SSR Mining Reports Second Quarter 2025 Results

2025-08-05

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

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

Operating results: Second quarter 2025 production was 120,191 gold equivalent ounces at cost of sales of $1,396 per payable ounce and all-in sustaining costs (“AISC”) of $2,068 per payable ounce, or $1,858 per payable ounce exclusive of costs incurred at Çöpler in the quarter. (1) Year-to-date, the Company produced 223,987 gold equivalent ounces at cost of sales of $1,357 per payable ounce and all-in-sustaining costs of $2,024 per payable ounce, or $1,807 exclusive of costs incurred at Çöpler during the year. The Company remains on track for full-year 2025 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. Financial results: In the second quarter of 2025, SSR Mining reported net income attributable to SSR Mining shareholders of $90.1 million, or $0.42 per diluted share and adjusted net income attributable to SSR Mining shareholders of $110.1 million, or $0.51 per diluted share. For the second quarter of 2025, SSR Mining generated $157.8 million in operating cash flow and $98.4 million in free cash flow. Over the same period, operating cash flow and free cash flow before working capital adjustments totaled $196.0 million and $136.6 million, respectively. Cash and liquidity position: As of June 30, 2025, SSR Mining had a cash and cash equivalent balance of $412.1 million and total liquidity of $912.1 million inclusive of the Company’s undrawn revolving credit facility and accompanying accordion feature. In the second quarter of 2025, SSR Mining received $44.4 million in business interruption insurance proceeds associated with the Çöpler Incident. CC&V integration: In the first full quarter of operations within the SSR Mining portfolio, CC&V produced 44,062 ounces of gold at cost of sales of $1,116 per payable ounce and AISC of $1,339 per payable ounce. The CC&V integration has continued to progress positively, with the mine generating nearly $85 million in mine site free cash flow since the close of the acquisition. CC&V remains on track for full-year guidance metrics, and a technical report for CC&V based on existing Mineral Reserves remains on track for publication in 2025. Çöpler update: The Company continues to work closely with the relevant authorities in Türkiye to advance the restart of the Çöpler mine, including progressing various engineering plans and design documents. During the second quarter of 2025, the Company recorded an increase to the reclamation and remediation costs associated with the Çöpler incident. The revised estimate reflects an increase of $12.9 million above the previously disclosed estimated reclamation and remediation cost range of $250 to $300 million provided in the first quarter of 2024. The revision in estimate reflects the Company's advancement of the engineering and construction design of the East Storage Facility and the advancement of the studies for the permanent closure of the heap leach pad. 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. Puna mine life extension: SSR Mining has continued to advance opportunities to extend the Puna mine life, including pit laybacks at the Chinchillas pit, processing of stockpiles, and advancing exploration and engineering work at Cortaderas. Based on the work currently completed at Chinchillas, SSR Mining expects that 2026 silver production at Puna will be between 7 and 8 million ounces, an increase against the 2023 Puna Technical Report Summary (“TRS”). Production in 2027 and 2028 is expected to average approximately 4 million ounces of silver. The Company will continue to evaluate opportunities to extend the mine life at Puna, including advancing studies on the Cortaderas deposit. Development & exploration: During the second quarter of 2025, $16.2 million was spent at Hod Maden as engineering and initial site establishment efforts continued to progress, bringing year-to-date spend to $29.1 million at the project. Additionally, SSR Mining continued to advance exploration and development activities across its portfolio in the quarter.

Rod Antal, Executive Chairman of SSR Mining, said, “The second quarter of 2025 was another period of strong operational performance. Pleasingly, CC&V delivered well against expectations in its first full quarter in our portfolio, and the mine has now generated approximately $85 million in asset-level free cash flow in the four months since its acquisition, a remarkable outcome. With an updated technical report for CC&V also expected this year, we are excited to provide our initial view of the longer-term potential of the asset and further demonstrate the benefits of this accretive transaction.

In Türkiye, initial development activities continued at Hod Maden, while efforts at Çöpler remain focused on advancing requirements towards a restart.

Lastly, through our continued drive to deliver organic growth across the portfolio, we are pleased to announce the near-term extension of operations at Puna. This update provides a meaningful improvement over Puna’s prior life of mine plan, and we view this extension as a first step in highlighting the continued and future upside at the asset through further development at Chinchillas and at Cortaderas.”

