivalent sold (oz) (3) | | | 104,549 | | | 96,143 | | | 325,440 | | | 274,996 | | | | | | | | | | | | | | | | Average realized gold price ($/oz sold) | | $ | 3,503 | | $ | 2,531 | | $ | 3,259 | | $ | 2,281 | | Average realized silver price ($/oz sold) | | $ | 41.92 | | $ | 30.05 | | $ | 36.72 | | $ | 28.23 | | | | | | | | | | | | | | | | Cost of sales per gold equivalent ounce sold (3) | | $ | 1,585 | | $ | 1,438 | | $ | 1,430 | | $ | 1,312 | | Cash cost per gold equivalent ounce sold (1,3) | | $ | 1,449 | | $ | 1,312 | | $ | 1,312 | | $ | 1,198 | | AISC per gold equivalent ounce sold (1,3) | | $ | 2,359 | | $ | 2,065 | | $ | 2,131 | | $ | 1,886 | | | | | | | | | | | | | | | | Financial Position | | September 30, 2025 | | December 31, 2024 | | | | | | | | | | Cash and cash equivalents | | $ | | | | 409,332 | | $ | | | | 387,882 | | Current assets | | $ | | | | 1,206,074 | | $ | | | | 1,029,034 | | Total assets | | $ | | | | 5,907,813 | | $ | | | | 5,189,020 | | Current liabilities | | $ | | | | 501,007 | | $ | | | | 218,877 | | Total liabilities | | $ | | | | 1,763,320 | | $ | | | | 1,242,159 | | Working capital (4) | | $ | | | | 705,067 | | $ | | | | 810,157 |

| (1) | | The Company reports non-GAAP financial measures including adjusted net income (loss) 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 closing commodity 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. |

Marigold, USA

| | | Three Months Ended

September 30, | | Nine Months Ended

September 30, | | | | | | | | | | Operating Data | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | Gold produced (oz) | | | 36,273 | | | 48,189 | | | 110,765 | | | 108,560 | | Gold sold (oz) | | | 37,318 | | | 47,100 | | | 113,315 | | | 109,419 | | | | | | | | | | | | | | | | Ore mined (kt) | | | 3,379 | | | 7,151 | | | 12,160 | | | 20,347 | | Waste removed (kt) | | | 20,112 | | | 15,392 | | | 61,479 | | | 54,757 | | Total material mined (kt) | | | 23,491 | | | 22,543 | | | 73,639 | | | 75,104 | | Strip ratio | | | 6.0 | | | 2.2 | | | 5.1 | | | 2.7 | | | | | | | | | | | | | | | | Ore stacked (kt) | | | 3,379 | | | 7,151 | | | 12,161 | | | 20,347 | | Gold grade stacked (g/t) | | | 0.35 | | | 0.36 | | | 0.42 | | | 0.24 | | | | | | | | | | | | | | | | Average realized gold price ($/oz sold) | | $ | 3,502 | | $ | 2,546 | | $ | 3,235 | | $ | 2,351 | | Cost of sales ($/oz gold sold) | | $ | 1,673 | | $ | 1,573 | | $ | 1,567 | | $ | 1,484 | | Cash costs ($/oz gold sold) (5) | | $ | 1,673 | | $ | 1,575 | | $ | 1,568 | | $ | 1,486 | | AISC ($/oz gold sold) (5) | | $ | 1,840 | | $ | 1,828 | | $ | 1,856 | | $ | 1,749 |

| (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 September 30, 2025 and 2024, Marigold produced 36,273 and 48,189 ounces of gold, respectively. For the nine months ended September 30, 2025 and 2024, Marigold produced 110,765 and 108,560 ounces of gold, respectively. During the third quarter of 2025, Marigold reported cost of sales of $1,673 per payable ounce and AISC of $1,840 per payable ounce.

