2025 has been a phenomenal year for SSR Mining, with the stock closing the year with nearly 215% gains. SSR Mining is among the largest gold producers in the U.S. With gold prices surging in 2025, reaching record highs in December, shares of SSR Mining also surged. However, there's more to the rally in SSR Mining, which may have also influenced Virtus Advisers' decision to load up on the gold stock in Q3.SSR Mining is a diversified precious metals producer with a global footprint, focusing on the exploratio ...

Summary of Mining Equities Conference Call Industry Overview - **Sector Performance**: In 2025, mining equities outperformed equity benchmarks, primarily driven by gold and copper, while ferrous metals and energy remained flat or declined [1][15] - **2026 Outlook**: Expectations for copper, aluminium, and lithium to outperform due to supply constraints and energy transition, with a cautious view on traditional end markets in developed economies [2][15] Key Commodities Insights Copper - **Market Dynamics**: The medium-term outlook for copper remains bullish, with expectations of market tightness in 2026 due to limited growth in global mine output and a deficit in refined output [3][4] - **Investment Opportunities**: Freeport is highlighted as a top pick due to its discounted valuation and expected production recovery at the Grasberg mine [4][23] Aluminium - **Demand vs Supply**: The outlook for aluminium is mixed; while demand holds up, supply constraints are expected, particularly from China and developed markets [5][24] - **Investment Recommendation**: A buy recommendation for Norsk Hydro is reiterated, with expectations of stable operations and potential cash returns [8][24] Gold - **Market Sentiment**: Gold remains a consensus macro trade, with equities delivering strong returns in 2025. However, valuations are less compelling than at the start of the year [9][22] - **Top Picks**: Barrick and Newmont are identified as top picks, with potential for further catalysts in 2026 [10][22] Iron Ore - **Price Forecast**: The medium-term outlook for iron ore is bearish, with prices expected to stabilize around $100/t in the short term and decline to $90/t by 2027 due to increased supply from Simandou [11][20] Coal - **Market Conditions**: Met coal prices have risen above $200/t due to demand and supply disruptions, while thermal coal remains stable at $110/t [12][20] Diversified Miners - **Performance Comparison**: Vale outperformed in the bulks sector, while RIO and BHP performed in line with benchmarks. A preference for RIO over Vale and BHP is noted due to better growth prospects [13][25] Earnings and Price Target Changes - **Adjustments**: Earnings estimates and price targets have been adjusted based on commodity price forecasts, with notable upgrades for copper miners like FCX and KGHM [28][29] Conclusion - **Investment Strategy**: The report emphasizes a selective investment approach in mining equities, focusing on commodities with strong fundamentals and potential for price gains, particularly copper, aluminium, and gold [2][15][22]

Group 1 - The article promotes a subscription service called Beyond the Wall Investing, which offers high-quality analysis of Wall Street buying and selling ideas [1] - Daniel Sereda is highlighted as the chief investment analyst at a family office, emphasizing his expertise in navigating vast amounts of information to extract critical investment ideas [1] - The investing group provides access to information prioritized by institutional market participants, indicating a focus on professional-grade analysis [1] Group 2 - There is a mention of a potential beneficial long position in SSRM, suggesting an interest in initiating investments based on the analysis provided [2] - The article clarifies that the author has no current stock or derivative positions in the companies mentioned, ensuring transparency in the analysis [2] - Seeking Alpha's disclosure emphasizes that past performance does not guarantee future results, highlighting the importance of independent analysis [3]

Core Viewpoint - SSR Mining (SSRM) shares have increased by 10.1% over the past four weeks, closing at $21.44, with a potential upside of 27% based on Wall Street analysts' mean price target of $27.23 [1] Price Targets and Analyst Estimates - The mean estimate consists of 10 short-term price targets with a standard deviation of $4.63, indicating variability among analysts; the lowest estimate is $18.70 (12.8% decline), while the highest is $33.37 (55.6% increase) [2] - A low standard deviation suggests a high degree of agreement among analysts regarding the stock's price movement direction, although it does not guarantee the stock will reach the average target [9] Earnings Estimates and Analyst Sentiment - Analysts have shown increasing optimism about SSRM's earnings prospects, with a strong consensus on revising EPS estimates higher, which correlates with potential stock price increases [11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has risen by 10.6%, with two estimates moving higher and no negative revisions [12] - SSRM holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for near-term upside [13] Caution on Price Targets - Solely relying on consensus price targets for investment decisions may not be wise, as analysts' ability to set accurate targets has been questioned; inflated targets may arise from business incentives [3][8] - While price targets should not be ignored, they should be approached with skepticism, as they may not reliably indicate actual stock price movements [10]

Core Thesis - SSR Mining Inc. is viewed as a compelling investment opportunity, particularly as an alternative to holding physical gold amid market concerns [2][6] Company Overview - SSR Mining Inc. engages in the acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina [2] - As of November 28th, SSR Mining's share price was $23.28, with trailing and forward P/E ratios of 22.60 and 7.19 respectively [1] Historical Context - The stock experienced a significant decline to around $14 in 2022 following a dam collapse at its Turkish mine, which resulted in fatalities and a suspension of operations [3] - Despite the incident, the company's strong balance sheet and historical operational performance indicated that the selloff had fully priced in the negative news [4] Investment Strategy - The author of the bullish thesis accumulated shares aggressively at $4.50 in August 2024, anticipating a rise in gold prices, which subsequently surpassed $4,000, leading to a 400% gain on the 2024 purchase [4] - Partial profit-taking has occurred due to concerns about gold prices peaking, but the author retains a stake to capture further upside from company-specific catalysts [5] Future Catalysts - A key catalyst for SSR Mining is the potential reopening of the Turkish mine, for which the company has applied for government approval [5] - If operations resume, the stock could benefit from improved production visibility and the monetization of ore inventory, presenting an attractive risk/reward profile [6] - SSR Mining is positioned as a leveraged and catalyst-rich alternative for investors considering bullion, with meaningful upside potential [6]

