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].

Core Insights - SSR Mining (SSRM) is significantly impacted by the suspension of operations at its Çöpler mine in Türkiye, which has been halted since February 13, 2024, due to a heap leach pad slip [1][9] - The Çöpler mine was a major contributor, producing 220,999 gold equivalent ounces in 2023, accounting for 31% of SSRM's total gold production [2][9] - SSRM is working with authorities to restart the Çöpler mine, but the timeline for resuming operations remains uncertain [3] Financial Impact - Contributions from the Çöpler mine to SSRM's revenues have decreased to 7% in 2024, down from 31% in 2023 and 2022 [2][9] - In the first quarter of 2024, SSRM incurred reclamation and remediation costs of approximately $272.9 million due to the Çöpler incident [4][9] - The company has estimated future reclamation and remediation costs related to Çöpler to be between $250 million and $300 million, in addition to $22.5 million incurred in Q1 2024 [4] Production Outlook - Despite the challenges from the Çöpler mine, SSRM projects gold production between 320,000 and 380,000 ounces in 2025, which is higher than the 275,013 ounces produced in 2024 [3] - The consensus estimate for SSRM's earnings in 2025 is $1.21 per share, indicating a year-over-year increase of 332% [13] Market Performance - Year-to-date, SSRM shares have increased by 73.2%, outperforming the industry growth of 16.1% [8] - SSRM is currently trading at a forward 12-month price-to-earnings multiple of 6.75X, compared to the industry average of 14.86X [11]

Company Overview - SSR Mining is a diversified gold and silver miner, also involved in tin, zinc, and lead, with operations in North and South America and Turkey [1] - The company operates 5 mines and has 3 projects at various stages of development [1] Analyst Background - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology [1] - The analyst has researched over 1000 companies and has a particular focus on metals and mining stocks [1] Investment Focus - The analyst has transitioned from writing a blog to a value investing-focused YouTube channel, where they have researched hundreds of companies [1] - The analyst is comfortable covering multiple industries, including consumer discretionary/staples, REITs, and utilities [1]

Financial Performance - SSR Mining (SSRM) reported adjusted free cash flow of $39.3 million in Q1 2025, a significant improvement from a $9.4 million outflow in the same quarter last year [1][10] - Operating cash flow increased by 244% year over year to $84.8 million, driven by a 42.4% rise in average realized gold prices and reduced remediation costs related to the Çöpler mine suspension [2][10] - In 2024, SSRM's operating cash flow had decreased to $40.1 million from $421.7 million in 2023, primarily due to a 44.2% drop in gold equivalent ounces sold and increased remediation expenditures [4] Cash and Liquidity - SSRM ended Q1 2025 with $319.6 million in cash and cash equivalents, which included a $100 million upfront payment for the acquisition of the CC&V mine from Newmont [3] - Total liquidity reached $819.6 million, factoring in undrawn revolving credit facilities [3] Production Outlook - SSRM anticipates gold production in 2025 to be between 320,000 and 380,000 ounces, with contributions from the Seabee, Marigold, and CC&V mines [6][10] - The company produced 275,013 ounces of gold in 2024 [6] Market Performance - SSRM shares have increased by 79.3% year to date, outperforming the industry growth of 17.8% [9] - The company is currently trading at a forward 12-month price-to-earnings multiple of 7.02X, compared to the industry average of 15.09X [11] Earnings Estimates - The consensus estimate for SSRM's earnings in 2025 is $1.21 per share, reflecting a year-over-year increase of 332.1% [12] - The earnings estimate for 2026 is projected at $2.21, indicating an 82.85% increase [12]

Core Insights - SSR Mining (SSRM) and AngloGold Ashanti PLC (AU) are prominent players in the gold mining sector, benefiting from a 31.7% increase in gold prices this year due to safe-haven demand and central bank purchases [1][2] SSR Mining Overview - SSR Mining operates in the USA, Türkiye, Canada, and Argentina, and became the third-largest gold producer in the U.S. after acquiring the Cripple Creek & Victor mine [3][4] - The CC&V mine is projected to produce approximately 170,000 ounces of gold annually, contributing to SSRM's total expected production of 320,000-380,000 ounces in 2025 [4] - As of March 31, 2025, SSR Mining had $319.6 million in cash and a debt-to-capital ratio of 0.08, indicating a strong financial position [5] - Operations at the Çöpler mine in Türkiye are currently suspended due to a heap leach failure, leading to significant care and maintenance costs [6][7] - SSRM's projected all-in sustaining cost (AISC) for 2025 is $1,890-$1,950 per payable ounce, reflecting a 3% increase at the midpoint [8] AngloGold Ashanti Overview - AngloGold Ashanti has a diverse portfolio across Africa, the Americas, and Australia, recently acquiring Centamin, which adds a potential 500,000 ounces of annual production from the Sukari mine [9][10] - The company reported a 22% year-over-year increase in gold production to 720,000 ounces, with a projected output of 2.9-3.225 million ounces for 2025 [10][12] - AngloGold ended Q1 2025 with $3 billion in liquidity and a debt-to-capital ratio of 0.19, showcasing a solid financial foundation [12] - The company is focused on a Full Asset Potential program to mitigate inflation impacts, with AISC projected between $1,580 and $1,705 per ounce for 2025, indicating a 2% year-over-year increase [13][18] - AngloGold has implemented a new dividend policy aimed at returning 50% of annual free cash flow, enhancing its attractiveness to income-focused investors [27] Comparative Analysis - Year-to-date, SSRM stock has increased by 84.5%, while AU stock has risen by 125% [21] - SSRM trades at a forward earnings multiple of 7.29X, lower than its five-year median, whereas AU trades at 10.49X, higher than its five-year median [22] - AngloGold offers a dividend yield of 0.96% with a payout ratio of 18.55%, while SSRM currently does not pay dividends [23][27] - AngloGold Ashanti is viewed as a more compelling investment choice due to its lower cost structure, stronger price performance, and robust growth pipeline compared to SSR Mining [28][29]

