Core Insights - SSR Mining Inc. is advancing the Hod Maden Project in northeastern Türkiye, with a significant investment of $17.1 million in Q3 2025 focused on engineering and early-stage site development [1][9] - The company acquired a 40% interest and operational control in the Hod Maden project in 2023, which is expected to generate 80,000 gold-equivalent ounces and $66 million in free cash flow annually once operational [2][9] - SSR Mining has spent a total of $44.4 million on the Hod Maden project in 2025 up to the end of Q3, with anticipated capital expenditures between $60 million and $100 million for the year [3][9] Project Development - Progress at Hod Maden includes engineering, initial site setup, and market outreach, which are essential for updating the life-of-mine plan and capital estimates [3][4] - The Hod Maden project is recognized as one of the most attractive undeveloped copper-gold projects in the sector, with strong potential for free cash flow generation once operational [4] Financial Performance - SSR Mining's stock has appreciated by 224.4% over the past year, significantly outperforming the industry average return of 46% [8] - The Zacks Consensus Estimate for 2025 earnings is projected at $1.84 per share, reflecting a year-over-year increase of 557%, while the estimate for 2026 is $3.56 per share, indicating a 93.5% increase [11] - SSR Mining is currently trading at a forward price-to-earnings multiple of 6.38, which is below the industry average of 16.87 [13]

Core Viewpoint - The focus is on identifying GARP (Growth At a Reasonable Price) and turnaround stocks, emphasizing the importance of valuation in stock selection [1] Group 1 - The portfolio manager operates independently and has a publicly available portfolio on eToro, showcasing investment opinions and decisions [1] - The manager has a diverse educational background, having studied in France, the U.S., and Russia [1] Group 2 - There is a potential intention to initiate a long position in SSRM within the next 72 hours, indicating a strategic interest in this stock [2] - The article expresses personal opinions and does not involve compensation from companies mentioned [2]

Core Viewpoint - The focus is on identifying GARP (Growth At a Reasonable Price) and turnaround stocks, emphasizing the importance of valuation in stock selection [1] Group 1 - The portfolio manager operates independently and has a publicly available portfolio on eToro, showcasing investment opinions and decisions [1] - The manager has a diverse educational background, having studied in France, the U.S., and Russia [1] Group 2 - There is a potential intention to initiate a long position in SSRM within the next 72 hours, indicating a strategic interest in this stock [2] - The article expresses personal opinions and does not involve compensation from companies mentioned [2]

Core Insights - SSR Mining Inc. (SSRM) stock has appreciated 216.1% in a year, significantly outperforming the industry growth of 46.3% and the Zacks Basic Materials sector and S&P 500 gains of 38.3% and 20.5%, respectively [1][6] - The company has surpassed gold mining peers such as Hudbay Minerals Inc. (HBM) and Wheaton Precious Metals Corp. (WPM), which have seen stock increases of 149% and 122.4% respectively this year [3][6] Stock Performance - SSR Mining's stock surged 216% in a year, driven by a sharp rally in gold and silver prices [6] - The company is now the third-largest gold producer in the U.S. following the acquisition of the Cripple Creek & Victor (CC&V) mine [10][11] Gold and Silver Prices - Gold prices have increased by 67.7% year-over-year, currently trading above $4,465 per ounce, influenced by safe-haven demand and geopolitical risks [8] - Silver prices have surged 163.4% year-over-year, trading above $70 per ounce, driven by strong industrial demand [9] Production Growth - SSR Mining reported an 18% year-over-year increase in gold equivalent production for the first nine months of 2025, totaling 326,940 ounces [12] - The company maintained its 2025 gold production guidance at 410,000-480,000 gold equivalent ounces [12] Earnings Estimates - The Zacks Consensus Estimate for 2025 earnings is $1.85 per share, indicating a year-over-year surge of 560% [17] - The estimate for 2026 is $3.58 per share, suggesting an increase of 93.3% [17] Valuation - SSR Mining is currently trading at a forward 12-month price-to-earnings multiple of 6.29, which is a discount to the industry average of 16.87 [19] - The stock is cheaper than Hudbay Minerals and Wheaton Precious Metals, which are trading at 16.31 and 38.18 respectively [20] Long-Term Growth Prospects - SSR Mining invested $17.1 million in its Hod Maden project, focusing on engineering and early-stage site development [23] - The gold production profile at Marigold is expected to increase to over 270,000 ounces annually by 2027, with an 18% CAGR over 2024 [24] Strategic Acquisition - The acquisition of the CC&V Mine is expected to enhance SSR Mining's production profile and key metrics, positioning the company for growth [26]

Company Overview - SSR Mining is a diversified precious metals producer with a global footprint, focusing on the exploration, development, and operation of gold and silver mines [2] - The company operates a vertically integrated mining model, controlling multiple stages from acquisition to metal sales [3][9] - SSR Mining's major projects are located in Turkey, the U.S., Canada, and Argentina, generating the majority of revenue from precious metals production [4][6] Financial Performance - In 2025, SSR Mining's stock closed the year with nearly 215% gains, with shares priced at $21.19 as of November 13, 2025, reflecting a 294.6% increase over the year [1][4] - The stock's one-year alpha versus the S&P 500 is 285.7 percentage points, indicating significant outperformance [4] Strategic Moves - The acquisition of the Cripple Creek & Victor (CC&V) mine in Colorado from Newmont in early 2025 significantly expanded SSR Mining's portfolio, positioning it as the third-largest gold producer in the U.S. [6] - This strategic move also aimed to reduce geopolitical risks by diversifying operations beyond Turkey [6] Market Dynamics - Gold prices surged over 70% in 2025, reaching record highs in December, which contributed to the rally in SSR Mining's stock [1][7] - The future performance of SSR Mining's stock may largely depend on gold price trends; further increases in gold prices could lead to continued stock growth [7] Investment Activity - Virtus Advisers disclosed a new position in SSR Mining, acquiring 216,217 shares valued at nearly $6.91 million as of September 30, 2025, making it one of the top holdings in their portfolio [5]

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]