Financial and Operating Summary

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

| (in thousands, except per share data or otherwise stated) | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | | | | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | Financial Results | | | | | | | | | | | | | | Revenue | | $ | 405,455 | | $ | 184,841 | | $ | 722,073 | | $ | 415,075 | | Cost of sales | | $ | 162,948 | | $ | 96,582 | | $ | 299,589 | | $ | 222,483 | | Operating income (loss) | | $ | 108,885 | | $ | 10,720 | | $ | 175,776 | | $ | (365,704) | | Net income (loss) | | $ | 80,362 | | $ | 2,464 | | $ | 134,808 | | $ | (355,698) | | Net income (loss) attributable to SSR Mining shareholders | | $ | 90,075 | | $ | 9,693 | | $ | 148,856 | | $ | (277,389) | | Basic net income (loss) per share attributable to SSR Mining shareholders | | $ | 0.44 | | $ | 0.05 | | $ | 0.73 | | $ | (1.37) | | Diluted net income (loss) per share attributable to SSR Mining shareholders | | $ | 0.42 | | $ | 0.05 | | $ | 0.70 | | $ | (1.37) | | Adjusted net income attributable to SSR Mining shareholders (1) | | $ | 110,074 | | $ | 7,489 | | $ | 171,647 | | $ | 29,999 | | Basic adjusted net income per share attributable to SSR Mining shareholders (1) | | $ | 0.54 | | $ | 0.04 | | $ | 0.85 | | $ | 0.15 | | Diluted adjusted net income per share attributable to SSR Mining shareholders (1) | | $ | 0.51 | | $ | 0.04 | | $ | 0.80 | | $ | 0.15 | | | | | | | | | | | | | | | | Cash provided by operating activities before changes in working capital (1) | | $ | 196,016 | | $ | (23,102) | | $ | 300,970 | | $ | 8,962 | | Cash provided by operating activities | | $ | 157,841 | | $ | (78,132) | | $ | 242,646 | | $ | (53,501) | | Cash used in investing activities | | $ | (68,503) | | $ | (31,684) | | $ | (222,753) | | $ | (68,462) | | Cash provided by (used in) financing activities | | $ | 7,856 | | $ | 1,488 | | $ | 10,531 | | $ | (9,332) | | | | | | | | | | | | | | | | Operating Results | | | | | | | | | | | | | | Gold produced (oz) | | | 90,966 | | | 42,400 | | | 166,835 | | | 122,680 | | Gold sold (oz) | | | 90,739 | | | 40,470 | | | 168,447 | | | 129,749 | | Silver produced ('000 oz) | | | 2,849 | | | 2,731 | | | 5,354 | | | 4,646 | | Silver sold ('000 oz) | | | 2,534 | | | 2,489 | | | 4,909 | | | 4,148 | | Lead produced ('000 lb) (2) | | | 13,877 | | | 13,291 | | | 25,365 | | | 23,289 | | Lead sold ('000 lb) (2) | | | 12,058 | | | 12,385 | | | 24,111 | | | 21,050 | | Zinc produced ('000 lb) (2) | | | 1,125 | | | 859 | | | 1,883 | | | 2,076 | | Zinc sold ('000 lb) (2) | | | 1,279 | | | 1,419 | | | 1,541 | | | 1,929 | | | | | | | | | | | | | | | | Gold equivalent produced (oz) (3) | | | 120,191 | | | 76,102 | | | 223,987 | | | 177,691 | | Gold equivalent sold (oz) (3) | | | 116,736 | | | 71,190 | | | 220,843 | | | 178,864 | | | | | | | | | | | | | | | | Average realized gold price ($/oz sold) | | $ | 3,336 | | $ | 2,378 | | $ | 3,151 | | $ | 2,160 | | Average realized silver price ($/oz sold) | | $ | 35.24 | | $ | 30.22 | | $ | 33.90 | | $ | 27.01 | | | | | | | | | | | | | | | | Cost of sales per gold equivalent ounce sold (3) | | $ | 1,396 | | $ | 1,357 | | $ | 1,357 | | $ | 1,244 | | Cash cost per gold equivalent ounce sold (1,3) | | $ | 1,282 | | $ | 1,192 | | $ | 1,247 | | $ | 1,137 | | AISC per gold equivalent ounce sold (1,3) | | $ | 2,068 | | $ | 2,116 | | $ | 2,024 | | $ | 1,789 | | | | | | | | | | | | | | | | Financial Position | | June 30, 2025 | | December 31, 2024 | | | | | | | | | | Cash and cash equivalents | | $ | | | | 412,104 | | $ | | | | 387,882 | | Current assets | | $ | | | | 1,147,390 | | $ | | | | 1,029,034 | | Total assets | | $ | | | | 5,795,877 | | $ | | | | 5,189,020 | | Current liabilities | | $ | | | | 480,832 | | $ | | | | 218,877 | | Total liabilities | | $ | | | | 1,710,266 | | $ | | | | 1,242,159 | | Working capital (4) | | $ | | | | 666,558 | | $ | | | | 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. |

