SSR Mining Inc. (NASDAQ:SSRM) is among the 11 Best Silver Mining Stocks to Buy According to Hedge Funds. SSR Mining Inc. (NASDAQ:SSRM) produced 120,191 gold equivalent ounces at an AISC of $2,068/oz, which led to the company’s record Q2 2025 net income of $90.1 million ($0.42/share) and adjusted net income of $110.1 million ($0.51/share). Liquidity was $912.1 million, which included $412.1 million in cash, while operating cash flow was $157.8 million with $98.4 million in free cash flow. The notable contri ...

Core Viewpoint - SSR Mining (SSRM) is positioned for a strong second half of 2025, supported by a solid balance sheet, free cash flow generation capability, and a diversified portfolio, despite the Çöpler mine in Turkey being out of operation [1] Financial Position - The company has a robust balance sheet that enables it to withstand operational challenges and continue generating free cash flow [1] Operational Challenges - The Çöpler mine in Turkey remains out of operation, which is a significant factor affecting the company's current performance [1] Diversification Strategy - SSR Mining benefits from a diversified portfolio, which helps mitigate risks associated with individual asset performance [1]

Group 1 - The article issues a positive "Hold" rating on shares of SSR Mining Inc., a gold equivalent ounce mining, development, and exploration company based in Denver, Colorado [1] - The rating aligns with the existing "Hold" rating, indicating a stable outlook for the company's stock [1] - The analyst has a Master's degree in Business Economics and possesses a solid quantitative background, covering various sectors and stock types [1] Group 2 - The article does not provide any specific financial data or performance metrics related to SSR Mining Inc. [1]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: SSR Mining (SSRM) - SSR Mining currently holds a Momentum Style Score of A, indicating strong momentum potential [3] - The company has a Zacks Rank of 1 (Strong Buy), suggesting it is expected to outperform the market [4] Performance Metrics - Over the past week, SSR Mining shares have increased by 25.85%, significantly outperforming the Zacks Mining - Miscellaneous industry, which rose by 4.62% [6] - In a longer timeframe, SSR Mining's shares have risen by 43.63% over the past quarter and 222.6% over the last year, while the S&P 500 has only increased by 10.57% and 21.94%, respectively [7] Trading Volume - The average 20-day trading volume for SSR Mining is 2,948,297 shares, indicating a bullish sign as the stock is rising with above-average volume [8] Earnings Outlook - In the past two months, three earnings estimates for SSR Mining have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $1.14 to $1.38 [10] - For the next fiscal year, three estimates have also moved upwards, indicating positive sentiment regarding future earnings [10] Conclusion - Given the strong performance metrics and positive earnings outlook, SSR Mining is positioned as a strong buy with a Momentum Score of A, making it a compelling investment opportunity [12]

Market Overview - The Nasdaq and the S&P 500 reached new highs as Wall Street anticipates interest rate cuts following a cooler-than-expected July inflation report [1] - Total earnings for S&P 500 companies that have reported are up 11.6% year-over-year with a revenue growth of 5.9%, indicating a potential all-time quarterly record for aggregate S&P 500 earnings [1] Q3 Outlook - The outlook for Q3 and beyond has improved significantly after strong second-quarter results from major tech companies [2] - Investors are encouraged to seek stocks that combine impressive value with improving earnings outlooks despite the surge in tech stock prices [2] Value Stock Screening - A value-focused screening method is employed to identify top value stocks, utilizing Zacks Rank 1 (Strong Buys) or 2 (Buys) [3][4] - The screening criteria include P/E ratios under the industry median and P/S ratios under the industry median to ensure relative value [4][8] SSR