Lafleur Minerals Inc. press release
SSR Mining Reports First Quarter 2025 Results
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 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 Çöpler 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. Çöpler update: The Company continues to work closely with the relevant authorities 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. 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 Çöpler 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 $15.75 per payable ounce of silver. In 2025, production at Puna is expected to be 50 to 55% weighted to the first half, driven largely by grades.
Çöpler, Türkiye (amounts presented on 100% basis)
Operations at Çöpler were suspended following the February 13, 2024 incident at the Çöpler mine (the “Çöpler Incident”). During the suspension, care and maintenance expense has been recorded which represents depreciation and direct costs not associated with the environmental reclamation and remediation costs.
| | | | | Three Months Ended March 31, | | | | | | | | | | Operating Data | | | | | | 2025 | | 2024 | | | | | | Gold produced (oz) | | | | | | | | | — | | | 21,827 | | Gold sold (oz) | | | | | | | | | — | | | 23,960 | | | | | | | | | | | | | | | | Ore mined (kt) | | | | | | | | | — | | | 266 | | Waste removed (kt) | | | | | | | | | — | | | 3,571 | | Total material mined (kt) | | | | | | | | | — | | | 3,837 | | Strip ratio | | | | | | | | | — | | | 13.4 | | | | | | | | | | | | | | | | Ore stacked (kt) | | | | | | | | | — | | | 184 | | Gold grade stacked (g/t) | | | | | | | | | — | | | 1.17 | | | | | | | | | | | | | | | | Average realized gold price ($/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 |