Financial Performance - Revenue for Q3 2025 reached $385.8 million, a 50% increase from $257.4 million in Q3 2024[17] - Operating income for the nine months ended September 30, 2025, was $259.1 million, compared to a loss of $356.7 million in the same period of 2024[17] - Net income attributable to SSR Mining shareholders for Q3 2025 was $65.4 million, significantly up from $10.6 million in Q3 2024[17] - Total revenue for the nine months ended September 30, 2025, was $1,107,912,000, a significant increase compared to $672,431,000 for the same period in 2024, reflecting a growth of approximately 64.5%[74] - Net income for the three months ended September 30, 2025, was $57.1 million, an increase of 813.3% compared to $6.3 million for the same period in 2024[144] - For the nine months ended September 30, 2025, net income attributable to SSR Mining shareholders was $214.3 million, a recovery from a net loss of $266.8 million in 2024[101] Cash and Liquidity - Cash and cash equivalents increased to $409.3 million as of September 30, 2025, from $387.9 million at the end of 2024[22] - The company reported a net cash provided by operating activities of $299.8 million for the nine months ended September 30, 2025, compared to a cash used of $54.8 million in the same period of 2024[20] - Cash used in investing activities for the nine months ended September 30, 2025, was $286.4 million, an increase of $182.8 million from $103.6 million in 2024, primarily due to $106.0 million for the acquisition of CC&V and $59.6 million in higher capital expenditures[203] - Cash provided by financing activities was $20.7 million for the nine months ended September 30, 2025, compared to $4.6 million in 2024, mainly due to a $9.8 million decrease in common share purchases and cancellations[204] Assets and Liabilities - Total assets grew to $5.9 billion as of September 30, 2025, compared to $5.2 billion at the end of 2024[22] - Total liabilities increased to $1.76 billion as of September 30, 2025, from $1.24 billion at the end of 2024[22] - The fair value of cash and marketable securities as of September 30, 2025, was $459.9 million, with total liabilities at $178.5 million[104] - Reclamation and remediation liabilities increased to $633.1 million as of September 30, 2025, compared to $326.6 million in the same period of 2024[90] Operational Updates - The company suspended operations at the Çöpler mine due to a significant incident, with no current estimate on when operations will resume[36] - SSR Mining temporarily halted operations at the Seabee mine for approximately two weeks due to power interruptions caused by forest fires, resuming on June 13, 2025[35] - The company has not resumed operations at Çöpler since the incident in February 2024, impacting overall production and revenue generation[66] - Care and maintenance expenses for Q3 2025 were $37.291 million, reflecting ongoing costs associated with the suspension of operations at Çöpler[68] Acquisitions and Investments - The Company acquired Cripple Creek and Victor Gold Mine for $100.0 million in upfront cash and up to $175.0 million in milestone-based payments, expected to enhance scale and free cash flow[47] - The total purchase price for the acquisition of CC&V amounted to $247.7 million, including $105.96 million in cash consideration and $141.76 million in contingent consideration[51] - The Company became liable for milestone-based payments totaling up to $175.0 million in connection with the acquisition of CC&V during the nine months ended September 30, 2025[205] Production and Sales - Gold sales contributed $260.1 million in Q3 2025, up 63% from $159.6 million in Q3 2024, while silver sales increased by 33% to $108.0 million[83] - Gold produced increased by 19.1% to 75,212 ounces for the three months ended September 30, 2025, compared to 63,155 ounces for the same period in 2024[144] - The company reported provisional metal sales of 5.3 million ounces of silver at an average price of $38.28 per ounce as of September 30, 2025[84] Expenses and Costs - The cost of sales for the same period was $165.682 million, up from $138.281 million in 2024, indicating a rise of about 20%[66] - General and administrative expenses for Q3 2025 were $40.228 million, which is a new expense category introduced as operations at Çöpler ceased in February 2024[66] - Care and maintenance costs for the nine months ended September 30, 2025 were $110.8 million, an increase from $84.3 million for the same period in 2024, reflecting direct costs and depreciation during operational suspensions[161] Foreign Exchange and Taxation - The company reported a foreign exchange loss of $12.837 million for Q3 2025, compared to a loss of $7.521 million in Q3 2024, indicating a worsening in foreign exchange impacts[66] - The consolidated effective income tax rate for the first nine months of 2025 was 18.7%, significantly higher than 2.1% for the same period in 2024[97] - Foreign exchange loss for the nine months ended September 30, 2025 was $29.1 million, significantly higher than $7.6 million for the same period in 2024, primarily due to the weakening of the ARS against the USD[168]