Core Viewpoint - SSR Mining (SSRM) has shown significant stock performance, increasing approximately 80% since June and over 400% since a major incident in 2024, indicating strong investor confidence and potential growth in the mining sector [1] Group 1: Company Overview - SSR Mining has been a focus of analysis, with a strong emphasis on its performance in the metals and mining sector [1] - The analyst has over 10 years of experience researching various companies across multiple industries, including commodities and technology, which enhances the credibility of the insights provided [1] Group 2: Investment Focus - The analyst has transitioned from writing a blog to a value investing-focused YouTube channel, indicating a shift in strategy to reach a broader audience [1] - A preference for covering metals and mining stocks is noted, alongside comfort in analyzing other sectors such as consumer discretionary, REITs, and utilities [1]

Core Viewpoint - SSR Mining (SSRM) has shown significant stock performance, increasing approximately 80% since June and over 400% since a major incident in 2024, indicating strong investor confidence and potential growth in the mining sector [1]. Group 1: Company Performance - SSR Mining's stock has appreciated significantly, with an increase of around 80% since the last coverage in June and over 400% since a major accident in 2024, suggesting robust recovery and growth potential [1]. Group 2: Analyst Background - The analyst has over 10 years of experience researching various companies across multiple sectors, including commodities like oil, natural gas, gold, and copper, as well as technology and emerging market stocks, which enhances the credibility of the analysis [1]. - The analyst has transitioned from writing a personal blog to a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted, particularly favoring metals and mining stocks [1].

Core Insights - AngloGold Ashanti PLC (AU) and SSR Mining Inc. (SSRM) are benefiting from rising gold prices, which are currently above $4,153 per ounce, driven by safe-haven demand and geopolitical risks [1][2][11] AngloGold Ashanti Overview - AngloGold Ashanti has a diversified portfolio with operations in multiple countries, including recent acquisitions of Augusta Gold Corp and Centamin, enhancing its asset base [4][5] - The company reported a 17% year-over-year increase in gold production to 768,000 ounces in Q3 2025, with gold revenues surging 61.9% to $2.37 billion [6] - Projected gold production for 2025 is between 2.9-3.225 million ounces, indicating a year-over-year growth of 9-21% [7] - Despite facing higher operating costs, AU generated a record $920 million in free cash flow in Q3 2025, a 141% increase year-over-year [9] - The company is focused on its Full Asset Potential program to mitigate inflationary impacts and streamline operations [10] SSR Mining Overview - SSR Mining operates in the United States, Turkey, Canada, and Argentina, with the recent acquisition of the Cripple Creek & Victor mine, positioning it as the third-largest gold producer in the U.S. [13] - Total gold production for SSR Mining is expected to be in the lower half of 410,000-480,000 gold equivalent ounces for 2025 [15] - Operations at the Çöpler mine in Turkey are currently suspended, with reclamation costs expected to range from $250-$300 million for 2025 [16] - As of September 30, 2025, SSR Mining had a cash balance of $409 million and available liquidity of $909.3 million [17] Earnings Estimates - The Zacks Consensus Estimate for AngloGold Ashanti's 2025 earnings is $5.71 per share, reflecting a year-over-year growth of 158.4% [18] - SSR Mining's earnings estimate for 2025 is $1.84 per share, indicating a year-over-year jump of 557% [18] Stock Performance and Valuation - Over the past six months, AU stock has gained 105.5%, while SSRM has increased by 92.8% [20] - AU is trading at a forward 12-month earnings multiple of 13.88X, while SSRM is at 6.84X [21] Investment Outlook - Both companies are well-positioned to capitalize on the ongoing rally in gold prices, with AU showing stronger price performance and robust project pipeline [23][24]

Group 1: Company Overview - SSR Mining Inc. (NASDAQ:SSRM) is recognized as one of the best silver mining stocks to invest in currently [1] - The company is a diversified precious metals producer, with its Puna mine in Argentina being one of the largest primary silver mines globally [4] Group 2: Financial Performance - SSR Mining reported Q3 2025 earnings on November 4, with revenue of $385.8 million, marking a 50% increase from Q3 2024 [3] - The revenue growth was attributed to the acquisition of the Cripple Creek & Victor (CC&V) mine in February 2025, which contributed $98.2 million in sales, along with higher realized metal prices across its diversified portfolio [3] Group 3: Market Conditions - Bank of America Securities (BofA) lowered the price target for SSR Mining to $18 from $18.70 while maintaining an Underperform rating, reflecting the tough conditions in the mining sector due to slower demand for commodities in China [2] - The overall mining sector is experiencing pressure on prices and operations, although there is potential for stronger buying in the US and Europe as those economies improve [2]

Group 1 - The article suggests that gold may be poised for a significant year-end rally, indicating a bullish sentiment in the market [1] - A bullish symmetrical triangle continuation pattern is identified in the gold market, with a target price of approximately $4610 based on the depth of the consolidation [1] Group 2 - The author emphasizes the importance of using empirical data and charts to communicate financial narratives effectively [1] - The content is aimed at making financial information relevant and accessible to everyday investors [1]