Cripple Creek & Victor, USA

(For the nine months ended September 30, 2025, all metrics represent the period from February 28, 2025 to September 30, 2025, the period for which the Company was entitled to the economic benefits of CC&V following the acquisition).

| | | Three Months Ended

September 30, | | Nine Months Ended

September 30, | | | | | | | | | | Operating Data | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | Gold produced (oz) | | | 29,821 | | | — | | | 85,165 | | | — | | Gold sold (oz) | | | 27,950 | | | — | | | 84,050 | | | — | | | | | | | | | | | | | | | | Ore mined (kt) | | | 6,923 | | | — | | | 12,188 | | | — | | Waste removed (kt) | | | 2,496 | | | — | | | 8,947 | | | — | | Total material mined (kt) | | | 9,419 | | | — | | | 21,135 | | | — | | Strip ratio | | | 0.4 | | | — | | | 0.7 | | | — | | | | | | | | | | | | | | | | Ore stacked (kt) | | | 7,020 | | | — | | | 12,398 | | | — | | Gold grade stacked (g/t) | | | 0.40 | | | — | | | 0.42 | | | — | | | | | | | | | | | | | | | | Average realized gold price ($/oz sold) | | $ | 3,505 | | $ | — | | $ | 3,356 | | $ | — | | Cost of sales ($/oz gold sold) | | $ | 1,394 | | $ | N/A | | $ | 1,272 | | $ | N/A | | Cash costs ($/oz gold sold) (6) | | $ | 1,381 | | $ | N/A | | $ | 1,260 | | $ | N/A | | AISC ($/oz gold sold) (6) | | $ | 1,756 | | $ | N/A | | $ | 1,536 | | $ | N/A |

| (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. |

For the three months ended September 30, 2025, CC&V produced 29,821 ounces of gold. Reflecting the closing of the CC&V acquisition during the first quarter of 2025, CC&V produced 85,165 ounces of gold for the period from February 28, 2025 to September 30, 2025. Inclusive of the 28,000 ounces of gold produced in the first two months of 2025, year-to-date production from CC&V totaled 113,165 ounces of gold. During the third quarter of 2025, CC&V reported cost of sales of $1,394 per payable ounce and AISC of $1,756 per payable ounce. A technical report for CC&V remains on track for publication in 2025.

Seabee, Canada

| | | Three Months Ended

September 30, | | Nine Months Ended

September 30, | | | | | | | | | | Operating Data | | 2025 | | 2024 (7) | | 2025 (8) | | 2024 (7) | | | | | | Gold produced (oz) | | | 9,118 | | | 10,252 | | | 46,117 | | | 50,734 | | Gold sold (oz) | | | 9,000 | | | 11,250 | | | 45,350 | | | 54,720 | | | | | | | | | | | | | | | | Ore mined (kt) | | | 85 | | | 56 | | | 233 | | | 275 | | | | | | | | | | | | | | | | Ore milled (kt) | | | 83 | | | 56 | | | 241 | | | 274 | | Gold mill feed grade (g/t) | | | 3.46 | | | 6.10 | | | 6.04 | | | 6.01 | | Gold recovery (%) | | | 95.1 | | | 95.9 | | | 96.7 | | | 96.0 | | | | | | | | | | | | | | | | Average realized gold price ($/oz sold) | | $ | 3,503 | | $ | 2,479 | | $ | 3,138 | | $ | 2,232 | | Cost of sales ($/oz gold sold) | | $ | 2,185 | | $ | 1,280 | | $ | 1,351 | | $ | 1,025 | | Cash costs ($/oz gold sold) (9) | | $ | 2,184 | | $ | 1,281 | | $ | 1,351 | | $ | 1,026 | | AISC ($/oz gold sold) (9) | | $ | 3,003 | | $ | 2,301 | | $ | 2,002 | | $ | 1,655 |

| (7) | | On August 21, 2024, the Company temporarily suspended operations at Seabee due to forest fires in the vicinity of the mine. Mining operations resumed at Seabee on October 11, 2024. | | (8) | | During the second quarter of 2025, the Company temporarily suspended operations at Seabee for approximately two weeks due to power interruptions caused by forest fires to the north of the mine. Seabee resumed operations on June 13, 2025. | | (9) | | 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 September 30, 2025 and 2024, Seabee produced 9,118 and 10,252 ounces of gold, respectively. For the nine months ended September 30, 2025 and 2024, Seabee produced 46,117 and 50,734 ounces of gold, respectively. During the third quarter of 2025, Seabee reported cost of sales of $2,185 per payable ounce and AISC of $3,003 per payable ounce. Operating results in the third quarter reflected the concerted effort to prioritize underground mine development, as well as lower than expected grades in the quarter.