Core Points - SSR Mining announced the resignation of Mr. Simon Fish from its Board of Directors, effective immediately, as he takes on a new role at TD Bank Group [1][2] - Mr. Fish has been a member of the Board since 2018 and held significant positions including Chair of the Corporate Governance and Nominating Committee [1][2] - Following his resignation, the Board will consist of eight Directors [2] Company Information - SSR Mining is listed on Nasdaq and TSX under the ticker symbol SSRM [3] - The company is involved in the mining and minerals industry, focusing on natural resources [5]

Core Insights - The article discusses potential investment opportunities in SSR Mining Inc. (SSRM) based on recent market developments and financial performance [1][2]. Financial Performance - SSR Mining reported a revenue increase of 15% year-over-year, reaching $500 million in the last fiscal year [1]. - The company's net income rose to $100 million, reflecting a 20% increase compared to the previous year [1]. Market Trends - The gold market has shown signs of recovery, with prices increasing by 10% over the last quarter, which may positively impact SSR Mining's profitability [1]. - Increased demand for gold in emerging markets is expected to drive further growth in the sector [1]. Investment Opportunities - Analysts suggest that SSR Mining may present a beneficial long position due to its strong financials and favorable market conditions [1]. - The potential for further exploration and expansion projects could enhance the company's growth prospects [1].

Core Insights - The article discusses potential investment opportunities in SSR Mining Inc. (SSRM) based on recent market developments and financial performance Financial Performance - SSR Mining reported a revenue increase of 15% year-over-year, reaching $500 million in the last fiscal year [1] - The company's net income rose to $100 million, reflecting a 20% increase compared to the previous year [1] Market Developments - The gold market has shown signs of recovery, with prices increasing by 10% over the last quarter, positively impacting SSR Mining's operations [1] - Increased demand for gold in emerging markets is expected to drive further growth for SSR Mining [1] Investment Opportunities - Analysts suggest that SSR Mining may present a beneficial long position due to its strong financials and favorable market conditions [1] - The potential for further price appreciation in gold could enhance SSR Mining's stock performance in the near term [1]

Core Insights - SSR Mining (NASDAQ: SSRM) is highlighted as a notable mid-cap mining company with a diversified portfolio across North and South America and Turkey [1] Company Overview - SSR Mining operates in the mining sector, focusing on gold and silver production, and is recognized for its strategic positioning in various geographical markets [1] Investment Strategy - The investment strategy employed emphasizes uncovering high-upside opportunities in overlooked sectors, particularly in small-cap stocks, energy, and commodities [1] - The approach is based on the CAN SLIM framework, incorporating fundamental momentum indicators such as EPS, ROE, and revenue growth [1] - Additional econometric tools like GARCH and Granger causality are utilized to assess risk and market cycles [1] Market Positioning - The company is perceived as having a disconnect between market narrative and actual financial performance, suggesting potential investment opportunities [1]

Core Viewpoint - SSR Mining's shares have increased by 87.22% since the last coverage, significantly outperforming the S&P 500, which rose by 12.27% during the same period [1]. Company Performance - The substantial rise in SSR Mining's stock price indicates strong market performance and investor interest in the company [1]. Investment Outlook - The analyst expresses a potential interest in initiating a long position in SSR Mining within the next 72 hours, suggesting a favorable outlook for the stock [2].

Group 1 - Silver Standard Resources Inc. (SSRM) has seen a 15.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - HF Sinclair Corporation (DINO) has experienced a 53.6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Polaris Inc. (PII) has recorded a 70% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Kinross Gold Corporation (KGC) has seen a 9.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Perpetua Resources Corp. (PPTA) has experienced a 28.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2]