Mining Inc. (SSRM) Highlights - SSR Mining Inc. is highlighted as a top stock, with projected adjusted earnings growth of nearly 400% in 2025 and 53% next year [7][10] - The company reported a significant increase in Q2 results, with gold-equivalent production rising from 76,000 to 120,000 and revenue soaring 119%, leading to adjusted earnings of $0.51 per share, exceeding estimates by 122% [9] - SSRM's consensus earnings estimate has surged by 21% for FY25 and 13% for the following year, earning it a Zacks Rank 1 (Strong Buy) [10] Stock Performance and Valuation - SSR Mining's stock has increased by 1,100% over the past 25 years, outperforming its sector and the S&P 500 [11] - Despite this growth, SSRM is trading 60% below its 2007 peaks and is currently at a low price-to-earnings-to-growth (PEG) ratio of 0.4, indicating significant value [11] - On a forward earnings basis, SSRM trades at a 50% discount to its sector and 83% below its five-year highs [12]

Group 1 - Piedmont Lithium Inc. - Sponsored ADR (PLL) is part of the Basic Materials sector, which includes 238 individual stocks and holds a Zacks Sector Rank of 12 [2] - The Zacks Rank system focuses on earnings estimates and revisions, with PLL currently holding a Zacks Rank of 2 (Buy) [3] - Over the past 90 days, the Zacks Consensus Estimate for PLL's full-year earnings has increased by 4.6%, indicating improved analyst sentiment and a stronger earnings outlook [4] Group 2 - Year-to-date, PLL has returned 17.5%, outperforming the Basic Materials group average return of approximately 13% [4] - PLL belongs to the Mining - Miscellaneous industry, which consists of 64 stocks and currently ranks 161 in the Zacks Industry Rank; this industry has gained about 17.8% year-to-date, indicating PLL is slightly underperforming its industry [6] - Another stock in the Basic Materials sector, SSR Mining (SSRM), has significantly outperformed with a year-to-date return of 123.6% and a Zacks Rank of 1 (Strong Buy) [5][6]

Financial Data and Key Metrics Changes - The company reported production of 120,000 gold equivalent ounces in Q2 2025, a more than 15% improvement over Q1 2025 [10] - All-in sustaining costs (AISC) in Q2 were $2,068 per ounce, or $18.58 per ounce excluding care and maintenance costs at Copler [10] - Operating cash flow was $158 million and free cash flow was $98 million during the quarter, maintaining total liquidity of over $900 million [12] Business Line Data and Key Metrics Changes - Marigold produced 36,000 ounces in Q2 at an AISC of $19.77 per ounce, with expectations for a stronger Q4 production [15] - Cripple Creek and Victor (CC and V) produced 44,000 ounces of gold at an AISC of $13.39 per ounce, generating nearly $85 million in free cash flow since acquisition [17] - Seabee produced 11,000 ounces of gold at an AISC of $2,708 per ounce, impacted by power interruptions due to forest fires [19] - Puna produced 2.8 million ounces of silver at an AISC of $12.57 per ounce, with an initial three-year extension of operations at Chinchillas [20] Market Data and Key Metrics Changes - The company continues to evaluate growth opportunities at Buffalo Valley and New Millennium, with feasibility studies underway [16] - The gold to silver ratio year-to-date has been higher than forecasted, affecting the positive impacts from Puna's strong first half [20] Company Strategy and Development Direction - The company aims to advance the restart of the Copler mine and has made progress with engineering plans and design documents [5][6] - The Hot Maden project is being advanced towards a construction decision, with $29 million spent year-to-date [7][11] - The company is focused on organic growth initiatives across its portfolio, including Buffalo Valley, New Millennium, and various targets at Seabee and Puna [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year targets and generating free cash flow in the second half of the year [23] - The company is committed to Turkey and sees significant value in both the Copler asset and the Hot