Marigold, USA

| | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | | | | Operating Data | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | Gold produced (oz) | | | 35,906 | | | 25,691 | | | 74,492 | | | 60,371 | | Gold sold (oz) | | | 35,589 | | | 25,450 | | | 75,997 | | | 62,319 | | | | | | | | | | | | | | | | Ore mined (kt) | | | 3,425 | | | 7,474 | | | 8,781 | | | 13,196 | | Waste removed (kt) | | | 20,912 | | | 18,778 | | | 41,367 | | | 39,365 | | Total material mined (kt) | | | 24,337 | | | 26,252 | | | 50,148 | | | 52,561 | | Strip ratio | | | 6.1 | | | 2.5 | | | 4.7 | | | 3.0 | | | | | | | | | | | | | | | | Ore stacked (kt) | | | 3,426 | | | 7,474 | | | 8,782 | | | 13,169 | | Gold grade stacked (g/t) | | | 0.62 | | | 0.20 | | | 0.44 | | | 0.17 | | | | | | | | | | | | | | | | Average realized gold price ($/oz sold) | | $ | 3,337 | | $ | 2,391 | | $ | 3,104 | | $ | 2,203 | | Cost of sales ($/oz gold sold) | | $ | 1,584 | | $ | 1,542 | | $ | 1,515 | | $ | 1,417 | | Cash costs ($/oz gold sold) (5) | | $ | 1,586 | | $ | 1,542 | | $ | 1,516 | | $ | 1,418 | | AISC ($/oz gold sold) (5) | | $ | 1,977 | | $ | 2,065 | | $ | 1,864 | | $ | 1,690 |

| (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 June 30, 2025 and 2024, Marigold produced 35,906 and 25,691 ounces of gold, respectively. For the six months ended June 30, 2025 and 2024, Marigold produced 74,492 and 60,371 ounces of gold, respectively. During the second quarter of 2025, Marigold reported cost of sales of $1,584 per payable ounce and AISC of $1,977 per payable ounce.

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. For the remainder of the year, Marigold’s production is expected to be approximately 55-60% weighted to the fourth quarter.

Cripple Creek & Victor, USA

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

| | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | | | | Operating Data | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | Gold produced (oz) | | | 44,062 | | | — | | | 55,344 | | | — | | Gold sold (oz) | | | 44,800 | | | — | | | 56,100 | | | — | | | | | | | | | | | | | | | | Ore mined (kt) | | | 3,441 | | | — | | | 5,265 | | | — | | Waste removed (kt) | | | 4,880 | | | — | | | 6,451 | | | — | | Total material mined (kt) | | | 8,321 | | | — | | | 11,716 | | | — | | Strip ratio | | | 1.4 | | | — | | | 1.2 | | | — | | | | | | | | | | | | | | | | Ore stacked (kt) | | | 3,519 | | | — | | | 5,378 | | | — | | Gold grade stacked (g/t) | | | 0.50 | | | — | | | 0.45 | | | — | | | | | | | | | | | | | | | | Average realized gold price ($/oz sold) | | $ | 3,336 | | | — | | $ | 3,282 | | | — | | Cost of sales ($/oz gold sold) | | $ | 1,116 | | | N/A | | $ | 1,212 | | | N/A | | Cash costs ($/oz gold sold) (6) | | $ | 1,105 | | | N/A | | $ | 1,199 | | | N/A | | AISC ($/oz gold sold) (6) | | $ | 1,339 | | | N/A | | $ | 1,427 | | | 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 June 30, 2025, CC&V produced 44,062 ounces of gold. Reflecting the closing of the CC&V acquisition during the first quarter of 2025, CC&V produced 55,344 for the period from February 28, 2025 and June 30, 2025. Inclusive of the 28,000 ounces of gold produced in the first two months of 2025, first half production from CC&V totaled 83,344 ounces of gold. During the second quarter of 2025, CC&V reported cost of sales of $1,116 per payable ounce and AISC of $1,339 per payable ounce.

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. For the remainder of the year, CC&V’s production is expected to be evenly weighted between the third and fourth quarters. Sustaining capital in the second half of 2025 is expected to be 75% weighted to the third quarter, with AISC expected to peak in the third quarter accordingly. A technical report for CC&V based on existing Mineral Reserves remains on track for publication in 2025.

