SSR Mining(SSRM)
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SSR Mining(SSRM) - 2022 Q3 - Quarterly Report
2022-11-08 00:38
PART I - FINANCIAL INFORMATION This section provides comprehensive financial information, including statements, notes, and management's analysis of operations [THIRD QUARTER 2022 HIGHLIGHTS](index=4&type=section&id=THIRD%20QUARTER%202022%20HIGHLIGHTS) The third quarter of 2022 saw SSR Mining produce 106,919 gold equivalent ounces, with year-to-date production reaching 441,164 gold equivalent ounces. Operations at the Çöpler mine restarted in late September after a temporary suspension. The company reported an attributable net loss of $25.8 million for the quarter and a year-to-date operating cash flow of $42.8 million, with a free cash flow of $(73.4) million. Capital returns to shareholders totaled $144.4 million year-to-date, and the balance sheet remained strong with $748.5 million in cash and cash equivalents. Key strategic activities included the sale of the Pitarrilla project and an agreement to consolidate ownership in the Çöpler District to 80% - Operating performance: Delivered third quarter production of **106,919 gold equivalent ounces**, and year-to-date production of **441,164 gold equivalent ounces**[11](index=11&type=chunk) - Çöpler production restarted late September: Operations at the Çöpler mine were temporarily suspended on June 21, 2022, and restarted on September 22, 2022, after implementing improvement initiatives and receiving regulatory approvals[11](index=11&type=chunk) Key Financial Results (Q3 & YTD 2022) | Metric | Q3 2022 | YTD 2022 | | :----------------------------------- | :------ | :------- | | Attributable Net Loss | $(25.8) million | N/A | | Adjusted Attributable Net Loss | $(13.5) million | N/A | | Operating Cash Flow | N/A | $42.8 million | | Free Cash Flow | N/A | $(73.4) million | - Capital returns: Returned **$144.4 million** to shareholders in 2022, including **$44.4 million** in dividends and **$100.0 million** in share repurchases[11](index=11&type=chunk) - Balance sheet and financial strength: Ended Q3 with a cash and cash equivalents balance of **$748.5 million**[11](index=11&type=chunk) - Completed the sale of the Pitarrilla project: On July 6, 2022, sold the Pitarrilla project for **$35.0 million** in cash, **$35.0 million** in common shares of Endeavour Silver, and a **1.25%** net smelter return royalty[11](index=11&type=chunk) - Consolidated ownership of the Çöpler District: Subsequent to the quarter, agreed to acquire an additional **30% ownership interest** in the Kartaltepe Mining Joint Venture for **$150.0 million** in cash, increasing SSR Mining's ownership to **80%**[11](index=11&type=chunk) [ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section presents the unaudited condensed consolidated financial statements, including statements of operations, cash flows, balance sheets, and changes in equity, along with detailed notes. Key financial highlights include a significant decrease in revenue and a net loss for Q3 2022, primarily due to the temporary suspension of operations at the Çöpler mine. The balance sheet shows a decrease in cash and total assets, while liabilities also decreased. The notes provide crucial context on company operations, accounting policies, acquisitions, divestitures, segment performance, revenue breakdown, tax information, and debt structure, including a non-compliance event related to the Term Loan [Condensed Consolidated Statements of Operations (unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(unaudited)) Condensed Consolidated Statements of Operations (in thousands, except per share) | Metric | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :------------------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Revenue | $166,627 | $322,846 | $841,656 | $1,066,280 | | Operating income (loss) | $(35,064) | $92,659 | $150,901 | $325,559 | | Net income (loss) attributable to SSR Mining shareholders | $(25,793) | $57,060 | $100,256 | $240,641 | | Basic Net income (loss) per share | $(0.12) | $0.27 | $0.48 | $1.11 | | Diluted Net income (loss) per share | $(0.12) | $0.26 | $0.46 | $1.06 | [Condensed Consolidated Statements of Cash Flows (unaudited)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(unaudited)) Condensed Consolidated Statements of Cash Flows (in thousands) | Activity | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :-------------------------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $42,799 | $424,380 | | Net cash used in investing activities | $(69,983) | $(130,499) | | Net cash used in financing activities | $(238,634) | $(290,389) | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $(268,820) | $2,390 | | Cash, cash equivalents, and restricted cash end of period | $784,045 | $898,311 | [Condensed Consolidated Balance Sheets (unaudited)](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(unaudited)) Condensed Consolidated Balance Sheets (in thousands) | Metric | September 30, 2022 | December 31, 2021 | | :---------------------------------- | :----------------- | :---------------- | | Total current assets | $1,430,736 | $1,600,314 | | Total assets | $4,995,258 | $5,211,438 | | Total current liabilities | $247,081 | $283,882 | | Total liabilities | $1,000,680 | $1,158,921 | | Total equity | $3,994,578 | $4,052,517 | [Condensed Consolidated Statements of Changes in Equity (unaudited)](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity%20(unaudited)) Changes in Equity (in thousands) | Metric | Balance as of December 31, 2021 | Balance as of September 30, 2022 | | :---------------------------------- | :------------------------------ | :----------------------------- | | Common shares (amount) | $3,140,189 | $3,056,924 | | Retained earnings (deficit) | $397,667 | $442,323 | | SSR Mining's shareholders' equity | $3,537,856 | $3,499,247 | | Non-controlling interest | $514,661 | $495,331 | | Total equity | $4,052,517 | $3,994,578 | - During the nine months ended September 30, 2022, the Company repurchased **6,053,126 common shares** for **$100.0 million** and paid **$44.4 million** in dividends to shareholders[104](index=104&type=chunk)[103](index=103&type=chunk)[185](index=185&type=chunk) [Note 1. THE COMPANY](index=16&type=section&id=Note%201.%20THE%20COMPANY) - SSR Mining is a precious metals mining company with four producing assets located in the United States, Türkiye, Canada, and Argentina, primarily engaged in the operation, acquisition, exploration, and development of precious metal resource properties[32](index=32&type=chunk) - The Çöpler mine in Türkiye temporarily suspended operations on June 21, 2022, due to a leach solution leak and restarted on September 22, 2022, after receiving required regulatory approvals[34](index=34&type=chunk) [Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=16&type=section&id=Note%202.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) - The Company's revenue, profitability, and future growth are substantially dependent on the volatile prices of gold, silver, lead, and zinc, which could materially adversely affect its financial position[35](index=35&type=chunk) - The Condensed Consolidated Financial Statements are prepared in accordance with Form 10-Q and should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2021[36](index=36&type=chunk) - ASU 2022-04, 'Liabilities - Supplier Finance Programs: Disclosure of Supplier Finance Program Obligations,' issued in September 2022, is effective for fiscal years beginning after December 15, 2022, and is not expected to have a material impact on the Consolidated Financial Statements[38](index=38&type=chunk) [Note 3. ACQUISITIONS AND DIVESTITURES](index=17&type=section&id=Note%203.%20ACQUISITIONS%20AND%20DIVESTITURES) - On April 14,
SSR Mining(SSRM) - 2022 Q2 - Earnings Call Transcript
2022-08-03 03:30
SSR Mining Inc. (NASDAQ:SSRM) Q2 2022 Earnings Conference Call August 2, 2022 5:00 PM ET Company Participants Alex Hunchak – Director-Corporate Development and Investor Relations Rod Antal – President and Chief Executive Officer Alison White – Chief Financial Officer Stew Beckman – Chief Operating Officer Conference Call Participants Cosmos Chiu – CIBC Michael Siperco – RBC Capital Markets Ovais Habib – Scotiabank Lawson Winder – Bank of America Securities Levi Spry – UBS Australia Mike Parkin – National Ba ...
SSR Mining(SSRM) - 2022 Q2 - Earnings Call Presentation
2022-08-02 18:08
A FREE CASH FLOW FOCUSED GOLD PRODUCER Second Quarter 2022 Financial Results August 2022 Cautionary Notes Cautionary Note Regarding Forward-Looking Statements Except for statements of historical fact relating to the Company, certain statements contained in this presentation constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may be contai ...
SSR Mining(SSRM) - 2022 Q2 - Quarterly Report
2022-08-01 23:14
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2022 or Suite 1300 - 6900 E. Layton Ave, Denver, Colorado, 80237 (Address of Principal Executive Offices) Registrant's telephone number, including area code (303) 292-1299 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...
SSR Mining(SSRM) - 2022 Q1 - Earnings Call Transcript
2022-05-04 06:20
SSR Mining, Inc. (NASDAQ:SSRM) Q1 2022 Earnings Conference Call May 3, 2022 4:30 PM ET Company Participants Alex Hunchak - Director, Corporate Development & IR Rodney Antal - President, CEO & Director Alison White - EVP & CFO Stewart Beckman - EVP & COO Conference Call Participants Cosmos Chiu - CIBC Capital Markets Ovais Habib - Scotiabank Michael Parkin - National Bank Financial Steven Green - TD Securities Levi Spry - UBS Operator Hello, everyone, and welcome to SSR Mining's First Quarter 2022 Conference ...