Puna, Argentina

| | | Three Months Ended

September 30, | | Nine Months Ended

September 30, | | | | | | | | | | Operating Data | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | Silver produced ('000 oz) | | | 2,409 | | | 2,885 | | | 7,764 | | | 7,531 | | Silver sold ('000 oz) | | | 2,657 | | | 2,785 | | | 7,566 | | | 6,933 | | Lead produced ('000 lb) | | | 11,152 | | | 15,005 | | | 36,517 | | | 38,294 | | Lead sold ('000 lb) | | | 13,089 | | | 14,304 | | | 37,199 | | | 35,355 | | Zinc produced ('000 lb) | | | 1,103 | | | 878 | | | 2,986 | | | 2,954 | | Zinc sold ('000 lb) | | | 954 | | | 660 | | | 2,496 | | | 2,589 | | Gold equivalent sold ('000 oz) (10) | | | 30,281 | | | 33,091 | | | 82,725 | | | 82,195 | | | | | | | | | | | | | | | | Ore mined (kt) | | | 367 | | | 648 | | | 1,469 | | | 1,578 | | Waste removed (kt) | | | 1,833 | | | 1,535 | | | 4,513 | | | 4,564 | | Total material mined (kt) | | | 2,199 | | | 2,183 | | | 5,983 | | | 6,142 | | Strip ratio | | | 5.0 | | | 2.4 | | | 3.1 | | | 2.9 | | | | | | | | | | | | | | | | Ore milled (kt) | | | 506 | | | 486 | | | 1,452 | | | 1,372 | | Silver mill feed grade (g/t) | | | 155.94 | | | 190.54 | | | 173.17 | | | 176.32 | | Lead mill feed grade (%) | | | 1.09 | | | 1.46 | | | 1.22 | | | 1.33 | | Zinc mill feed grade (%) | | | 0.25 | | | 0.19 | | | 0.24 | | | 0.21 | | Silver mill recovery (%) | | | 95.0 | | | 97.0 | | | 96.1 | | | 96.8 | | Lead mill recovery (%) | | | 92.1 | | | 96.0 | | | 93.6 | | | 95.3 | | Zinc mill recovery (%) | | | 39.0 | | | 43.5 | | | 39.4 | | | 46.6 | | | | | | | | | | | | | | | | Average realized silver price ($/oz sold) | | $ | 41.92 | | $ | 30.05 | | $ | 36.72 | | $ | 28.23 | | Cost of sales ($/oz silver sold) | | $ | 16.80 | | $ | 16.06 | | $ | 15.80 | | $ | 16.27 | | Cash costs ($/oz silver sold) (11) | | $ | 11.58 | | $ | 11.66 | | $ | 10.85 | | $ | 11.71 | | AISC ($/oz silver sold) (11) | | $ | 13.54 | | $ | 15.37 | | $ | 13.09 | | $ | 15.36 |

| (10) | | GEOs are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average closing commodity prices for the period. The Company does not include by-products in the GEO calculations. | | (11) | | 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 September 30, 2025 and 2024, Puna produced 2.4 and 2.9 million ounces of silver, respectively. For the nine months ended September 30, 2025 and 2024, Puna produced 7.8 and 7.5 million ounces of silver, respectively. During the third quarter of 2025, Puna reported cost of sales of $16.80 per payable ounce and AISC of $13.54 per payable ounce.

Çöpler, Türkiye (amounts presented on 100% basis)

Operations at Çöpler were suspended following the February 13, 2024 incident at the Çöpler mine (the “Çöpler 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.