Seabee, Canada

| | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | | | | Operating Data | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | Gold produced (oz) | | | 10,998 | | | 16,709 | | | 36,999 | | | 40,482 | | Gold sold (oz) | | | 10,350 | | | 15,020 | | | 36,350 | | | 43,470 | | | | | | | | | | | | | | | | Ore mined (kt) | | | 66 | | | 115 | | | 148 | | | 219 | | | | | | | | | | | | | | | | Ore milled (kt) | | | 68 | | | 103 | | | 158 | | | 218 | | Gold mill feed grade (g/t) | | | 5.22 | | | 5.40 | | | 7.38 | | | 5.99 | | Gold recovery (%) | | | 96.6 | | | 95.5 | | | 97.0 | | | 96.0 | | | | | | | | | | | | | | | | Average realized gold price ($/oz sold) | | $ | 3,335 | | $ | 2,355 | | $ | 3,048 | | $ | 2,169 | | Cost of sales ($/oz gold sold) | | $ | 1,785 | | $ | 1,150 | | $ | 1,145 | | $ | 959 | | Cash costs ($/oz gold sold) (7) | | $ | 1,786 | | $ | 1,152 | | $ | 1,145 | | $ | 960 | | AISC ($/oz gold sold) (7) | | $ | 2,708 | | $ | 1,626 | | $ | 1,754 | | $ | 1,488 |

| (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 June 30, 2025 and 2024, Seabee produced 10,998 and 16,709 ounces of gold, respectively. For the six months ended June 30, 2025 and 2024, Seabee produced 36,999 and 40,482 ounces of gold, respectively. During the second quarter of 2025, Seabee reported cost of sales of $1,785 per payable ounce and AISC of $2,708 per payable ounce.

Production during the second quarter of 2025 was impacted by power interruptions caused by forest fires to the north of the mine. The power supply to the site was restored on June 13, 2025, and there was no damage to the site as a result of the fires. In support of the emergency recovery and relief efforts for communities impacted by this year's forest fires across northern Saskatchewan & Manitoba, SSR Mining made a donation to the Canadian Red Cross. This donation was matched by the Government of Canada through a program designed to maximize the impact of support to those affected by the fires.

Due to the suspension of operations in the second quarter and a concerted effort to prioritize underground mine development over the remainder of the year, full-year 2025 production at Seabee is targeted at the low end of the mine’s previously issued production guidance of 70,000 to 80,000 ounces of gold.

Puna, Argentina

| | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | | | | Operating Data | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | Silver produced ('000 oz) | | | 2,849 | | | 2,731 | | | 5,354 | | | 4,646 | | Silver sold ('000 oz) | | | 2,534 | | | 2,489 | | | 4,909 | | | 4,148 | | Lead produced ('000 lb) | | | 13,877 | | | 13,291 | | | 25,365 | | | 23,289 | | Lead sold ('000 lb) | | | 12,058 | | | 12,385 | | | 24,111 | | | 21,050 | | Zinc produced ('000 lb) | | | 1,125 | | | 859 | | | 1,883 | | | 2,076 | | Zinc sold ('000 lb) | | | 1,279 | | | 1,419 | | | 1,541 | | | 1,929 | | Gold equivalent sold ('000 oz) (8) | | | 25,997 | | | 30,720 | | | 52,396 | | | 49,115 | | | | | | | | | | | | | | | | Ore mined (kt) | | | 475 | | | 668 | | | 1,102 | | | 931 | | Waste removed (kt) | | | 1,592 | | | 1,519 | | | 2,681 | | | 3,029 | | Total material mined (kt) | | | 2,067 | | | 2,187 | | | 3,783 | | | 3,960 | | Strip ratio | | | 3.35 | | | 2.30 | | | 2.43 | | | 3.30 | | | | | | | | | | | | | | | | Ore milled (kt) | | | 492 | | | 470 | | | 946 | | | 887 | | Silver mill feed grade (g/t) | | | 186.6 | | | 186.3 | | | 182.4 | | | 168.5 | | Lead mill feed grade (%) | | | 1.36 | | | 1.34 | | | 1.29 | | | 1.25 | | Zinc mill feed grade (%) | | | 0.26 | | | 0.18 | | | 0.23 | | | 0.22 | | Silver mill recovery (%) | | | 96.5 | | | 97.0 | | | 96.5 | | | 96.7 | | Lead mill recovery (%) | | | 94.0 | | | 95.7 | | | 94.3 | | | 94.9 | | Zinc mill recovery (%) | | | 39.6 | | | 46.4 | | | 39.6 | | | 48.0 | | | | | | | | | | | | | | | | Average realized silver price ($/oz sold) | | $ | 35.24 | | $ | 30.22 | | $ | 33.90 | | $ | 27.01 | | Cost of sales ($/oz silver sold) | | $ | 15.03 | | $ | 16.10 | | $ | 15.26 | | $ | 16.41 | | Cash costs ($/oz silver sold) (9) | | $ | 9.98 | | $ | 11.38 | | $ | 10.45 | | $ | 11.75 | | AISC ($/oz silver sold) (9) | | $ | 12.57 | | $ | 15.19 | | $ | 12.85 | | $ | 15.36 |