SSR Mining(SSRM) - 2022 Q1 - Quarterly Report
2022-05-03 00:50
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File Number: 001-35455 SSR MINING INC. (Exact name of registrant as specified in its charter) British Columbia (State or Oth ...
SSR Mining(SSRM) - 2021 Q4 - Earnings Call Presentation
2022-02-25 14:23
A FREE CASH FLOW FOCUSED GOLD PRODUCER Q4 & 2021 Financial Results February 2022 Cautionary Notes Cautionary Note Regarding Forward-Looking Statements Except for statements of historical fact relating to the Company, certain statements contained in this presentation constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may be contained in t ...
SSR Mining(SSRM) - 2021 Q4 - Earnings Call Transcript
2022-02-24 10:52
Financial Data and Key Metrics Changes - In 2021, the company achieved record full-year production of nearly 800,000 ounces, with all-in sustaining costs of $955 per ounce, outperforming previous guidance [7][15] - Free cash flow generation for 2021 was $444 million, translating to a 12% yield, with nearly $200 million returned to shareholders, representing about a 5% yield [7][8][31] - For Q4 2021, the company reported adjusted EPS of $0.46, with attributable net income of $127 million [30][31] Business Line Data and Key Metrics Changes - The company reported a 14% increase in reserves year-over-year, totaling over 10 million ounces, with a weighted average mine life exceeding 17 years [9][22] - Q4 production was over 210,000 ounces at all-in sustaining costs of $961 per ounce, contributing to a total of $408 million in revenue for the quarter [15][30] - The Copler project is expected to add significant production, with initial assessments indicating 1 million ounces from the C2 project for a capital investment of $220 million [11][24] Market Data and Key Metrics Changes - The company maintained a net cash position of $681 million at the end of 2021, providing flexibility for future growth and capital returns [15][38] - The transition to U.S. GAAP reporting has been completed, with the company now classified as a large accelerated filer under the SEC [33][41] Company Strategy and Development Direction - The company is focused on organic growth opportunities, with plans to increase exploration spending by 45% year-over-year [20][41] - The strategy includes maintaining a stable production base while returning capital to shareholders through increased dividends and share buybacks [19][40] - The company aims to achieve net zero greenhouse gas emissions by 2050, integrating ESG priorities into project development [14][57] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining a production profile of over 700,000 ounces annually for the next decade, supported by robust exploration and growth opportunities [27][59] - The company anticipates continued strong free cash flow generation and capital returns in 2022, with a focus on disciplined financial and operational execution [41][59] Other Important Information - The company reported a tragic incident involving a team member in Argentina, emphasizing its commitment to safety and community support [13][14] - The technical reports released provide a baseline production platform and highlight significant growth potential across all operations [27][57] Q&A Session Summary Question: Can you provide more information on the permitting process for Ardich and the timing for the C2 project? - Management indicated that permitting for Ardich is in process, with expectations to start work in Q4 2022, and the feasibility study for C2 is expected to begin shortly after April [63][64] Question: What are the plans for share buybacks and potential asset sales? - The company has about 1.2 million shares remaining under its buyback plan and is evaluating further asset sales as part of its ongoing portfolio review [65][66] Question: How much additional sulfide and oxide material is included in the technical report for Copler? - All material above the cut-off grade for feeding to the plants is included, with the majority of value derived from gold [70] Question: What is the expected impact of inflation on CapEx estimates? - The CapEx estimates are considered solid, with local sourcing in Turkey helping to mitigate inflation impacts [73] Question: What are the growth opportunities at Marigold? - The focus is on drilling around existing pits and extending the Valmy application to include new Millennium, with significant exploration funding planned [78][79]
SSR Mining(SSRM) - 2021 Q4 - Annual Report
2022-02-23 00:08
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File Number: 001-35455 SSR MINING INC. (Exact name of registrant as specified in its charter) British Columbia (State or Other Ju ...
SSR Mining(SSRM) - 2021 Q3 - Earnings Call Presentation
2021-11-04 16:11
A FREE CASH FLOW FOCUSED GOLD PRODUCER Q3 2021 Conference Call November 2021 Cautionary Notes Cautionary Note Regarding Forward-Looking Statements Except for statements of historical fact relating to the Company, certain statements contained in this presentation constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may be contained in this do ...