Core Insights - SSR Mining Inc. (SSRM) reported a 2% year-over-year increase in gold equivalent production for Q1 2025, totaling 103,805 ounces, driven by contributions from the newly acquired Cripple Creek & Victor (CC&V) mine [1][10] - The CC&V mine contributed 11,282 ounces of gold in its first month of integration, with 2025 production guidance set between 90,000 and 110,000 ounces [2] - SSRM's overall production guidance for 2025 is projected between 320,000 and 380,000 ounces of gold, with total gold equivalent production forecast at 410,000-480,000 ounces, reflecting a 10% increase over 2024 levels [6] Production Highlights - At the Marigold mine, gold production increased by 11% year-over-year to 38,586 ounces, with full-year guidance set at 160,000-190,000 ounces [3] - Seabee produced 26,001 ounces of gold in Q1, up 9% year-over-year, with full-year guidance maintained at 70,000-80,000 ounces despite a temporary suspension due to power disruptions [4] - The Puna mine produced 2.5 million ounces of silver, marking a 31% increase year-over-year, with 2025 production guidance set at 8.00-8.75 million ounces [5] Market Performance - SSRM shares have gained 77.9% year-to-date, significantly outperforming the industry growth of 12.2% and the Basic Materials sector's rise of 11.9% [9] - SSR Mining is currently trading at a forward 12-month price-to-earnings multiple of 7.46X, compared to the industry average of 14.27X [11] Earnings Estimates - The consensus estimate for 2025 earnings is $1.22 per share, indicating a year-over-year surge of 335.7%, with an estimate for 2026 of $2.02, reflecting a 66% increase [12] - The Zacks Consensus Estimate for SSR Mining's earnings for 2025 has increased by 48.8% over the past 60 days [12]

Core Insights - SSR Mining Inc. (SSRM) stock reached a 52-week high of $13.48, closing at $13.45, driven by the restart of Seabee mine operations and high gold and silver prices [1][5] - Year-to-date, SSRM shares have increased by 45.1%, outperforming the industry growth of 21% and the Zacks Basic Materials sector and S&P 500 gains of 22.7% and 25%, respectively [1][5] Performance Comparison - SSR Mining has outperformed peers such as Pan American Silver (PAAS), Hecla Mining (HL), and IAMGOLD (IAG), which have year-to-date gains of 35.2%, 30.8%, and 29.1%, respectively [2] Growth Drivers - The current silver price is approximately $36.80 per ounce, near a 13-year high, influenced by U.S. trade policy changes and geopolitical uncertainties, with both silver and gold prices up 27% year-to-date [9] - The silver market is projected to face a deficit of 117.6 million ounces in 2025, marking the fifth consecutive year of deficit, which is favorable for silver prices [10] - Gold prices are expected to rise due to increased central bank purchases and ongoing geopolitical tensions [12] Operational Updates - Seabee mine operations resumed on June 13, 2025, after a two-week suspension due to power outages, with no reported damage [12] - In Q1 2025, Seabee produced 26,001 ounces of gold, a 9.4% year-over-year increase, with expectations of 70,000-80,000 ounces for the full year [13] - The cost of sales for Seabee is projected at $1,230-$1,270 per payable ounce, with an all-in sustaining cost (AISC) of $1,710-$1,750 per payable ounce for 2025 [13] Strategic Acquisitions - SSR Mining acquired the Cripple Creek & Victor (CC&V) mine on March 3, 2025, enhancing its U.S. presence and adding approximately 170,000 ounces to annual gold output [14][15] - The acquisition is expected to positively impact key per-share metrics, including NAV, gold production, mineral reserves, and free cash flow [15] Earnings Estimates - The Zacks Consensus Estimate for SSR Mining's earnings for 2025 and 2026 has increased by 52.4% and 16%, respectively, over the past 60 days [16] - The consensus estimate for 2025 earnings is $1.25 per share, indicating a year-over-year increase of 346%, while the estimate for 2026 is $2.02 per share, reflecting a 62% increase [18] Valuation Metrics - SSR Mining is currently trading at a forward 12-month price-to-earnings multiple of 8.16X, which is below the industry average of 14.44X and cheaper than IAMGOLD at 8.31X [19][20] Long-Term Growth Outlook - SSR Mining has a diversified portfolio with expected gold production at Marigold to exceed 270,000 ounces annually by 2027, with an 18% CAGR from 2024 [21] - Seabee's production is anticipated to average 75,000 ounces annually from 2024 to 2028, with ongoing exploration and resource development to extend mine life [22] Investment Consideration - The strategic acquisition of the CC&V Mine, combined with strong asset performance and rising gold and silver prices, positions SSR Mining favorably for growth, supported by an attractive valuation and upward earnings estimate revisions [25]