Maden project [41] - Progress has been made in discussions with regulators regarding the restart of the Copler mine, although a definitive timeline is not yet available [36][40] Other Important Information - The company recorded approximately $37 million in care and maintenance costs at Copler during the quarter, impacting net income figures [11][12] - Future reclamation and remediation costs related to the Copler incident are estimated between $250 million to $300 million, with a recent revision increasing the estimate by approximately 4% [13] Q&A Session Summary Question: Potential for CC and V to exceed guidance - Management indicated that CC and V is tracking to plan and remains comfortable with guidance despite strong Q2 performance [28] Question: Technical review and mine life improvement for CC and V - The purpose of the upcoming technical report is to provide updated information on reserves, with future growth opportunities being evaluated [30][32] Question: Status of discussions with regulators regarding Copler - Management reported good progress with regulators and stakeholders, with significant advancements in construction plans for the storage facility [36] Question: Timeframe for Copler restart - Management refrained from providing a specific timeline for the restart, emphasizing the importance of making progress without unnecessary pressure [40][42] Question: Permitting status at Copler - The company will revert to the 2014 Environmental Impact Assessment (EIA) with a throughput rate of 6,000 tons per day upon restart, with plans for future updates to the EIA [44]

Financial Performance - The company's consolidated production reached 1202 thousand gold equivalent ounces (GEOs) with a cost of sales of $1396 per ounce and all-in sustaining costs (AISC) of $2068 per ounce (or $1858 per ounce excluding Çöpler)[14] - Revenue increased significantly to $4055 million in Q2 2025, compared to $1848 million in Q2 2024[15] - Net income attributable to SSRM shareholders was $901 million in Q2 2025, a substantial increase from $97 million in Q2 2024[15] - Operating cash flow was $1578 million and free cash flow was $984 million for the quarter[14] Liquidity and Capital Allocation - The company maintained a strong balance sheet with a total liquidity of $9121 million, including $4121 million in cash and cash equivalents and an undrawn $400 million revolving credit facility plus a $100 million accordion feature[9, 14] - Approximately $162 million was spent at Hod Maden in Q2 2025, bringing the year-to-date spend to $291 million[14] Operational Highlights - Marigold produced 359 thousand ounces of gold at a cost of sales of $1584 per ounce and AISC of $1977 per ounce[14] - CC&V attributable production was 441 thousand ounces of gold at a cost of sales of $1116 per ounce and AISC of $1339 per ounce[14] - Puna produced 28 million ounces of silver at a cost of sales of $1503 per ounce and AISC of $1257 per ounce[14] Çöpler Incident and Remediation - Second quarter remediation spend at Çöpler totaled $61 million, with care and maintenance costs totaling $367 million[14] - The revised estimate for reclamation and remediation costs associated with the Çöpler incident is $3129 million, reflecting an increase of $129 million above the previously disclosed estimated cost range[20]

[SSR MINING REPORTS SECOND QUARTER 2025 RESULTS](index=1&type=section&id=SSR%20MINING%20REPORTS%20SECOND%20QUARTER%202025%20RESULTS) The company reported strong Q2 2025 results driven by the new CC&V mine, despite ongoing challenges at Çöpler Q2 2025 Key Financial and Operational Metrics | Metric | Q2 2025 Value | | :--- | :--- | | **Production** | 120,191 gold equivalent ounces | | **All-in Sustaining Costs (AISC)** | $2,068 per payable ounce | | **AISC (excl. Çöpler costs)** | $1,858 per payable ounce | | **Net Income (attributable)** | $90.1 million | | **Diluted EPS** | $0.42 | | **Adjusted Net Income (attributable)** | $110.1 million | | **Adjusted Diluted EPS** | $0.51 | | **Operating Cash Flow** | $157.8 