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]

Core Insights - SSR Mining Inc. (SSRM) has become the third-largest gold producer in the U.S. following the acquisition of the Cripple Creek & Victor Gold Mine (CC&V) from Newmont Corporation (NEM) [1][5] - The CC&V mine is projected to contribute approximately 170,000 ounces of gold annually, with an expected output of 90,000-110,000 ounces for the period from March 1 to December 31, 2025 [2] - SSRM's total gold production for 2025 is anticipated to be between 320,000-380,000 ounces, including contributions from Seabee, Marigold, and CC&V [2] Company Expansion and Financial Metrics - The CC&V mine, located in Colorado, has over 1.3 million ounces of proven gold reserves and has produced more than 2.5 million ounces since Newmont's acquisition in 2015 [3] - The acquisition is expected to enhance SSRM's key per-share metrics, including NAV, gold production, mineral reserves, and free cash flow, thereby improving its investment profile [4] - SSRM now ranks behind Newmont and Barrick Mining Corporation in U.S. gold production, with Newmont projected to produce approximately 5.9 million ounces in 2025 and Barrick expecting 3.15-3.5 million ounces [5][6] Stock Performance and Valuation - Year-to-date, SSRM shares have increased by 82.4%, significantly outperforming the industry growth of 12.3% and the Basic Materials sector's rise of 11.5% [7] - SSRM is currently trading at a forward 12-month price-to-earnings multiple of 7.76X, compared to the industry average of 14.20X [9] - The consensus estimate for SSRM's earnings in 2025 is $1.25 per share, reflecting a year-over-year increase of 346%, with an estimate of $2.02 for 2026 indicating a 62% rise [10]

Core Insights - SSR Mining Inc. (SSRM) reached a new 52-week high of $13.46, closing at $12.74, driven by the restart of Seabee mine operations and high gold and silver prices [1][11] - SSRM has a market capitalization of $2.6 billion and holds a Zacks Rank 2 (Buy) [1] Seabee Mine Operations - Operations at the Seabee mine resumed on June 13, 2025, after a two-week suspension due to power outages caused by nearby forest fires [2] - The mine produced 26,001 ounces of gold in Q1 2025, reflecting a 9.4% year-over-year increase [2] Production Projections - SSRM expects the Seabee mine to produce between 70,000 and 80,000 ounces of gold in 2025, with a cost of sales projected at $1,230-$1,270 per payable ounce and an all-in sustaining cost (AISC) of $1,710-$1,750 per payable ounce [3] Acquisition of CC&V Mine - On March 3, 2025, SSRM completed the acquisition of the Cripple Creek & Victor (CC&V) mine from Newmont Corporation, positioning SSRM as the third-largest gold producer in the U.S. [4][11] - CC&V has reported gold Mineral Reserves of 2.4 million ounces, with an 85% year-over-year increase from 2023 [5] Production Increase from CC&V - The addition of the CC&V mine is expected to boost SSRM's annual gold production by 170,000 ounces [6] Development and Exploration Efforts - In Q1 2025, SSRM invested $12.2 million in the Hod Maden project, focusing on engineering and early-stage site development [7] - The company is advancing exploration and development initiatives across its asset portfolio to identify high-return, low-capital opportunities [7] Metal Price Trends - Silver prices reached a 13-year high above $36 per ounce, driven by investor demand for safe assets amid global uncertainty [8] - Gold prices have been influenced by geopolitical tensions, a depreciating U.S. dollar, potential monetary policy easing, and central bank purchases, with gold breaking through the $3,500-per-ounce threshold in April 2025 [9] Stock Performance - SSRM shares have surged 177% over the past year, contrasting with a 1.3% decline in the industry [12]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell even higher, with the expectation that established trends will continue [1][2]. Company Overview: SSR Mining (SSRM) - SSR Mining currently holds a Momentum Style Score of A, indicating strong potential for momentum investing [3]. - The company has a Zacks Rank of 1 (Strong Buy), which historically outperforms the market when combined with a Style Score of A or B [4]. Performance Metrics - Over the past week, SSR Mining shares increased by 7.69%, outperforming the Zacks Mining - Miscellaneous industry, which rose by 4.21% [6]. - In a longer timeframe, SSR Mining's shares have risen by 13.62% over the past month, compared to the industry's 8.95% [6]. - Over the last quarter, SSR Mining shares increased by 11.88%, and over the past year, they surged by 162.51%, while the S&P 500 only moved 8.33% and 12.92% respectively [7]. Trading Volume - SSR Mining's average 20-day trading volume is 2,556,616 shares, which serves as a baseline for price-to-volume analysis [8]. Earnings Outlook - Recent earnings estimate revisions for SSR Mining show 3 estimates moving higher and 1 lower for the full year, raising the consensus estimate from $0.87 to $1.14 in the past 60 days [10]. - For the next fiscal year, 4 estimates have increased with no downward revisions during the same period [10]. Conclusion - Given the strong performance metrics and positive earnings outlook, SSR Mining is positioned as a solid momentum pick with a 1 (Strong Buy) rating and a Momentum Score of A [12].

Core Insights - SSR Mining Inc. has temporarily suspended operations at the Seabee mine in Canada due to power outages caused by nearby forest fires [1][8] - The Seabee mine produced 26,001 ounces of gold in Q1 2025, reflecting a year-over-year increase of 9.4% [2][8] - Despite the operational halt, SSR Mining's shares rose by 3% and reached a 52-week high of $13.33, driven by high gold and silver prices [4][8] Production and Financial Outlook - SSR Mining expects the Seabee mine to produce between 70,000 to 80,000 ounces of gold for the full year of 2025 [3] - The cost of sales for the mine is projected to be between $1,230 and $1,270 per payable ounce, with an all-in sustaining cost (AISC) anticipated to be between $1,710 and $1,750 per payable ounce for 2025 [3] Market Performance - Silver prices have reached a 13-year high above $36 per ounce, while gold prices have also seen significant increases, currently around $3,320 per ounce [5] - SSR Mining's share price has surged by 147.9% over the past year, contrasting with a 2.2% decline in the industry [7] Strategic Moves - The recent acquisition of the Cripple Creek & Victor mine from Newmont Corporation positions SSR Mining as the third-largest gold producer in the United States, expected to boost annual production by 170,000 ounces of gold [6]