Core Insights - SSR Mining (SSRM) has a strong history of exceeding earnings estimates and is well-positioned for future earnings beats [1][2] - The company has achieved an average earnings surprise of 192.12% over the past two quarters [2] Earnings Performance - In the most recent quarter, SSR Mining reported earnings of $0.51 per share, surpassing the expected $0.23 per share, resulting in a surprise of 121.74% [3] - For the previous quarter, the consensus estimate was $0.08 per share, while the actual earnings were $0.29 per share, leading to a surprise of 262.50% [3] Earnings Estimates and Predictions - Estimates for SSR Mining have been trending upward, supported by its history of earnings surprises [6] - The company currently has an Earnings ESP of +46.81%, indicating a bullish outlook from analysts regarding its earnings prospects [9] - The combination of a positive Earnings ESP and a Zacks Rank of 2 (Buy) suggests a high likelihood of another earnings beat [9] Statistical Insights - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [7] - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, reflecting the latest analyst revisions [8]

Summary of North American Metals & Mining Conference Call Industry Overview - **Industry**: North American Precious Metals - **Key Commodities**: Gold and Silver Core Insights and Arguments 1. **Price Forecasts**: - Gold is projected to reach **$5,000/oz** and silver to **$65/oz** in the next 12-18 months, with 2026 average forecasts for gold raised by **18%** to **$4,329/oz** and silver by **29%** to **$54.88/oz** [1][10][11] - Investment demand for gold is expected to increase by **14%** in 2026, similar to the current year [2] 2. **Market Dynamics**: - Key conditions supporting gold price strength include: - US structural deficit - Inflationary pressures from deglobalization - Threats to the independence of the US central bank - Ongoing global geopolitical tensions [1] 3. **Investment Trends**: - ETF purchases of gold surged by **880% YoY** in September, reaching an all-time high of **$14 billion** [2] - Total physical and paper gold investment has nearly doubled, exceeding **5%** of global equity and fixed income markets [2] 4. **Risks to Monitor**: - Supreme Court ruling on President Trump's tariffs - Potential hawkish pivot from the Federal Reserve if economic data improves - Outcomes of the US mid-term elections affecting economic policy implementation [2] Company-Specific Updates 1. **Net Asset Value (NAV) and Price Objectives (PO)**: - NAV estimates for North American Precious Metals coverage increased by **10%**, with average POs raised by **16%** [3][19] - IAMGOLD (IAG) saw the largest PO increase of **49%** to **$16.75** per share, reflecting improved jurisdictional risk [3][15] - SSR Mining (SSRM) PO raised by **41%** to **$18.00** per share, despite an Underperform rating due to uncertainties regarding Çöpler mine [3][15] 2. **Top Picks**: - Agnico Eagle Mines (AEM) is highlighted as the top pick due to its strong track record and growth projects [4] - Pan American Silver (PAAS) is favored for balanced exposure to silver and gold [4] 3. **EBITDA Revisions**: - Average EBITDA estimates for 2026 and 2027 increased by **25%** and **18%**, respectively, driven by revised commodity price forecasts [20] 4. **Valuation Multiples**: - Target multiples for IAMGOLD and SSR Mining adjusted to **1.60x** and **1.00x**, respectively, reflecting improved performance and market conditions [15][16] Additional Important Information - The report indicates potential conflicts of interest due to BofA Securities' business relationships with covered issuers [6] - The document includes various disclosures and certifications relevant to the research [5][6] This summary encapsulates the key points from the conference call, focusing on industry trends, company-specific updates, and potential investment opportunities and risks.

Core Insights - Gold prices are nearing the unprecedented $4,200 mark, with significant operational improvements noted in mid-tier gold mining companies Iamgold Corp. and SSR Mining Inc. [1] Group 1: Gold Price and Market Context - As of the publication, gold prices were at $4,130.71 per ounce, reflecting a 55.78% increase over the year and a 28.61% rise in the last six months [6] - The S&P 500 index, Nasdaq 100, and Dow Jones indices also experienced gains, indicating a positive market environment [6] Group 2: Company Performance - Iamgold's quality percentile improved from 89.93 to 91.00, a week-on-week increase of 1.07, with the stock up 142.83% year-to-date and 184.07% over the past year [7] - SSR Mining's quality percentile rose from 88.24 to 89.33, gaining 1.09 over the week, with a year-to-date increase of 227.58% and a 309.76% rise over the year [7] Group 3: Quality Rankings - Quality rankings are based on a percentile metric that evaluates profitability, balance sheet strength, and performance relative to peers, indicating consistent operational upgrades [5] - Movement into the top decile of quality rankings signifies resilience and long-term operational improvements [5]