million | | **Free Cash Flow** | $98.4 million | - The company maintains its full-year 2025 guidance of **410,000 to 480,000 gold equivalent ounces** at a consolidated AISC of **$2,090 to $2,150 per payable ounce** from its Marigold, CC&V, Seabee, and Puna operations[1](index=1&type=chunk) - As of June 30, 2025, SSR Mining held a cash balance of **$412.1 million** and total liquidity of **$912.1 million**[1](index=1&type=chunk) - The company also received **$44.4 million** in business interruption insurance proceeds related to the Çöpler Incident during the quarter[1](index=1&type=chunk) - The newly acquired CC&V mine produced **44,062 ounces of gold** at an AISC of **$1,339 per ounce** and generated nearly **$85 million** in mine site free cash flow since its acquisition[1](index=1&type=chunk)[2](index=2&type=chunk) - The estimated reclamation and remediation cost for the Çöpler incident was increased by **$12.9 million**, bringing the revised estimate above the previous $250-$300 million range[1](index=1&type=chunk) - A restart timeline for the mine remains uncertain[1](index=1&type=chunk) - SSR Mining announced a mine life extension at Puna, expecting 2026 silver production to be between **7 and 8 million ounces**, an increase compared to the 2023 Technical Report Summary[1](index=1&type=chunk)[4](index=4&type=chunk) [Consolidated Financial and Operating Results](index=4&type=section&id=Financial%20and%20Operating%20Summary) The company's financial and operational metrics show substantial year-over-year improvement in revenue and profitability Consolidated Financial Results (in thousands, except per share data) | Financial Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $405,455 | $184,841 | $722,073 | $415,075 | | **Operating Income (loss)** | $108,885 | $10,720 | $175,776 | $(365,704) | | **Net Income (loss) attributable** | $90,075 | $9,693 | $148,856 | $(277,389) | | **Diluted Net Income (loss) per share** | $0.42 | $0.05 | $0.70 | $(1.37) | | **Adjusted Net Income attributable** | $110,074 | $7,489 | $171,647 | $29,999 | | **Diluted Adjusted Net Income per share** | $0.51 | $0.04 | $0.80 | $0.15 | | **Cash provided by operating activities** | $157,841 | $(78,132) | $242,646 | $(53,501) | Consolidated Operating Results | Operating Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Gold produced (oz)** | 90,966 | 42,400 | 166,835 | 122,680 | | **Silver produced ('000 oz)** | 2,849 | 2,731 | 5,354 | 4,646 | | **Gold equivalent produced (oz)** | 120,191 | 76,102 | 223,987 | 177,691 | | **Average realized gold price ($/oz)** | $3,336 | $2,378 | $3,151 | $2,160 | | **Average realized silver price ($/oz)** | $35.24 | $30.22 | $33.90 | $27.01 | | **AISC per gold equivalent ounce sold ($)** | $2,068 | $2,116 | $2,024 | $1,789 | Financial Position (in thousands) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $412,104 | $387,882 | | **Total assets** | $5,795,877 | $5,189,020 | | **Total liabilities** | $1,710,266 | $1,242,159 | [Operational Review](index=5&type=section&id=Operational%20Review) This section provides a detailed performance breakdown of the company's key mining assets [Marigold, USA](index=5&type=section&id=Marigold%2C%20USA) Marigold's gold production increased year-over-year, with full-year output weighted towards the fourth quarter Marigold Operating Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Gold produced (oz)** | 35,906 | 25,691 | | **Cost of sales ($/oz)** | $1,584 | $1,542 | | **AISC ($/oz)** | $1,977 | $2,065 | - Full-year 2025 production guidance for Marigold is maintained at **160,000 to 190,000 ounces of gold** with an AISC of **$1,800 to $1,840 per ounce**[7](index=7&type=chunk) - Production for the remainder of the year is expected to be approximately **55-60% weighted to the fourth quarter**[7](index=7&type=chunk) [Cripple Creek & Victor, USA](index=6&type=section&id=Cripple%20Creek%20%26%20Victor%2C%20USA) The newly acquired CC&V mine delivered strong production at low costs in its first full quarter of operation CC&V Operating Performance (Q2 2025) | Metric | Q2 2025 | | :--- | :--- | | **Gold produced (oz)** | 44,062 | | **Cost of sales ($/oz)** | $1,116 | | **AISC ($/oz)** | $1,339 | - Guidance for the period of February 28 to December 31, 2025, is **90,000 to 110,000 ounces of gold** at an AISC of **$1,800 to $1,840 per ounce**[10](index=10&type=chunk) - Sustaining capital in the second half of 2025 is expected to be **75% weighted to the third quarter**, causing AISC to peak in Q3[10](index=10&type=chunk) [Seabee, Canada](index=7&type=section&id=Seabee%2C%20Canada) Seabee's Q2 production and costs were negatively impacted by power interruptions from regional forest fires Seabee Operating Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Gold produced (oz)** | 10,998 | 16,709 | | **Cost of sales ($/oz)** | $1,785 | $1,150 | | **AISC ($/oz)** | $2,708 | $1,626 | - Q2 production was impacted by power interruptions caused by forest fires, which have since been resolved with no damage to the site[13](index=13&type=chunk) - Full-year 2025 production is now targeted at the **low end of the previously issued guidance** of 70,000 to 80,000 ounces of gold[14](index=14&type=chunk) [Puna, Argentina](index=8&type=section&id=Puna%2C%20Argentina) Puna delivered increased silver production at lower costs and announced a mine life extension into 2028 Puna Operating Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Silver produced ('000 oz)** | 2,849 | 2,731 | | **Cost of sales ($/oz silver)** | $15.03 | $16.10 | | **AISC ($/oz silver)** | $12.57 | $15.19 | - Full-year 2025 guidance is maintained at **8.00 to 8.75 million ounces of silver** at an AISC of **$14.25 to $15.75 per ounce**[17](index=17&type=chunk) - The Puna mine life has been extended, with 2026 silver production now expected to be between **7 and 8 million ounces** and 2027-2028 production expected to average **4 million ounces**[18](index=18&type=chunk) [Çöpler, Türkiye](index=9&type=section&id=%C3%87%C3%B6pler%2C%20T%C3%BCrkiye) Operations at Çöpler remain suspended with an increased remediation cost estimate and an uncertain restart timeline - Operations at Çöpler have been suspended since the incident on February 13, 2024, with **no production in Q2 2025**[19](index=19&type=chunk)[20](index=20&type=chunk) - The company recorded an adjustment of **$62.9 million** for reclamation and remediation costs in Q2 2025, with the revised total estimated cost now at **$312.9 million**[21](index=21&type=chunk) - While committed to restarting operations, the company cannot currently estimate when or under what conditions operations will resume at Çöpler[22](index=22&type=chunk) [Corporate Information and Disclaimers](index=10&type=section&id=Corporate%20Information%20and%20Disclaimers) This section provides details for the investor conference call and contains important forward-looking statements [Conference Call Information](index=10&type=section&id=Conference%20Call%20Information) The company scheduled a conference call and webcast to discuss the Q2 2025 results on August 5, 2025 - A conference call and webcast to discuss Q2 2025 results is scheduled for **Tuesday, August 5, 2025, at 5:00 pm EDT**[26](index=26&type=chunk) [Forward-Looking Statements](index=11&type=section&id=Forward-Looking%20Statements) This section outlines the inherent risks and uncertainties associated with the report's forward-looking information - The news release contains forward-looking information subject to various risks and uncertainties, and undue reliance should not be placed on these statements[27](index=27&type=chunk)[28](index=28&type=chunk) - Key risks include political and economic conditions, regulatory changes, and uncertainties stemming from the Çöpler incident[28](index=28&type=chunk) [Non-GAAP Financial Measures](index=12&type=section&id=Non-GAAP%20Financial%20Measures) This section provides detailed reconciliations of GAAP results to key non-GAAP financial performance metrics [Reconciliation of Net Cash and Total Liquidity](index=12&type=section&id=Reconciliation%20of%20Net%20Cash%20and%20Total%20Liquidity) The company details its non-GAAP Net Cash and Total Liquidity, which stood at $182.1 million and $912.1 million respectively Net Cash and Total Liquidity (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $412,104 | $387,882 | | **Total Debt** | $230,000 | $230,000 | | **Net Cash (Debt)** | $182,104 | $157,882 | | **Total liquidity** | $912,104 | $887,882 | [Reconciliation of Cash Costs and AISC](index=13&type=section&id=Reconciliation%20of%20Cash%20Costs%20and%20AISC) This section reconciles the GAAP measure 'Cost of sales' to the non-GAAP metrics of Cash Costs and AISC by mine Q2 2025 AISC Reconciliation Summary (in thousands) | Item | Consolidated Total | | :--- | :--- | | **Cost of sales (GAAP)** | $162,948 | | **Cash costs (non-GAAP)** | $149,699 | | **Total AISC (non-GAAP)** | $241,447 | H1 2025 AISC Reconciliation Summary (in thousands) | Item | Consolidated Total | | :--- | :--- | | **Cost of sales (GAAP)** | $299,589 | | **Cash costs (non-GAAP)** | $275,394 | | **Total AISC (non-GAAP)** | $446,920 | [Reconciliation of Adjusted Net Income](index=19&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income) GAAP net income is reconciled to adjusted net income by excluding special items like the Çöpler incident costs Reconciliation of Net Income to Adjusted Net Income (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net income attributable (GAAP)** | $90,075 | $9,693 | | **Effects of the Çöpler Incident** | $52,179 | — | | **Insurance proceeds (Çöpler)** | $(35,527) | — | | **CC&V transaction costs** | $4,958 | — | | **Adjusted net income (Non-GAAP)** | $110,074 | $7,489 | [Reconciliation of Free Cash Flow](index=20&type=section&id=Reconciliation%20of%20Free%20Cash%20Flow) Operating cash flow is reconciled to the non-GAAP measure of free cash flow, which totaled $98.4 million in Q2 2025 Reconciliation to Free Cash Flow (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Cash provided by operating activities (GAAP)** | $157,841 | $(78,132) | | **Expenditures on mineral properties, plant, and equipment** | $(59,455) | $(38,176) | | **Free cash flow (non-GAAP)** | $98,386 | $(116,308) | | **Free cash flow before changes in working capital (non-GAAP)** | $136,561 | $(61,278) |

Core Insights - SSR Mining Inc. (SSRM) is expected to report a significant year-over-year improvement in earnings for Q2 2025, with an estimated EPS of $0.23, reflecting a 475% increase from $0.04 in Q2 2024 [1][4]. Earnings Performance - The Zacks Consensus Estimate for SSR Mining's earnings for Q2 2025 is pegged at 23 cents per share, which is a notable increase from the previous year [1]. - SSR Mining has a trailing four-quarter earnings surprise of 58.78%, having beaten estimates in two of the last four quarters [2][3]. Production and Operations - SSR Mining reported a 2% year-over-year increase in gold equivalent production for Q1 2025, totaling 103,805 ounces, with significant contributions from the recently acquired Cripple Creek & Victor (CC&V) mine [6][7]. - The CC&V mine contributed 11,282 ounces of gold to production despite being integrated for only one month during the quarter [7]. - Gold production at the Marigold mine increased by 11% year-over-year to 38,586 ounces, while Seabee produced 26,001 ounces, up 9% year-over-year [8][9]. - The Puna mine produced 2.5 million ounces of silver, marking a 31% increase year-over-year [9]. Market Conditions - Gold prices averaged around $3,301.42 per ounce in Q2 2025, reflecting a 41% year-over-year increase, driven by various economic factors including geopolitical tensions and strong demand from central banks [11]. - Despite operational challenges at the Çöpler mine, SSR Mining projects total gold production between 320,000 and 380,000 ounces in 2025, with an overall forecast of 410,000-480,000 ounces when including silver output [10][12]. Stock Performance - Year-to-date, SSRM shares have gained 71.2%, significantly outperforming the industry growth of 12.2% and the Basic Materials sector's rise of 8.9% [13].